I 
114TH CONGRESS 
2D SESSION 
H. R. 5805 
To increase portability of and access to retirement savings, and for other 
purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JULY 14, 2016 
Mr. MESSER (for himself, Ms. BONAMICI, and Mr. NEAL) introduced the fol-
lowing bill; which was referred to the Committee on Ways and Means, 
and in addition to the Committee on Education and the Workforce, for 
a period to be subsequently determined by the Speaker, in each case for 
consideration of such provisions as fall within the jurisdiction of the com-
mittee concerned 
A BILL 
To increase portability of and access to retirement savings, 
and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Retirement Savings 
Lost and Found Act of 2016’’. 
SEC. 2. RETIREMENT SAVINGS LOST AND FOUND. 
(a) ESTABLISHMENT.— 
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(1) IN GENERAL.—Not later than 2 years after 
the date of the enactment of this Act, the Commis-
sioner of Social Security and the Secretary of the 
Treasury in cooperation shall establish an online 
mechanism to be known as the ‘‘Retirement Savings 
Lost and Found’’, to be managed by the Director of 
the Retirement Savings Lost and Found established 
under section 3(c) of this Act— 
(A) to allow an individual to search for in-
formation that enables the individual to locate 
the plan administrator of any plans with re-
spect to which the individual is a participant or 
beneficiary, and to provide contact information 
for the plan administrator of any plan described 
in paragraph (2) with respect to which the indi-
vidual may be entitled to a benefit, 
(B) to allow such Director to assist such 
an individual in locating any plan of the indi-
vidual, and 
(C) to allow such Director to make any 
necessary changes to contact information on 
record for the plan administrator based on any 
changes to the plan due to merger, bankruptcy, 
termination, or other causes. 
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(2) PLANS DESCRIBED.—A plan described in 
this paragraph is a plan to which the vesting stand-
ards of section 203 of part 2 of subtitle B of title 
I of the Employee Retirement Income Security Act 
of 1974 apply with respect to any plan year to which 
the amendments made by subsection (c)(2)(C) apply. 
(b) ADMINISTRATION.—The Retirement Savings Lost 
and Found established under subsection (a) shall provide 
individuals described in subsection (a)(1) only with the 
ability to view contact information for the plan adminis-
trator of any plan with respect to which the individual is 
a participant or beneficiary, sufficient to allow the indi-
vidual to locate the individual’s account. 
(c) CURRENT INFORMATION.— 
(1) IN
GENERAL.—Paragraph (2) of section 
6057(a) of the Internal Revenue Code of 1986 is 
amended— 
(A) by redesignating subparagraph (E) as 
subparagraph (G), 
(B) by striking ‘‘and’’ at the end of sub-
paragraph (D), and 
(C) by inserting after subparagraph (D) 
the following new subparagraphs: 
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‘‘(E) the name and taxpayer identifying 
number of each participant or former partici-
pant in the plan— 
‘‘(i) who, during any previous plan 
year, was reported under subparagraph 
(C), and with respect to whom the benefits 
described in subparagraph (C)(ii) were 
fully paid during the plan year, 
‘‘(ii) with respect to whom any 
amount was distributed under section 
401(a)(31)(B) during the plan year, or 
‘‘(iii) with respect to whom an annuity 
contract was distributed during the plan 
year, 
‘‘(F) in the case of a participant or former 
participant to whom subparagraph (E) ap-
plies— 
‘‘(i) the amount distributed, 
‘‘(ii) in the case of a participant de-
scribed in clause (ii) thereof, the name and 
address of the designated trustee or issuer 
described in section 401(a)(31)(B)(i) and 
the account number of the individual re-
tirement plan to which the amount was 
distributed, and 
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‘‘(iii) in the case of a participant de-
scribed in clause (iii) thereof, the name 
and address of the issuer of such annuity 
contract and the contract or certificate 
number, and’’. 
(2) RULES RELATING TO DIRECT TRUSTEE-TO- 
TRUSTEE TRANSFERS.— 
(A) IN GENERAL.—Paragraph (6) of sec-
tion 402(e) of such Code is amended— 
(i) by striking ‘‘TRANSFERS.—Any’’ 
and inserting ‘‘TRANSFERS.— 
‘‘(A) IN GENERAL.—Any’’, and 
(ii) by adding at the end the following 
new subparagraph: 
‘‘(B) NOTIFICATION OF TRUSTEE.—In the 
case 
of 
a 
distribution 
under 
section 
401(a)(31)(B), the plan administrator shall no-
tify the designated trustee or issuer described 
in clause (i) thereof that the transfer is a man-
datory distribution required by such section.’’. 
(B) PENALTY.—Subsection (i) of section 
6652 of such Code is amended— 
(i) by striking ‘‘TO RECIPIENTS’’ in 
the heading and inserting ‘‘OR NOTIFICA-
TION’’, 
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‘‘(C) be filed with the Director of the Re-
tirement Savings Lost and Found established 
under section 2(a) of the Retirement Savings 
Lost and Found Act of 2016 as well as with the 
Secretary.’’. 
(3) EFFECTIVE DATE.—The amendments made 
by this subsection shall apply to distributions made, 
and returns and reports the due date for which is, 
after the date that is one year after the date of the 
enactment of this Act. 
(d) REQUIREMENT OF ELECTRONIC FILING.— 
(1) IN
GENERAL.—Paragraph (2) of section 
6011(e) of the Internal Revenue Code of 1986 is 
amended— 
(A) by redesignating subparagraphs (A) 
and (B) as clauses (i) and (ii), respectively, and 
by moving such clauses 2 ems to the right, 
(B) by striking ‘‘the requirements of such 
regulations’’ and all that follows through ‘‘the 
Secretary shall require’’ and inserting ‘‘the re-
quirements of such regulations. 
‘‘(B) CERTAIN
PARTNERSHIPS.—Notwith-
standing subparagraph (A), the Secretary shall 
require’’, 
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(C) by striking ‘‘REGULATIONS.—In pre-
scribing’’ and inserting ‘‘REGULATIONS.— 
‘‘(A) IN GENERAL.—In prescribing’’, and 
(D) by adding at the end the following new 
subparagraph: 
‘‘(C) EXCEPTIONS.—Notwithstanding sub-
paragraph (A), the Secretary shall require re-
turns or reports required under— 
‘‘(i) sections 6057, 6058, and 6059, 
and 
‘‘(ii) sections 408(i), 6041, and 6047 
to the extent such return or report relates 
to the tax treatment of a distribution from 
a plan, account, contract, or annuity, 
to be filed on magnetic media, but only with re-
spect to persons who are required to file at 
least 50 returns during the calendar year that 
includes the first day of the plan year to which 
such returns or reports relate.’’. 
(2) EFFECTIVE DATE.—The amendments made 
by this subsection shall apply to returns and reports 
the due date for which is after the date of the enact-
ment of this Act. 
(e) SAFEGUARDING PARTICIPANT PRIVACY AND SE-
CURITY.—In establishing the Retirement Savings Lost 
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and Found under subsection (a), the Commissioner of So-
cial Security and the Secretary of the Treasury shall take 
all necessary and proper precautions, including consulting 
with the Secretary of Health and Human Services, to en-
sure that participants’ plan information maintained by the 
Retirement Savings Lost and Found is protected and that 
persons other than the participant cannot fraudulently 
claim the benefits to which any participant is entitled, and 
to allow any participant to opt out of inclusion in the Lost 
and Found at the election of the participant. 
SEC. 3. MANDATORY TRANSFERS OF ROLLOVER DISTRIBU-
TIONS. 
(a) INVESTMENT OPTIONS.— 
(1) IN GENERAL.—Subparagraph (B) of section 
404(c)(3) of the Employee Retirement Income Secu-
rity Act of 1974 (29 U.S.C. 1104(c)(3)) is amended 
by inserting ‘‘, and, to the extent the Secretary pro-
vides in guidance or regulations issued after the en-
actment of the Retirement Savings Lost and Found 
Act of 2016, is made to a target date or life cycle 
fund or to such other option as the Secretary may 
so provide’’ before the period. 
(2) REGULATIONS.—Not later than 180 days 
after the date of the enactment of this Act, the Sec-
retary of Labor shall promulgate regulations identi-
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fying the target date or life cycle funds, or speci-
fying the characteristics of a target date or life cycle 
fund, that will be deemed to meet the requirements 
of section 404(c)(3)(B) of the Employee Retirement 
Income 
Security 
Act 
of 
1974 
(29 
U.S.C. 
1104(c)(3)(B)), as amended by paragraph (1). 
(b) EXPANSION OF CAP; AUTHORITY TO TRANSFER 
LESSER AMOUNTS.— 
(1) IN
GENERAL.—Clause (ii) of section 
401(a)(31)(B) of the Internal Revenue Code of 1986 
is amended by striking ‘‘$5,000’’ and inserting 
‘‘$6,000’’. 
(2) LESSER AMOUNTS.—Subparagraph (B) of 
section 401(a)(31) of such Code is amended by add-
ing at the end the following new clauses: 
‘‘(iii) 
TRANSFERS
OF
LESSER 
AMOUNTS TO RETIREMENT SAVINGS LOST 
AND FOUND OR TREASURY.—In the case of 
a trust which is part of an eligible plan, 
such trust shall not be a qualified trust 
under this section unless such plan pro-
vides that if— 
‘‘(I) a participant in the plan 
separates from the service covered by 
the plan and the deferred vested ben-
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efit to which such participant is enti-
tled is not in excess of $1,000, and 
‘‘(II) the participant does not 
make an election under subparagraph 
(A) and does not elect to receive the 
distribution directly, 
the plan administrator shall, after noti-
fying the participant that the participant is 
entitled to such benefit, transfer the 
amount of such benefit to the Director of 
the Retirement Savings Lost and Found in 
accordance with section 3(c)(2) of the Re-
tirement Savings Lost and Found Act of 
2016, or to an individual retirement ac-
count (as defined in section 408(a)) estab-
lished by the Secretary. Such transfer shall 
not be made before the later of the date 
that is 6 months after the date on which 
the participant receives the notification re-
quired under the preceding sentence, or, if 
the plan administrator attempts to pay the 
distribution to the participant directly but 
the participant has not claimed the dis-
tribution, the date that is 6 months after 
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the date on which the attempted payment 
was sent to the participant. 
‘‘(iv) INCOME
TAX
TREATMENT
OF 
TRANSFERS
TO
RETIREMENT
SAVINGS 
LOST AND FOUND.—For purposes of deter-
mining the income tax treatment of trans-
fers to the Director of the Retirement Sav-
ings Lost and Found under clause (iii)— 
‘‘(I) such a transfer shall be 
treated as a transfer to an individual 
retirement plan under clause (i), and 
‘‘(II) the distribution of such 
amounts by the Director of the Re-
tirement Savings Lost and Found 
shall be treated as a distribution from 
an individual retirement plan. 
‘‘(v) NOTIFICATION TO RETIREMENT 
SAVINGS LOST AND FOUND.—In the case 
of a trust which is part of an eligible plan, 
if a participant in the plan separates from 
the service covered by the plan, the plan 
administrator shall report— 
‘‘(I) the total amount of the de-
ferred vested benefit to which the par-
ticipant is entitled, and 
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‘‘(II) the amount of any distribu-
tion of such benefit made to and 
claimed by the participant, 
to the Director of the Retirement Savings 
Lost and Found for purposes of the Re-
tirement Savings Lost and Found estab-
lished under section 2(a) of the Retirement 
Savings Lost and Found Act of 2016.’’. 
(c) OFFICE OF THE RETIREMENT SAVINGS LOST 
AND FOUND.— 
(1) IN
GENERAL.—Not later than one year 
after the date of the enactment of this Act, the 
Commissioner of Social Security and the Secretary 
of the Treasury shall establish within the appro-
priate agency or subdivision thereof an Office of the 
Retirement Savings Lost and Found, to be adminis-
tered by a Director of the Retirement Savings Lost 
and Found who (without regard to the agency or 
subdivision where such Office is established) shall 
report to both such Commissioner and such Sec-
retary. 
(2) RESPONSIBILITIES OF DIRECTOR.— 
(A) IN GENERAL.—In addition to admin-
istering the Retirement Savings Lost and 
Found under section 2, the Director of the Re-
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tirement Savings Lost and Found established 
under this subsection shall— 
(i) invest any amount transferred 
under section 401(a)(31)(B)(iii) of the In-
ternal Revenue Code of 1986 in United 
States Treasury securities; and 
(ii) upon application filed by the par-
ticipant or beneficiary in such form and 
manner as may be prescribed in regula-
tions, pay to the participant or beneficiary 
the amount transferred (or the appropriate 
survivor benefit) either— 
(I) in a single sum (plus inter-
est), or 
(II) in such other form as is 
specified in regulations; and 
(iii) identify such amount as eligible 
to be paid into an eligible retirement plan 
described in section 402(c)(8)(B) of the 
Internal Revenue Code of 1986. 
(B) OPTION TO CONTRACT.—The Director 
of the Retirement Savings Lost and Found may 
contract with a third party to carry out the re-
sponsibilities under subparagraph (A). 
(d) EFFECTIVE DATES.— 
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(1) IN GENERAL.—Except as provided in para-
graph (2), the amendments made by this section 
shall apply to distributions made after the date that 
is 2 years after the date of the enactment of this 
Act. 
(2) MANDATORY TRANSFER OF VESTED BENE-
FITS.—The amendments made by subsection (b) 
shall apply to vested benefits with respect to partici-
pants who separate from service connected to the 
plan before, on, or after the date that is 2 years 
after the date of the enactment of this Act. 
Æ 
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