mining the income tax treatment of trans-
fers to the Director of the Retirement Sav-
ings Lost and Found under clause (iv)— 
‘‘(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.’’. 
(3) EFFECTIVE DATE.—The amendments made 
by this subsection shall apply to vested benefits with 
respect to participants who separate from service 
connected to the plan in plan years beginning after 
the second December 31 occurring after the date of 
the enactment of this Act. 
(4) RULE OF CONSTRUCTION.—Nothing in this 
Act shall be interpreted to prohibit a plan adminis-
trator from transferring the accounts of missing par-
ticipants to the Pension Benefit Guaranty Corpora-
tion pursuant to section 4050 of the Employee Re-
tirement Income Security Act of 1974. 
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SEC. 4. OFFICE OF THE RETIREMENT SAVINGS LOST AND 
FOUND. 
(a) 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 appropriate agency or subdivision 
thereof an Office of the Retirement Savings Lost and 
Found, to be administered by a Director of the Retirement 
Savings Lost and Found who (without regard to the agen-
cy or subdivision where such Office is established) shall 
report to both such Commissioner and such Secretary. 
(b) RESPONSIBILITIES OF DIRECTOR.— 
(1) IN GENERAL.—In addition to administering 
the Retirement Savings Lost and Found under sec-
tion 2 and carrying out the duties described in sub-
paragraphs (B) and (C) of section 2(a)(1), the Di-
rector of the Retirement Savings Lost and Found 
established under this section shall— 
(A) perform an annual audit of plan infor-
mation contained in the Retirement Savings 
Lost and Found and ensure that such informa-
tion is current and accurate; 
(B) invest any amount transferred under 
section 401(a)(31)(B)(iv) of the Internal Rev-
enue Code of 1986 in United States Treasury 
securities; 
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(C) upon application filed by the partici-
pant or beneficiary in such form and manner as 
may be prescribed in regulations, pay to the 
participant or beneficiary the amount trans-
ferred (or the appropriate survivor benefit) ei-
ther— 
(i) in a single sum (plus interest); or 
(ii) in such other form as is specified 
in regulations; and 
(D) 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. 
(2) OPTION
TO
CONTRACT.—The Director of 
the Retirement Savings Lost and Found shall con-
duct an analysis of the cost effectiveness of con-
tracting with a third party to carry out the respon-
sibilities under paragraph (1) and, if the Director 
determines that it would be more cost effective to do 
so than to carry out such responsibilities within the 
Office of the Retirement Savings Lost and Found, 
the Director shall report to the Committees on Fi-
nance and Health, Education, Labor, and Pensions 
of the Senate and the Committees on Ways and 
Means and Education and the Workforce of the 
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House of Representatives the intention to so con-
tract. 
(3) OPTION TO PRESCRIBE PROTOCOLS.—The 
Director of the Retirement Savings Lost and Found 
may establish protocols to assist participants origi-
nally treated as lost or missing in claiming their 
benefits under a plan. 
(4) COORDINATION.—The Director of the Re-
tirement Savings Lost and Found shall coordinate 
with the Pension Benefit Guaranty Corporation and 
other applicable agencies to integrate information 
and databases on lost, missing, and inactive partici-
pants. 
Æ 
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