Title: Retirement Savings Lost and Found Act of 2018
Policy area: Labor and Employment

Summary:
Retirement Savings Lost and Found Act of 2018
This bill requires the Department of the Treasury and the Social Security Administration (SSA) to create an online Retirement Savings Lost and Found (RSLF) to assist individuals in locating certain employer-sponsored retirement accounts. The RSLF must provide plan participants or beneficiaries only with the ability to view contact information for the administrator of a plan that is sufficient to locate the plan.
The bill amends the Internal Revenue Code (IRC) to set forth additional reporting and notification requirements for retirement plans.
Treasury and the SSA must take precautions to: (1) safeguard the privacy and security of participants' plan information, and (2) permit plan participants to opt out of inclusion in the RSLF.
The bill amends the Employee Retirement Income Security Act of 1974 (ERISA) and the IRC to revise provisions that permit mandatory distributions of the balances of small retirement accounts using a rollover into an Individual Retirement Account (IRA). The bill modifies the investment options available for the distributions and increases the maximum account balance that may be subject to such a distribution.
A plan must transfer unclaimed mandatory distributions that are $1,000 or less to the RSLF or to an IRA established by Treasury. The RSLF must invest funds received in Treasury securities and distribute the balance upon receiving an application from a plan participant or beneficiary.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6540 Introduced in House (IH)]

<DOC>






115th CONGRESS
  2d Session
                                H. R. 6540

 To increase portability of and access to retirement savings, and for 
                            other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 26, 2018

   Ms. Bonamici (for herself, Mr. Messer, and Mr. Banks of Indiana) 
 introduced the following 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 committee 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 Representatives 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 2018''.

SEC. 2. RETIREMENT SAVINGS LOST AND FOUND.

    (a) Establishment.--
            (1) In general.--Not later than 2 years after the date of 
        the enactment of this Act, the Commissioner 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 4 
        of this Act--
                    (A) 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 administrator 
                of any plan described in paragraph (2) with respect to 
                which the individual may be entitled to a benefit;
                    (B) to allow such Director to assist such an 
                individual in locating any plan of the individual; 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 or consolidation of the plan with any other 
                plan, division of the plan into two or more plans, 
                bankruptcy, termination, change in name of the plan, 
                change in name or address of the plan administrator, or 
                other causes.
        The Retirement Savings Lost and Found established under this 
        paragraph shall contain the information obtained by the 
        Commissioner of Social Security regarding deferred vested 
        benefits under section 6057 of the Internal Revenue Code of 
        1986 (including information so obtained before the date of the 
        enactment of this Act). Such information shall be retained in 
        the Retirement Savings Lost and Found in perpetuity.
            (2) Plans described.--A plan described in this paragraph 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.
    (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 administrator of any plan with respect to which the individual 
is a participant or beneficiary, sufficient to allow the individual to 
locate the individual's plan.
    (c) Current Information.--
            (1) In general.--Paragraph (2) of section 6057(a) of the 
        Internal Revenue Code of 1986 is amended--
                    (A) in subparagraph (C)--
                            (i) by striking ``during such plan year'' 
                        in clause (i) and inserting ``during the plan 
                        year immediately preceding such plan year'';
                            (ii) by adding ``and'' at the end of clause 
                        (i); and
                            (iii) by striking clause (iii);
                    (B) by redesignating subparagraph (E) as 
                subparagraph (G);
                    (C) by striking ``and'' at the end of subparagraph 
                (D); and
                    (D) by inserting after subparagraph (D) the 
                following new subparagraphs:
                    ``(E) the name and taxpayer identifying number of 
                each participant or former participant 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 a deferred 
                        annuity contract was distributed during the 
                        plan year,
                    ``(F) in the case of a participant or former 
                participant to whom subparagraph (E) applies--
                            ``(i) in the case of a participant 
                        described 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 retirement 
                        plan to which the amount was distributed, and
                            ``(ii) in the case of a participant 
                        described 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 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 following new 
                        subparagraph:
                    ``(B) Notification of trustee.--In the case of a 
                distribution under section 401(a)(31)(B), the plan 
                administrator shall notify the designated trustee or 
                issuer described in clause (i) thereof that the 
                transfer is a mandatory 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 Notification'';
                            (ii) by striking ``402(f),'' and inserting 
                        ``402(f) or a notification as required by 
                        section 402(e)(6)(B),''; and
                            (iii) by striking ``such written 
                        explanation'' and inserting ``such written 
                        explanation or notification''.
                    (C) Reports.--Subsection (i) of section 408 of such 
                Code is amended--
                            (i) by redesignating subparagraphs (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 Secretary 
                        prescribes'' in subparagraph (B)(ii), as so 
                        redesignated, and all that follows through ``a 
                        simple retirement 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 ``Reports.--
            ``(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 preceding 
                        clauses, the following new paragraph:
            ``(2) Mandatory distributions.--In the case of an account, 
        contract, or annuity to which a transfer 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 
        report 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 taxpayer 
                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 Retirement 
                Savings Lost and Found established under section 2(a) 
                of the Retirement Savings Lost and Found Act of 2018 as 
                well as with the Secretary.''.
            (3) 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 Savings Lost and Found established under section 
        2(a) of the Retirement Savings Lost and Found Act of 2018'' 
        before the period at the end of the second sentence.
            (4) Effective date.--The amendments made by this subsection 
        shall apply to distributions 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.
    (d) Coordination With Distribution Requirements, Fiduciary Duties, 
etc.--
            (1) Amendment of internal revenue code of 1986.--Paragraph 
        (9) of section 401(a) of the Internal Revenue Code of 1986 is 
        amended by adding at the end the following new subparagraph:
                    ``(H) 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 inability to locate 
                        the participant.
                            ``(ii) Lost or missing participant.--For 
                        purposes of subclause (i), the term `lost or 
                        missing participant' means any employee or the 
                        beneficiary of an employee with respect to whom 
                        the plan administrator or other responsible 
                        party (including a plan service provider or 
                        trustee or issuer of an individual retirement 
                        plan receiving a transfer described in section 
                        401(a)(31)(B)) has--
                                    ``(I) satisfied the requirements of 
                                section 6057(a),
                                    ``(II) made at least one 
                                unsuccessful attempt to contact the 
                                individual at the most recent address 
                                maintained for the individual in the 
                                records of the plan, by certified mail 
                                or other similar delivery service if 
                                the most recent address is a physical 
                                address, and by electronic mail or 
                                other electronic communication if the 
                                only address on record is an electronic 
                                address, and
                                    ``(III) has taken at least one 
                                (two, in the case of an individual for 
                                whom the plan records contain only an 
                                electronic address) of the additional 
                                measures described in clause (iii) to 
                                attempt to locate the individual.
                            ``(iii) Additional measures.--The 
                        additional measures described in this clause 
                        are the following, when taken by a plan 
                        administrator or other responsible party:
                                    ``(I) Checked with the 
                                administrator of a related plan or 
                                checked the plan sponsor's records for 
                                an updated address.
                                    ``(II) Made at least one 
                                unsuccessful attempt to contact the 
                                individual's designated plan 
                                beneficiary, by the methods described 
                                in clause (ii)(II).
                                    ``(III) Performed at least one 
                                search using free electronic search 
                                tools.
                                    ``(IV) Attempted to locate the 
                                participant using a commercial locator 
                                service.
                            ``(iv) Cessation of status.--An individual 
                        shall cease to be treated as a lost or missing 
                        participant during any period the plan 
                        administrator has actual knowledge of the 
                        individual's whereabouts and how to contact the 
                        individual, except that the requirements of 
                        this paragraph and any other requirement of 
                        this title which cannot be satisfied if the 
                        plan is unable to locate a participant shall be 
                        waived for the 180-day period beginning on the 
                        date the plan administrator first had such 
                        actual knowledge.
                            ``(v) Joint regulatory authority.--Any 
                        temporary, proposed, or final regulation or 
                        other guidance of general applicability under 
                        this subparagraph shall 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.''.
            (2) Amendment of employee retirement income security act of 
        1974.--
                    (A) 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 
                subsection:
    ``(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 requirement to search for or 
        attempt to locate, or to provide any document or information 
        to, such individual, or any other requirement of this title 
        which cannot be satisfied due to the plan's inability to locate 
        the participant.
            ``(2) Lost or missing participant.--For purposes of 
        paragraph (1), the term `lost or missing participant' means any 
        participant or former participant, or the beneficiary of any 
        such individual, with respect to whom the plan administrator or 
        other responsible party (including a plan service provider or 
        trustee or issuer of an individual retirement plan receiving a 
        transfer described in section 401(a)(31)(B)) has--
                    ``(A) satisfied the requirements of section 6057(a) 
                of the Internal Revenue Code of 1986,
                    ``(B) made at least one unsuccessful attempt to 
                contact the individual at the most recent address 
                maintained for the individual in the records of the 
                plan, by certified mail or other similar delivery 
                service if the most recent address is a physical 
                address, and by electronic mail or other electronic 
                communication if the only address on record is an 
                electronic address, and
                    ``(C) has taken at least one (two, in the case of 
                an individual for whom the plan records contain only an 
                electronic address) of the additional measures 
                described in paragraph (3) to attempt to locate the 
                individual.
            ``(3) Additional measures.--The additional measures 
        described in this paragraph are the following, when taken by a 
        plan administrator or other responsible party:
                    ``(A) Checked with the administrator of a related 
                plan or checked the plan sponsor's records for an 
                updated address.
                    ``(B) Made at least one unsuccessful attempt to 
                contact the individual's designated plan beneficiary, 
                by the methods described in paragraph (2)(B).
                    ``(C) Performed at least one search using free 
                electronic search tools.
                    ``(D) Attempted to locate the participant using a 
                commercial locator service.
            ``(4) Cessation of status.--An individual shall cease to be 
        treated as a lost or missing participant during any period the 
        plan administrator has actual knowledge of the individual's 
        whereabouts and how to contact the individual, except that the 
        requirements described in paragraph (1) shall be waived for the 
        180-day period beginning on the date the plan administrator 
        first had such actual knowledge.
            ``(5) Joint regulatory authority.--Any temporary, proposed, 
        or final regulation or other guidance of general applicability 
        under this subsection shall 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.''.
                    (B) Conforming amendments.--Section 4050(a)(1) of 
                the Employee Retirement Income Security Act of 1974 (29 
                U.S.C. 1350(a)(1)) is amended--
                            (i) in subparagraph (B)--
                                    (I) by striking ``provides'' and 
                                inserting ``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 
                        section 6057(a) of the Internal Revenue Code of 
                        1986.''; and
                            (ii) by adding at the end the following 
                        flush language:
        ``Any temporary, proposed, or final regulation or other 
        guidance of general applicability under this subsection shall 
        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.''.
    (e) 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 
                requirements of such regulations.
                    ``(B) Certain partnerships.--Notwithstanding 
                subparagraph (A), the Secretary shall require'';
                    (C) by striking ``regulations.--In prescribing'' 
                and inserting ``regulations.--
                    ``(A) In general.--In prescribing''; and
                    (D) by adding at the end the following new 
                subparagraph:
                    ``(C) Exceptions.--Notwithstanding subparagraph 
                (A), the Secretary shall require returns 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 respect 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.''.
            (2) Effective date.--The amendments made by this subsection 
        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.
    (f) Safeguarding Participant Privacy and Security.--In establishing 
the Retirement Savings Lost and Found under subsection (a), the 
Commissioner of Social 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 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 Lost and 
Found at the election of the individual.
    (g) 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) of the Retirement Savings Lost and Found Act of 
2018''.
    (h) Authorization of Appropriations.--There are authorized to be 
appropriated such sums as may be necessary to carry out the purposes of 
this section.

SEC. 3. MANDATORY TRANSFERS OF ROLLOVER DISTRIBUTIONS.

    (a) Investment Options.--
            (1) 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 regulations issued after the enactment of the 
        Retirement Savings Lost and Found Act of 2018, 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 4(b)(1) of the Retirement Savings Lost 
                        and Found Act of 2018 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 participant or beneficiary, but 
                        only if all applicable reporting requirements 
                        are met with respect to such transfer; or
                            ``(iv) such other option as the Secretary 
                        may so provide.''.
            (2) 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 requirements 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 paragraph (1).
    (b) Expansion of Cap; Authority To Transfer Lesser Amounts.--
            (1) 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 inserting ``$6,000''.
            (2) Lesser amounts.--Subparagraph (B) of section 401(a)(31) 
        of such Code is 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 participant 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 administrator 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 benefit directly to the 
                        participant.
                            ``(iv) Transfers to retirement savings lost 
                        and found or treasury.--If, after a plan 
                        administrator takes the action required under 
                        clause (iii), the participant does not--
                                    ``(I) within 6 months of the 
                                notification under such clause, make an 
                                election under subparagraph (A) or 
                                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 4(b)(1) of the Retirement Savings 
                        Lost and Found Act of 2018 or to an individual 
                        retirement account (as defined in section 
                        408(a)) established by the Secretary on behalf 
                        of the individual.
                            ``(v) Income tax treatment of transfers to 
                        retirement savings lost and found.--For 
                        purposes of determining the income tax 
                        treatment of transfers to the Director of the 
                        Retirement Savings 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 
                                Retirement 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 administrator from transferring 
        the accounts of missing participants to the Pension Benefit 
        Guaranty Corporation pursuant to section 4050 of the Employee 
        Retirement Income Security Act of 1974.

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 agency 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 section 2 and carrying 
        out the duties described in subparagraphs (B) and (C) of 
        section 2(a)(1), the Director of the Retirement Savings Lost 
        and Found established under this section shall--
                    (A) perform an annual audit of plan information 
                contained in the Retirement Savings Lost and Found and 
                ensure that such information is current and accurate;
                    (B) invest any amount transferred under section 
                401(a)(31)(B)(iv) of the Internal Revenue Code of 1986 
                in United States Treasury securities;
                    (C) upon application filed by the participant or 
                beneficiary in such form and manner as may be 
                prescribed in regulations, pay to the participant or 
                beneficiary the amount transferred (or the appropriate 
                survivor benefit) either--
                            (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 conduct an analysis of the cost 
        effectiveness of contracting with a third party to carry out 
        the responsibilities 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 Finance and Health, Education, Labor, and 
        Pensions of the Senate and the Committees on Ways and Means and 
        Education and the Workforce of the House of Representatives the 
        intention to so contract.
            (3) 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.
            (4) Coordination.--The Director of the Retirement 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 
        participants.
                                 <all>