I 
116TH CONGRESS 
2D SESSION 
H. R. 7439 
To establish the Retirement Savings Lost and Found, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JULY 1, 2020 
Ms. BONAMICI (for herself and Mr. BANKS) introduced the following bill; 
which was referred to the Committee on Ways and Means, and in addi-
tion to the Committee on Education and Labor, for a period to be subse-
quently determined by the Speaker, in each case for consideration of such 
provisions as fall within the jurisdiction of the committee concerned 
A BILL 
To establish the Retirement Savings Lost and Found, 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’’. 
SEC. 2. RETIREMENT SAVINGS LOST AND FOUND. 
(a) RETIREMENT SAVINGS LOST AND FOUND.— 
(1) ESTABLISHMENT.— 
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(A) IN GENERAL.—Not later than 2 years 
after the date of the enactment of this Act, the 
Commissioner of Social Security and the Sec-
retary of the Treasury in cooperation shall es-
tablish 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 sub-
section (c) of this section— 
(i) to allow an individual to search for 
information that enables the individual to 
locate the plan administrator of any plans 
with respect to which the individual is a 
participant or beneficiary, and to provide 
contact information for the plan adminis-
trator of any plan described in subpara-
graph (B) with respect to which the indi-
vidual may be entitled to a benefit; 
(ii) to allow such Director to assist 
such an individual in locating any plan of 
the individual; and 
(iii) to allow such Director to make 
any necessary changes to contact informa-
tion on record for the plan administrator 
based on any changes to the plan due to 
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merger or consolidation of the plan with 
any other plan, division of the plan into 
two or more plans, bankruptcy, termi-
nation, change in name of the plan, change 
in name or address of the plan adminis-
trator, or other causes. 
The Retirement Savings Lost and Found estab-
lished under this paragraph shall contain the 
information obtained by the Commissioner of 
Social Security regarding deferred vested bene-
fits under section 6057 of the Internal Revenue 
Code of 1986 (including information so ob-
tained before the date of the enactment of this 
Act). Such information shall be retained in the 
Retirement Savings Lost and Found in per-
petuity. 
(B) PLANS DESCRIBED.—A plan described 
in this subparagraph is a plan to which the 
vesting standards of section 203 of part 2 of 
subtitle B of title I of the Employee Retirement 
Income Security Act of 1974 apply. 
(2) ADMINISTRATION.—The Retirement Sav-
ings Lost and Found established under paragraph 
(1) shall provide individuals described in paragraph 
(1)(A) only with the ability to view contact informa-
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tion for the plan administrator of any plan with re-
spect to which the individual is a participant or ben-
eficiary, sufficient to allow the individual to locate 
the individual’s plan. 
(3) CURRENT INFORMATION.— 
(A) IN GENERAL.—Paragraph (2) of sec-
tion 6057(a) of the Internal Revenue Code of 
1986 is amended— 
(i) in subparagraph (C)— 
(I) by striking ‘‘during such plan 
year’’ in clause (i) and inserting ‘‘dur-
ing the plan year immediately pre-
ceding such plan year’’; 
(II) by adding ‘‘and’’ at the end 
of clause (i); and 
(III) by striking clause (iii); 
(ii) by redesignating subparagraph 
(E) as subparagraph (G); 
(iii) by striking ‘‘and’’ at the end of 
subparagraph (D); and 
(iv) by inserting after subparagraph 
(D) the following new subparagraphs: 
‘‘(E) the name and taxpayer identifying 
number of each participant or former partici-
pant in the plan— 
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‘‘(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 a deferred 
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) 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 
‘‘(ii) in the case of a participant de-
scribed in clause (iii) thereof, the name 
and address of the issuer of such annuity 
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contract and the contract or certificate 
number, and’’. 
(B) RULES RELATING TO DIRECT TRUST-
EE-TO-TRUSTEE TRANSFERS.— 
(i) IN
GENERAL.—Paragraph (6) of 
section 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 fol-
lowing 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.’’. 
(ii) PENALTY.—Subsection (i) of sec-
tion 6652 of such Code is amended— 
(I) by striking ‘‘TO RECIPIENTS’’ 
in the heading and inserting ‘‘OR NO-
TIFICATION’’; 
(II) by striking ‘‘402(f),’’ and in-
serting ‘‘402(f) or a notification as re-
quired by section 402(e)(6)(B),’’; and 
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(III) by striking ‘‘such written 
explanation’’ and inserting ‘‘such writ-
ten explanation or notification’’. 
(iii) REPORTS.—Subsection (i) of sec-
tion 408 of such Code is amended— 
(I) by redesignating subpara-
graphs (A) and (B) of paragraph (2) 
as clauses (i) and (ii), respectively, 
and by moving such clauses 2 ems to 
the right; 
(II) by redesignating paragraphs 
(1) and (2) as subparagraphs (A) and 
(B), respectively, and by moving such 
subparagraphs 2 ems to the right; 
(III) by striking ‘‘as the Sec-
retary prescribes’’ in subparagraph 
(B)(ii), as so redesignated, and all 
that follows through ‘‘a simple retire-
ment account’’ and inserting ‘‘as the 
Secretary prescribes. 
‘‘(3) SIMPLE RETIREMENT ACCOUNTS.—In the 
case of a simple retirement account’’; 
(IV) by striking ‘‘REPORTS.— 
The trustee of’’ and inserting ‘‘RE-
PORTS.— 
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‘‘(1) IN GENERAL.—The trustee of’’; 
(V) by striking ‘‘under paragraph 
(2)’’ in paragraph (3), as redesignated 
by clause (iii), and inserting ‘‘under 
paragraph (1)(B)’’; and 
(VI) by inserting after paragraph 
(1)(B)(ii), as redesignated by the pre-
ceding clauses, the following new 
paragraph: 
‘‘(2) MANDATORY DISTRIBUTIONS.—In the case 
of an account, contract, or annuity to which a trans-
fer under section 401(a)(31)(B) is made (including 
a transfer from the individual retirement plan to 
which the original transfer under such section was 
made to another individual retirement plan), the re-
port required by this subsection for the year of the 
transfer shall— 
‘‘(A) identify such transfer as a mandatory 
distribution required by such section, 
‘‘(B) include the name, address, and tax-
payer identifying number of the trustee or 
issuer of the individual retirement plan to which 
the amount is transferred, and 
‘‘(C) be filed with the Director of the Re-
tirement Savings Lost and Found established 
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under section 2(a)(1) of the Retirement Savings 
Lost and Found Act as well as with the Sec-
retary.’’. 
(C) NOTIFICATION OF PARTICIPANTS UPON 
SEPARATION.—Subsection (e) of section 6057 
of such Code is amended by inserting ‘‘, and a 
notice of the availability of the Retirement Sav-
ings Lost and Found established under section 
2(a)(1) of the Retirement Savings Lost and 
Found Act’’ before the period at the end of the 
second sentence. 
(D) EFFECTIVE DATE.—The amendments 
made by this paragraph shall apply to distribu-
tions made in, and returns and reports relating 
to, years beginning after the second December 
31 occurring after the date of the enactment of 
this Act. 
(4) COORDINATION
WITH
DISTRIBUTION
RE-
QUIREMENTS, FIDUCIARY DUTIES, ETC.— 
(A) AMENDMENT OF INTERNAL REVENUE 
CODE
OF
1986.—Paragraph (9) of section 
401(a) of the Internal Revenue Code of 1986, 
as amended by the preceding provisions of this 
Act, is further amended by adding at the end 
the following new subparagraph: 
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‘‘(K) COORDINATION
WITH
RETIREMENT 
SAVINGS LOST AND FOUND.— 
‘‘(i) IN
GENERAL.—With respect to 
any lost or missing participant of a plan, 
the plan shall not be treated as failing to 
satisfy the requirements of this paragraph 
or any other requirement of this title which 
cannot be satisfied due to the plan’s inabil-
ity to locate the participant. 
‘‘(ii) LOST
OR
MISSING
PARTICI-
PANT.—For purposes of subclause (i), the 
term ‘lost or missing participant’ shall be 
defined in guidance to be issued jointly by 
the Internal Revenue Service, Department 
of the Treasury, the Employee Benefits 
Security Administration, Department of 
Labor, and the Pension Benefit Guaranty 
Corporation. Such guidance shall be so 
issued not later than 1 year after the date 
of the enactment of this subparagraph.’’. 
(B) AMENDMENT OF EMPLOYEE RETIRE-
MENT INCOME SECURITY ACT OF 1974.— 
(i) IN GENERAL.—Section 404 of the 
Employee Retirement Income Security Act 
of 1974 (29 U.S.C. 1104) is amended by 
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adding at the end the following new sub-
section: 
‘‘(e) COORDINATION WITH RETIREMENT SAVINGS 
LOST AND FOUND.— 
‘‘(1) IN GENERAL.—With respect to any lost or 
missing participant of a plan, a fiduciary of the plan 
shall not be treated as failing to satisfy any require-
ment to search for or attempt to locate, or to pro-
vide any document or information to, such indi-
vidual, or any other requirement of this title which 
cannot be satisfied due to the plan’s inability to lo-
cate the participant. 
‘‘(2) LOST
OR
MISSING
PARTICIPANT.—For 
purposes of paragraph (1), the term ‘lost or missing 
participant’ shall be defined in guidance to be issued 
jointly by the Internal Revenue Service, Department 
of the Treasury, the Employee Benefits Security Ad-
ministration, Department of Labor, and the Pension 
Benefit Guaranty Corporation. Such guidance shall 
be so issued not later than 1 year after the date of 
the enactment of this subsection.’’. 
(ii) 
CONFORMING
AMENDMENTS.— 
Section 4050(a)(1) of the Employee Re-
tirement Income Security Act of 1974 (29 
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U.S.C. 1350(a)(1)) is amended in subpara-
graph (B)— 
(I) by striking ‘‘provides’’ and in-
serting ‘‘either— 
‘‘(i) provides’’; 
(II) by striking the period at the 
end and inserting ‘‘; or’’; and 
(III) by adding at the end the 
following new clause: 
‘‘(ii) satisfies the requirements of sec-
tion 6057(a) of the Internal Revenue Code 
of 1986.’’. 
(5) REQUIREMENT OF ELECTRONIC FILING.— 
(A) IN GENERAL.—Paragraph (2) of sec-
tion 6011(e) of the Internal Revenue Code of 
1986 is amended— 
(i) by redesignating subparagraphs 
(A) and (B) as clauses (i) and (ii), respec-
tively, and by moving such clauses 2 ems 
to the right; 
(ii) by striking ‘‘REGULATIONS.—In 
prescribing’’ 
and 
inserting 
‘‘REGULA-
TIONS.— 
‘‘(A) IN GENERAL.—In prescribing’’; and 
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(iii) by adding at the end the fol-
lowing 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 which 
includes the first day of the plan year to which 
such returns or reports relate.’’. 
(B) EFFECTIVE DATE.—The amendments 
made by this paragraph shall apply to returns 
and reports relating to years beginning after 
the second December 31 occurring after the 
date of the enactment of this Act. 
(6) SAFEGUARDING PARTICIPANT PRIVACY AND 
SECURITY.—In establishing the Retirement Savings 
Lost and Found under paragraph (1), the Commis-
sioner of Social Security and the Secretary of the 
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Treasury shall take all necessary and proper pre-
cautions, including consulting with the Secretary of 
Health and Human Services, to ensure that individ-
uals’ plan information maintained by the Retirement 
Savings Lost and Found is protected and that per-
sons other than the individual cannot fraudulently 
claim the benefits to which any individual is entitled, 
and to allow any individual to opt out of inclusion 
in the Lost and Found at the election of the indi-
vidual. 
(7) CONFORMING AMENDMENT.—Subparagraph 
(B) of section 6103(l)(1) of the Internal Revenue 
Code of 1986 is amended by striking ‘‘responsibility 
under section 1131 of the Social Security Act’’ and 
inserting ‘‘responsibilities under section 1131 of the 
Social Security Act and section 2(a)(1)(A) of the 
Retirement Savings Lost and Found Act’’. 
(8) AUTHORIZATION
OF
APPROPRIATIONS.— 
There are authorized to be appropriated such sums 
as may be necessary to carry out the purposes of 
this subsection. 
(b) MANDATORY TRANSFERS
OF ROLLOVER DIS-
TRIBUTIONS.— 
(1) INVESTMENT OPTIONS.— 
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(A) IN GENERAL.—Subparagraph (B) of 
section 404(c)(3) of the Employee Retirement 
Income Security Act of 1974 (29 U.S.C. 
1104(c)(3)) is amended by striking the period 
at the end and inserting ‘‘, and, to the extent 
the Secretary provides in guidance or regula-
tions issued after the enactment of this Act, is 
made to— 
‘‘(i) a target date or life cycle fund 
held under such account; 
‘‘(ii) 
as 
described 
in 
section 
2550.404a–2 of title 29, Code of Federal 
Regulations, an investment product held 
under such account designed to preserve 
principal and provide a reasonable rate of 
return; 
‘‘(iii) the Director of the Retirement 
Savings Lost and Found in accordance 
with section 2(c)(2)(A)(ii) of the Retire-
ment Savings Lost and Found Act or an 
individual retirement account (as defined 
in section 408(a) of the Internal Revenue 
Code of 1986) established by the Secretary 
of the Treasury on behalf of the partici-
pant or beneficiary, but only if all applica-
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ble reporting requirements are met with re-
spect to such transfer; or 
‘‘(iv) such other option as the Sec-
retary may so provide.’’. 
(B) REGULATIONS.—Not later than 270 
days after the date of the enactment of this 
Act, the Secretary of Labor shall promulgate 
regulations identifying the target date or life 
cycle funds, or specifying the characteristics of 
such a fund, that will be deemed to meet the re-
quirements of section 404(c)(3)(B)(i) of the 
Employee Retirement Income Security Act of 
1974 (29 U.S.C. 1104(c)(3)(B)), as amended 
by subparagraph (A). 
(2) EXPANSION OF CAP; AUTHORITY TO TRANS-
FER LESSER AMOUNTS.— 
(A) CAP.—Sections 401(a)(31)(B)(ii) and 
411(a)(11)(A) of the Internal Revenue Code of 
1986 and section 203(e)(1) of the Employee 
Retirement Income Security Act of 1974 are 
each amended by striking ‘‘$5,000’’ and insert-
ing ‘‘$6,000’’. 
(B) 
LESSER
AMOUNTS.—Subparagraph 
(B) of section 401(a)(31) of such Code is 
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amended by adding at the end the following 
new clauses: 
‘‘(iii) 
TREATMENT
OF
LESSER 
AMOUNTS.—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 provides that, if a partici-
pant in the plan separates from the service 
covered by the plan and the nonforfeitable 
accrued benefit described in clause (ii) is 
not in excess of $1,000, the plan adminis-
trator shall (either separately or as part of 
the notice under section 402(f)) notify the 
participant that the participant is entitled 
to such benefit or attempt to pay the ben-
efit directly to the participant. 
‘‘(iv) TRANSFERS
TO
RETIREMENT 
SAVINGS
LOST
AND
FOUND
OR
TREAS-
URY.—If, after a plan administrator takes 
the action required under clause (iii), the 
participant does not— 
‘‘(I) within 6 months of the noti-
fication under such clause, make an 
election under subparagraph (A) or 
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elect to receive a distribution of the 
benefit directly, or 
‘‘(II) accept any direct payment 
made under such clause within 6 
months of the attempted payment, 
the plan administrator shall transfer the 
amount of such benefit to the Director of 
the Retirement Savings Lost and Found in 
accordance with section 2(c)(2)(a)(ii) of 
the Retirement Savings Lost and Found 
Act or to an individual retirement account 
(as defined in section 408(a)) established 
by the Secretary on behalf of the indi-
vidual. 
‘‘(v) 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 (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-
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tirement Savings Lost and Found 
shall be treated as a distribution from 
an individual retirement plan.’’. 
(C) EFFECTIVE DATE.—The amendments 
made by this paragraph shall apply to vested 
benefits with respect to participants who sepa-
rate 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. 
(D) RULE OF CONSTRUCTION.—Nothing in 
this section shall be interpreted to prohibit a 
plan administrator from transferring the ac-
counts of missing participants to the Pension 
Benefit Guaranty Corporation pursuant to sec-
tion 4050 of the Employee Retirement Income 
Security Act of 1974. 
(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-
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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 subsection (a) and carrying out 
the duties described in clauses (ii) and (iii) of 
subsection (a)(1)(A), the Director of the Retire-
ment Savings Lost and Found established 
under this section shall— 
(i) perform an annual audit of plan 
information contained in the Retirement 
Savings Lost and Found and ensure that 
such information is current and accurate; 
(ii) invest any amount transferred 
under section 401(a)(31)(B)(iv) of the In-
ternal Revenue Code of 1986 in United 
States Treasury securities; and 
(iii) 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 
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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 
(iv) identify such amount as eligible to 
be paid into an eligible retirement plan de-
scribed in section 402(c)(8)(B) of the In-
ternal Revenue Code of 1986. 
(B) OPTION TO CONTRACT.—The Director 
of the Retirement Savings Lost and Found 
shall conduct an analysis of the cost effective-
ness of contracting with a third party to carry 
out the responsibilities under subparagraph (A) 
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 Re-
tirement Savings Lost and Found, the Director 
shall report to the Committees on Finance and 
Health, Education, Labor, and Pensions of the 
Senate and the Committees on Ways and 
Means and Education and Labor of the House 
of Representatives the intention to so contract. 
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(C) OPTION TO PRESCRIBE PROTOCOLS.— 
The Director of the Retirement Savings Lost 
and Found may establish protocols to assist 
participants originally treated as lost or missing 
in claiming their benefits under a plan. 
(D) COORDINATION.—The Director of the 
Retirement Savings Lost and Found shall co-
ordinate with the Pension Benefit Guaranty 
Corporation and other applicable agencies to in-
tegrate information and databases on lost, 
missing, and inactive participants. 
Æ 
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