I 
117TH CONGRESS 
1ST SESSION H. R. 5832 
To establish the Retirement Savings Lost and Found, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
NOVEMBER 3, 2021 
Ms. BONAMICI introduced the following bill; which was referred to the Com-
mittee on Ways and Means, and in addition to the Committee on Edu-
cation and Labor, 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 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 of 2021’’. 
SEC. 2. RETIREMENT SAVINGS LOST AND FOUND. 
(a) IN GENERAL.— 
(1) ESTABLISHMENT OF RETIREMENT SAVINGS 
LOST AND FOUND.—Subtitle C of title IV of the 
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Employee Retirement Income Security Act of 1974 
(29 U.S.C. 1341 et seq.) is amended by adding at 
the end the following: 
‘‘SEC. 4051. RETIREMENT SAVINGS LOST AND FOUND. 
‘‘(a) ESTABLISHMENT.— 
‘‘(1) IN
GENERAL.—Not later than 3 years 
after the date of the enactment of this section, the 
Secretary, in consultation with the Secretary of the 
Treasury, shall establish an online searchable data-
base (to be managed by the Secretary in accordance 
with this section) to be known as the ‘Retirement 
Savings Lost and Found’. The Retirement Savings 
Lost and Found shall— 
‘‘(A) allow an individual to search for in-
formation that enables the individual to locate 
the administrator of any plan described in para-
graph (2) with respect to which the individual 
is or was a participant or beneficiary, and to 
provide contact information for the adminis-
trator of any such plan; 
‘‘(B) allow the Secretary to assist such an 
individual in locating any such plan of the indi-
vidual; and 
‘‘(C) allow the Secretary to make any nec-
essary changes to contact information on record 
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for the administrator based on any changes to 
the plan due to 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 administrator, or other 
causes. 
The Retirement Savings Lost and Found established 
under this paragraph shall include information re-
ported under this section and other relevant infor-
mation obtained by the Secretary. 
‘‘(2) PLANS DESCRIBED.—A plan described in 
this paragraph is a plan to which the vesting stand-
ards of section 203 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 admin-
istrator of any plan with respect to which the individual 
is or was a participant or beneficiary, sufficient to allow 
the individual to locate the individual’s plan in order to 
recover any benefit owing to the individual under the plan. 
‘‘(c) SAFEGUARDING PARTICIPANT PRIVACY AND SE-
CURITY.—In establishing the Retirement Savings Lost 
and Found under subsection (a), the Secretary shall take 
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all necessary and proper precautions to ensure that indi-
viduals’ 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. 
‘‘(d) DEFINITIONS.—For purposes of this section and 
section 4052— 
‘‘(1) the term ‘administrator’ has the meaning 
given such term in section 3(16)(A); and 
‘‘(2) the term ‘Secretary’ means the Secretary 
of Labor. 
‘‘SEC. 4052. OFFICE OF THE RETIREMENT SAVINGS LOST 
AND FOUND. 
‘‘(a) ESTABLISHMENT; RESPONSIBILITIES
OF OF-
FICE.— 
‘‘(1) IN
GENERAL.—Not later than 2 years 
after the date of the enactment of this section, the 
Secretary, in consultation with the Secretary of the 
Treasury, shall establish within the Department of 
Labor an Office of the Retirement Savings Lost and 
Found (in this section referred to as the ‘Office’). 
‘‘(2) RESPONSIBILITIES OF OFFICE.—The Of-
fice shall— 
‘‘(A) carry out subsection (b) of this sec-
tion; and 
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‘‘(B) maintain the Retirement Savings 
Lost and Found established under section 
4051. 
‘‘(b) CERTAIN NON-RESPONSIVE PARTICIPANTS EN-
TITLED TO SMALL BENEFITS.— 
‘‘(1) GENERAL RULE.— 
‘‘(A) TRANSFER TO THE OFFICE OF THE 
RETIREMENT SAVINGS LOST AND FOUND.—The 
administrator of a plan that is not terminated 
and to which section 401(a)(31)(B) of the In-
ternal Revenue Code of 1986 applies may 
transfer to the Office the amount allowed to be 
transferred under section 401(a)(31)(B)(iv) of 
such Code for a non-responsive participant 
(after 
the 
requirements 
of 
section 
401(a)(31)(B)(iii) are met). 
‘‘(B) INFORMATION AND PAYMENT TO THE 
OFFICE.—Upon making a transfer under sub-
paragraph (A), the administrator shall provide 
to the Office such information and certifications 
as the Office shall specify, including with re-
spect to the transferred amount and the non-re-
sponsive participant, within such time and in 
such manner as may be specified by the Office. 
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‘‘(C) INFORMATION REQUIREMENTS AFTER 
TRANSFER.— 
‘‘(i) IN GENERAL.—In the event that, 
after a transfer is made under subpara-
graph (A), the relevant non-responsive par-
ticipant contacts the administrator, the ad-
ministrator shall notify and provide such 
information to the non-responsive partici-
pant, within such time and in such man-
ner, as the Office shall specify. 
‘‘(ii) CIVIL PENALTY.—The Secretary 
may assess a civil penalty against the ad-
ministrator of a plan of up to $100 a day 
from the date of the administrator’s failure 
or refusal to provide notice and required 
information to a non-responsive participant 
in accordance with clause (i). 
‘‘(D) SEARCH AND PAYMENT BY THE OF-
FICE FOLLOWING TRANSFER.—Upon receiving 
information described in subparagraph (C), the 
Office shall attempt to contact (including con-
ducting a search for) the non-responsive partici-
pant for whom the Office has received a trans-
fer under subparagraph (A). Upon location of a 
non-responsive participant who claims benefits, 
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the Office shall make a single payment to the 
non-responsive participant in an amount equal 
to the sum of— 
‘‘(i) the amount transferred to the Of-
fice under subparagraph (A) for such par-
ticipant; and 
‘‘(ii) interest, determined in the same 
manner as for purposes of section 4050. 
The Office shall take all reasonable steps to as-
sist the participant to roll over the payment 
made under this paragraph to an eligible retire-
ment plan (as defined in section 402(c)(8) of 
the Internal Revenue Code of 1986) in a man-
ner that ensures that such payment will not be 
includible in the gross income of the participant 
for the taxable year in which paid. 
‘‘(2) DEFINITION.—For purposes of this sub-
section, 
the 
term 
‘non-responsive 
participant’ 
means— 
‘‘(A) a participant or beneficiary of a plan 
described in paragraph (1)(A)— 
‘‘(i) who is entitled to a benefit sub-
ject 
to 
a 
transfer 
under 
section 
401(a)(31)(B)(iii) of the Internal Revenue 
Code of 1986; and 
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‘‘(ii) for whom the plan has satisfied 
the conditions in such section and section 
401(a)(31)(B)(iv) of such Code, and any 
requirements relating to the location of 
missing participants established by the 
Secretary pursuant to title I of this Act; 
and 
‘‘(B) any other participant or beneficiary 
determined to be lost or missing under regula-
tions to be issued by the Secretary, in consulta-
tion with the Secretary of the Treasury. 
‘‘(3) REGULATORY AUTHORITY.—The Secretary 
shall prescribe such regulations as are necessary to 
carry out the purposes of this section. 
‘‘(c) INFORMATION
COLLECTION.—The adminis-
trator of a plan to which the vesting standards of section 
203 apply shall submit to the Office, at such time and 
in such form and manner as is prescribed in regulations— 
‘‘(1) the information described in paragraphs 
(1) through (4) of section 6057(b) of the Internal 
Revenue Code of 1986; 
‘‘(2) the information described in subpara-
graphs (A), (B), (E), and (F) of section 6057(a)(2) 
of the Internal Revenue Code of 1986; and 
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‘‘(3) such other information as the Secretary 
may require. 
‘‘(d) PROGRAM INTEGRITY AUDIT.—On an annual 
basis for each of the first 5 years beginning after the date 
of enactment of this section and every 5 years thereafter, 
the Inspector General of the Department of Labor shall 
conduct an audit of the administration of the Retirement 
Savings Lost and Found by the Office, including an as-
sessment of fraud relating to claims of benefits. 
‘‘(e) APPLICATION OF STATE ESCHEAT LAWS.—No 
State law relating to the disposition of unclaimed or aban-
doned property under which a benefit amount under a 
plan to which this section applies would escheat to a State 
or otherwise become the property of a State under such 
a law shall apply with respect to any such benefit amount 
for any period beginning on or after the date of enactment 
of this section. 
‘‘(f) EFFECTIVE DATE.—The requirements of sub-
sections (b), (c), and (d) shall apply with respect to plan 
years beginning after the second December 31 occurring 
after the date of the enactment of this section. 
‘‘(g) AUTHORIZATION OF APPROPRIATIONS.—There 
are authorized to be appropriated such sums as may be 
necessary to carry out this section.’’. 
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(2) CONFORMING AMENDMENT.—The table of 
contents for the Employee Retirement Income Secu-
rity Act of 1974 (29 U.S.C. 1001 et seq.) is amend-
ed by inserting after the matter relating to section 
4050 the following: 
‘‘Sec. 4051. Retirement Savings Lost and Found. 
‘‘Sec. 4052. Office of the Retirement Savings Lost and Found.’’. 
(b) MANDATORY TRANSFERS
OF ROLLOVER DIS-
TRIBUTIONS.— 
(1) INVESTMENT OPTIONS.— 
(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 of Labor provides in guidance or 
regulations 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; 
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‘‘(iii) the Office of the Retirement 
Savings Lost and Found in accordance 
with section 401(a)(31)(B)(iv) of the In-
ternal Revenue Code of 1986 and section 
4052(b)(1)(A); or 
‘‘(iv) such other option as the Sec-
retary of Labor may so provide.’’. 
(B) REGULATIONS.—Not later than 1 year 
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 requirements of 
section 404(c)(3)(B)(i) of the Employee Retire-
ment 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’’. 
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