culation of future benefits. To assess the effectiveness of 
the applicable reporting and disclosure requirements, the 
report shall include an analysis, based on plan data, of 
how participants and beneficiaries are providing preferred 
contact information, the methods by which plan sponsors 
and plans are furnishing disclosures, and the rate at which 
participants and beneficiaries (grouped by key demo-
graphics) are receiving, accessing, and retaining disclo-
sures. The agencies shall conduct appropriate surveys and 
data collection to obtain any needed information. 
SEC. 305. ELIMINATING UNNECESSARY PLAN REQUIRE-
MENTS RELATED TO UNENROLLED PARTICI-
PANTS. 
(a) AMENDMENT OF INTERNAL REVENUE CODE OF 
1986.—Section 414 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 
subsection: 
‘‘(cc) ELIMINATING UNNECESSARY PLAN REQUIRE-
MENTS RELATED TO UNENROLLED PARTICIPANTS.— 
‘‘(1) IN GENERAL.—Notwithstanding any other 
provision of this title, with respect to any defined 
contribution plan, no disclosure, notice, or other plan 
document (other than the notices and documents de-
scribed in subparagraphs (A) and (B)) shall be re-
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quired to be furnished under this title to any 
unenrolled participant if the unenrolled participant 
receives— 
‘‘(A) in connection with the annual open 
season election period with respect to the plan 
or, if there is no such period, within a reason-
able period prior to the beginning of each plan 
year, an annual reminder notice (in paper for-
mat, or in any electronic format consented to by 
the participant) of such participant’s eligibility 
to participate in such plan and any applicable 
election deadlines under the plan, and 
‘‘(B) any document requested by such par-
ticipant which the participant would be entitled 
to receive without regard to this subsection. 
‘‘(2) UNENROLLED
PARTICIPANT.—For pur-
poses of this subsection, the term ‘unenrolled partici-
pant’ means an employee who— 
‘‘(A) is eligible to participate in a defined 
contribution plan, 
‘‘(B) has been furnished all required no-
tices, disclosures, and other plan documents re-
quired to be furnished under this title and the 
summary plan description as provided in section 
104(b) of the Employee Retirement Income Se-
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curity Act of 1974 in connection with such par-
ticipant’s initial eligibility to participate in such 
plan, 
‘‘(C) is not participating in such plan, and 
‘‘(D) does not have a balance in the plan. 
For purposes of this subsection, any eligibility to 
participate in the plan following any period for 
which such employee was not eligible to participate 
shall be treated as initial eligibility. 
‘‘(3) ANNUAL
REMINDER
NOTICE.—For pur-
poses of this subsection, the term ‘annual reminder 
notice’ means the notice described in section 111(c) 
of the Employee Retirement Income Security Act of 
1974.’’. 
(b) AMENDMENT OF EMPLOYEE RETIREMENT IN-
COME SECURITY ACT OF 1974.— 
(1) IN GENERAL.—Part 1 of subtitle B of sub-
chapter I of the Employee Retirement Income Secu-
rity Act of 1974 is amended by redesignating section 
111 as section 112 and by inserting after section 
110 the following new section: 
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‘‘SEC. 111. ELIMINATING UNNECESSARY PLAN REQUIRE-
MENTS RELATED TO UNENROLLED PARTICI-
PANTS. 
‘‘(a) IN GENERAL.—Notwithstanding any other pro-
vision of this title, with respect to any individual account 
plan, no disclosure, notice, or other plan document (other 
than the notices and documents described in paragraphs 
(1) and (2)) shall be required to be furnished under this 
title to any unenrolled participant if the unenrolled partici-
pant receives— 
‘‘(1) in connection with the annual open season 
election period with respect to the plan or, if there 
is no such period, within a reasonable period prior 
to the beginning of each plan year, an annual re-
minder notice of such participant’s eligibility to par-
ticipate in such plan and any applicable election 
deadlines under the plan; and 
‘‘(2) any document requested by such partici-
pant which the participant would be entitled to re-
ceive without regard to this section. 
‘‘(b) UNENROLLED PARTICIPANT.—For purposes of 
this section, the term ‘unenrolled participant’ means an 
employee who— 
‘‘(1) is eligible to participate in an individual 
account plan; 
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‘‘(2) has received all required notices, disclo-
sures, and other plan documents, including the sum-
mary plan description, required to be furnished 
under this title in connection with such participant’s 
initial eligibility to participate in such plan; 
‘‘(3) is not participating in such plan; and 
‘‘(4) does not have a balance in the plan. 
For purposes of this section, any eligibility to participate 
in the plan following any period for which such employee 
was not eligible to participate shall be treated as initial 
eligibility. 
‘‘(c) ANNUAL REMINDER NOTICE.—For purposes of 
this section, the term ‘annual reminder notice’ means a 
notice provided in accordance with section 2520.104b–1 
of title 29, Code of Federal Regulations (or any successor 
regulation), which— 
‘‘(1) is furnished in connection with the annual 
open season election period with respect to the plan 
or, if there is no such period, is furnished within a 
reasonable period prior to the beginning of each plan 
year; 
‘‘(2) notifies the unenrolled participant of— 
‘‘(A) the unenrolled participant’s eligibility 
to participate in the plan; and 
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‘‘(B) the key benefits under the plan and 
the key rights and features under the plan af-
fecting such benefits; and 
‘‘(3) provides such information in a prominent 
manner calculated to be understood by the average 
participant.’’. 
(2) CLERICAL AMENDMENT.—The table of con-
tents in section 1 of the Employee Retirement In-
come Security Act of 1974 is amended by striking 
the item relating to section 111 and by inserting 
after the item relating to section 110 the following 
new items: 
‘‘Sec. 111. Eliminating unnecessary plan requirements related to unenrolled 
participants. 
‘‘Sec. 112. Repeal and effective date.’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to plan years beginning after De-
cember 31, 2020. 
SEC. 306. RETIREMENT SAVINGS LOST AND FOUND. 
(a) RETIREMENT SAVINGS LOST AND FOUND.— 
(1) ESTABLISHMENT.— 
(A) IN GENERAL.—Not later than 2 years 
after the date of the enactment of this Act, the 
Secretary of Labor, the Secretary of the Treas-
ury, and the Secretary of Commerce, in co-
operation, shall establish an Office of the Re-
tirement Savings Lost and Found, which shall 
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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 corporation from 
the Internal Revenue Service regarding deferred 
vested benefits of separated participants and 
beneficiaries in plans as reported under section 
6057(d) of the Internal Revenue Code of 1986, 
as amended by this subsection, and the infor-
mation on missing participants collected as part 
of the corporation’s Missing Participant Pro-
gram established under section 4050 of the 
Employee Retirement Income Security Act of 
1974. 
(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-
tion for the plan administrator of any plan with re-
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spect to which the individual is a participant or ben-
eficiary, sufficient to allow the individual to locate 
the individual’s plan in order to recover any benefit 
owing to the individual under the 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; and 
(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 
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‘‘(C) be filed with the Pension Benefit 
Guaranty Corporation 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, and the contact in-
formation for, the Retirement Savings Lost and 
Found established under section 306(a)(1) of 
the Securing a Strong Retirement Act of 2020’’ 
before the period at the end of the second sen-
tence. 
(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 
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Act, is further amended by adding at the end 
the following new subparagraph: 
‘‘(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.— 
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(i) IN GENERAL.—Section 404 of the 
Employee Retirement Income Security Act 
of 1974 (29 U.S.C. 1104) is amended by 
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.’’. 
(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 ‘‘the requirements of 
such regulations’’ and all that follows 
through ‘‘the Secretary shall require’’ and 
inserting ‘‘the requirements of such regula-
tions. 
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‘‘(B) CERTAIN
PARTNERSHIPS.—Notwith-
standing subparagraph (A), the Secretary shall 
require’’; 
(iii) by striking ‘‘REGULATIONS.—In 
prescribing’’ 
and 
inserting 
‘‘REGULA-
TIONS.— 
‘‘(A) IN GENERAL.—In prescribing’’; and 
(iv) 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 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 
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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 Secretary 
of Labor, the Secretary of Treasury, and the Sec-
retary of Commerce shall take all necessary and 
proper precautions to ensure that individuals’ plan 
information maintained by the Retirement Savings 
Lost and Found is protected and that persons 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 
Retirement Savings Lost and Found at the election 
of the individual. 
(7) 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.— 
(A) IN GENERAL.—Subparagraph (B) of 
section 404(c)(3) of the Employee Retirement 
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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 the Securing 
a Strong Retirement Act of 2020, 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 Pension Benefit Guaranty 
Corporation in accordance with section 
401(a)(31)(B)(iv) of the Internal Revenue 
Code of 1986 and section 306(c)(2)(A)(ii) 
of the Securing a Strong Retirement Act 
of 2020; 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 
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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) DISTRIBUTION OF LARGER AMOUNTS 
TO
INDIVIDUAL
RETIREMENT
PLANS
ONLY.— 
Section 401(a)(31)(B)(i) of such Code is 
amended by adding at the end the following: 
‘‘The Office of the Retirement Savings Lost 
and Found established by Section 306 of the 
Securing a Strong Retirement Act shall not be 
treated as a trustee or issuer that is eligible to 
receive such distributions.’’. 
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(C) 
LESSER
AMOUNTS.—Section 
401(a)(31)(B) of such Code is amended by add-
ing 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.—If, after a 
plan administrator takes the action re-
quired 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 Office of the 
Retirement Savings Lost and Found in ac-
cordance with section 306(c)(2)(a)(ii) of 
the Securing a Strong Retirement Act of 
2020. 
‘‘(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 Office 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 Office of the Retire-
ment Savings Lost and Found shall 
be treated as a distribution from an 
individual retirement plan.’’. 
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(D) 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. 
(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 Sec-
retary of Labor, the Secretary of Treasury, and the 
Secretary of Commerce shall establish within the 
Pension Benefit Guaranty Corporation an Office of 
the Retirement Savings Lost and Found to operate 
in conjunction with section 4050 of the Employee 
Retirement Income Security Act of 1974 (29 U.S.C. 
1350). 
(2) RESPONSIBILITIES OF OFFICE.— 
(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 Office of the Retire-
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100 
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; 
(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 
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. 
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101 
(B) OPTION TO CONTRACT.—The Office of 
the Retirement Savings Lost and Found shall 
conduct an analysis of the cost effectiveness of 
contracting with a third party to carry out the 
responsibilities under subparagraph (A) and, if 
the Pension Benefit Guaranty Corporation de-
termines 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 Finance and Health, Edu-
cation, Labor, and Pensions of the Senate and 
the Committees on Ways and Means and Edu-
cation and Labor of the House of Representa-
tives the intention to so contract. 
(C) OPTION TO PRESCRIBE PROTOCOLS.— 
The Pension Benefit Guaranty Corporation may 
establish protocols to assist participants origi-
nally treated as lost or missing in claiming their 
benefits under a plan. 
(D) COORDINATION.—The Office of the 
Retirement Savings Lost and Found shall co-
ordinate with the Social Security Administra-
tion, the Employee Benefits Security Adminis-
tration, and other applicable agencies to inte-
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102 
grate information and databases on lost, miss-
ing, and inactive participants. 
(d) TRANSMISSION OF INFORMATION TO PENSION 
BENEFIT GUARANTY CORPORATION.—Section 6057 of the 
Internal Revenue Code of 1986, as amended by the pre-
ceding provisions of this Act, is amended by redesignating 
subsection (h) as subsection (i) and by inserting after sub-
section (g) the following new subsection: 
‘‘(h) TRANSMISSION OF INFORMATION TO DIRECTOR 
OF PENSION BENEFIT GUARANTY CORPORATION.—The 
Secretary shall transmit copies of any statements, notifi-
cations, reports, or other information obtained by him 
under this section to the Director of the Pension Benefit 
Guaranty Corporation.’’. 
SEC. 307. EXEMPTION FROM REQUIRED MINIMUM DIS-
TRIBUTION RULES FOR INDIVIDUALS WITH 
CERTAIN ACCOUNT BALANCES. 
(a) IN GENERAL.—Section 401(a)(9) of the Internal 
Revenue Code of 1986, as amended by the preceding pro-
visions of this Act, is further amended by adding at the 
end the following new subparagraph: 
‘‘(L) EXCEPTION
FROM
REQUIRED
MIN-
IMUM
DISTRIBUTIONS
DURING
LIFE
OF
EM-
PLOYEE
WHERE
ASSETS
DO
NOT
EXCEED 
$100,000.— 
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103 
‘‘(i) IN GENERAL.—If, as of a meas-
urement date, the aggregate value of an 
employee’s entire interest under all defined 
contribution 
plans 
does 
not 
exceed 
$100,000, then, during any succeeding cal-
endar year beginning before the next meas-
urement date, the requirements of sub-
paragraph (A) shall not apply with respect 
to such employee. 
‘‘(ii) 
DEFINED
CONTRIBUTION 
PLAN.—For purposes of this subpara-
graph, the term ‘defined contribution plan’ 
has the same meaning as when used in 
subparagraph (H). 
‘‘(iii) LIMIT ON REQUIRED MINIMUM 
DISTRIBUTION.—The required minimum 
distribution determined under subpara-
graph (A) for an employee under all de-
fined contribution plans shall not exceed 
an amount equal to the excess of— 
‘‘(I) the aggregate value of an 
employee’s entire interest under such 
plans on the last day of the calendar 
year to which such distribution re-
lates, over 
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104 
‘‘(II) the dollar amount in effect 
under clause (i) for such calendar 
year. 
The Secretary in regulations or other guid-
ance may provide how such amount shall 
be distributed in the case of an individual 
with more than one defined contribution 
plan. 
‘‘(iv) 
MEASUREMENT
DATE.—For 
purposes of this subparagraph, the term 
‘measurement date’ means, with respect to 
any employee— 
‘‘(I) the last day of the calendar 
year preceding the calendar year in 
which the employee attains age 75, 
and 
‘‘(II) in the case of any employee 
who (after a measurement date deter-
mined under subclause (I) with re-
spect to such employee) receives con-
tributions, rollovers, or transfers of 
amounts that were not previously 
taken into account in applying this 
subparagraph, the last day of the cal-
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105 
endar year in which such contribution, 
rollover, or transfer was so received. 
‘‘(v) INFLATION
ADJUSTMENT.—In 
the case of any calendar year beginning 
after 2020, the $100,000 amount in clause 
(i) shall be increased by an amount equal 
to— 
‘‘(I) such dollar amount, multi-
plied by 
‘‘(II) the cost of living adjust-
ment determined under section 1(f)(3) 
for the calendar year, determined by 
substituting ‘calendar year 2019’ for 
‘calendar year 2016’ in subparagraph 
(A)(ii) thereof. 
Any increase determined under this clause 
shall be rounded to the next lowest mul-
tiple of $5,000. 
‘‘(vi) PLAN
ADMINISTRATOR
RELI-
ANCE
ON
EMPLOYEE
CERTIFICATION.—A 
defined contribution plan described in 
clause (iii), (iv), (v), or (vi) of section 
402(c)(8)(B) shall not be treated as failing 
to meet the requirements of this paragraph 
in the case of any failure to make a re-
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106 
quired minimum distribution for a cal-
endar year if— 
‘‘(I) the aggregate value of an 
employee’s entire interest under all 
defined contribution plans of the em-
ployer on the last day of the calendar 
year to which such distribution relates 
does not exceed the dollar amount in 
effect for such year under clause (i), 
and 
‘‘(II) the employee certifies that 
the aggregate value of the employee’s 
entire interest under all defined con-
tribution plans on the most recent 
measurement date with respect to the 
employee (as determined by the em-
ployee based on guidance provided by 
the Secretary) did not exceed the dol-
lar amount in effect for such year 
under clause (i). 
‘‘(vii) AGGREGATION RULE.—All em-
ployers treated as a single employer under 
subsection (b), (c), (m), or (o) of section 
414 shall be treated as a single employer 
for purposes of clause (v).’’. 
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107 
(b) PLAN
ADMINISTRATOR
REPORTING.—Section 
6047 of such Code is amended by redesignating subsection 
(h) as subsection (i) and by inserting after subsection (g) 
the following new subsection: 
‘‘(h) ACCOUNT BALANCE FOR PARTICIPANTS WHO 
HAVE ATTAINED AGE 74.— 
‘‘(1) IN GENERAL.—Not later than January 31 
of each year, the plan administrator (as defined in 
section 414(g)) of each defined contribution plan (as 
defined in section 401(a)(9)(L)) shall make a return 
to the Secretary with respect to each participant of 
such plan who has attained age 74 as of the end of 
the preceding calendar year which states— 
‘‘(A) the name and plan number of the 
plan, 
‘‘(B) the name and address of the plan ad-
ministrator, 
‘‘(C) the name, address, and taxpayer 
identification number of the participant, and 
‘‘(D) the account balance of such partici-
pant as of the end of the preceding calendar 
year. 
‘‘(2) STATEMENT
FURNISHED
TO
PARTICI-
PANT.—Every person required to make a return 
under paragraph (1) with respect to a participant 
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108 
shall furnish a copy of such return to such partici-
pant. 
‘‘(3) APPLICATION TO INDIVIDUAL RETIREMENT 
PLANS AND ANNUITIES.—In the case of an defined 
contribution plan described in clause (i) or (ii) of 
section 402(c)(8)(B)— 
‘‘(A) any reference in this subsection to 
the plan administrator shall be treated as a ref-
erence to the trustee or issuer, as the case may 
be, and 
‘‘(B) any reference in this subsection to 
the participant shall be treated as a reference 
to the individual for whom such account or an-
nuity is maintained.’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to distributions required to be 
made in calendar years beginning more than 120 days 
after the date of the enactment of this Act. 
SEC. 308. EXPANSION OF EMPLOYEE PLANS COMPLIANCE 
RESOLUTION SYSTEM. 
(a) IN GENERAL.—Except as otherwise provided in 
the Internal Revenue Code of 1986 or regulations pre-
scribed by the Secretary of the Treasury or the Secretary’s 
delegate (referred to in this section as the ‘‘Secretary’’), 
any eligible inadvertent failure to comply with the rules 
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109 
applicable under section 401(a), 403(a), 403(b), 408(p), 
or 408(k) of such Code may be self-corrected under the 
Employee Plans Compliance Resolution System (as de-
scribed in Revenue Procedure 2019–19 or any successor 
guidance and hereafter in this section referred to as the 
‘‘EPCRS’’), except to the extent that such failure was 
identified by the Secretary prior to any actions which dem-
onstrate a commitment to implement a self-correction. 
Revenue Procedure 2019–19 is deemed amended as of the 
date of the enactment of this Act to provide that the cor-
rection period under section 9.02 of such Revenue Proce-
dure (or any successor guidance) for an eligible inad-
vertent failure, except as otherwise provided under such 
Code or in regulations prescribed by the Secretary, is in-
definite and has no last day, other than with respect to 
failures identified by the Secretary prior to any self-correc-
tion as described in the preceding sentence. 
(b) LOAN ERRORS.—In the case of an eligible inad-
vertent failure relating to a loan from a plan to a partici-
pant— 
(1) such failure may be self-corrected under 
subsection (a) according to the rules of section 6.07 
of Revenue Procedure 2019–19 (or any successor 
guidance), including the provisions related to wheth-
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110 
er a deemed distribution must be reported on Form 
1099–R, and 
(2) the Secretary of Labor shall treat any such 
failure which is so self-corrected under subsection 
(a) as meeting the requirements of the Voluntary Fi-
duciary Correction Program of the Department of 
Labor if, with respect to the violation of the fidu-
ciary standards of the Employee Retirement Income 
Security Act of 1974, there is a similar loan error 
eligible for correction under EPCRS and the loan 
error is corrected in such manner. 
(c) EPCRS FOR IRAS.—The Secretary shall expand 
the EPCRS to allow custodians of individual retirement 
plans (as defined in section 7701(a)(37) of the Internal 
Revenue Code of 1986) to address eligible inadvertent fail-
ures for which the owner of an individual retirement plan 
(as so defined) was not at fault, including (but not limited 
to)— 
(1) waivers of the excise tax which would other-
wise apply under section 4974 of the Internal Rev-
enue Code of 1986, 
(2) under the self-correction component of the 
EPCRS, waivers of the 60-day deadline for a roll-
over where the deadline is missed for reasons beyond 
the reasonable control of the account owner, and 
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111 
(3) rules permitting a nonspouse beneficiary to 
return distributions to an inherited individual retire-
ment plan described in section 408(d)(3)(C) of the 
Internal Revenue Code of 1986 in a case where, due 
to an inadvertent error by a service provider, the 
beneficiary had reason to believe that the distribu-
tion could be rolled over without inclusion in income 
of any part of the distributed amount. 
(d) REQUIRED MINIMUM DISTRIBUTION CORREC-
TIONS.—The Secretary shall expand the EPCRS to allow 
plans to which such system applies and custodians and 
owners of individual retirement plans to self-correct, with-
out an excise tax, any eligible inadvertent failures pursu-
ant to which a distribution is made no more than 180 days 
after it was required to be made. 
(e) ADDITIONAL SAFE HARBORS.—The Secretary 
shall expand the EPCRS to provide additional safe harbor 
means of correcting eligible inadvertent failures described 
in subsection (a), including safe harbor means of calcu-
lating the earnings which must be restored to a plan in 
cases where plan assets have been depleted by reason of 
an eligible inadvertent failure. 
(f) ELIGIBLE INADVERTENT FAILURE.—For pur-
poses of this section— 
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112 
(1) IN GENERAL.—Except as provided in para-
graph (2), the term ‘‘eligible inadvertent failure’’ 
means a failure that occurs despite the existence of 
practices and procedures which— 
(A) satisfy the standards set forth in sec-
tion 4.04 of Revenue Procedure 2019–19 (or 
any successor guidance), or 
(B) satisfy similar standards in the case of 
an individual retirement plan. 
(2) EXCEPTION.—The term ‘‘eligible inad-
vertent failure’’ shall not include any failure which 
is egregious, relates to the diversion or misuse of 
plan assets, or is directly or indirectly related to an 
abusive tax avoidance transaction. 
(g) APPLICATION OF CERTAIN REQUIREMENTS FOR 
CORRECTING ERRORS.—This section shall not apply to 
any failure unless the correction of such failure under this 
section is made in conformity with the general principles 
that apply to corrections of such failures under the Inter-
nal Revenue Code of 1986, including regulations or other 
guidance issued thereunder and including those principles 
and corrections set forth in Revenue Procedure 2019–19 
(or any successor guidance).’’ 
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