Unclaimed Retirement Rescue Plan
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
The Unclaimed Retirement Rescue Plan aims to help people recover retirement funds they may have forgotten about. It directs the Secretary of Labor to create a regulation allowing pension plan administrators to voluntarily transfer unclaimed retirement distributions to state unclaimed property programs through a national clearinghouse. The plan includes steps to ensure beneficiaries are notified and have an opportunity to claim their funds before they are transferred.
Key provisions
- The Secretary of Labor will create a regulation allowing transfers of unclaimed retirement distributions.
- Pension plans must attempt to locate current contact information for beneficiaries before transferring funds.
- Beneficiaries must receive a notice explaining the transfer process and how to claim their funds.
- The plan requires a notification mechanism to ensure beneficiaries are informed.
- A ‘Retirement Savings Lost and Found’ database will be created to track claimed and unclaimed distributions.
- Plan administrators will be deemed to have satisfied certain ERISA requirements when making transfers.
- The Secretary of Labor will submit a report to Congress on the regulation's effectiveness.
- The Act defines key terms related to unclaimed retirement distributions and related processes.
Who is affected
- Pension plan participants and beneficiaries
Bill text
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Sponsors
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18 on record
Primary sponsor
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