S 4192
Retirement Savings Lost and Found Act of 2020
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Bill overview
The Retirement Savings Lost and Found Act of 2020 creates an online system, the Retirement Savings Lost and Found (RSLF), to help individuals locate employer-sponsored retirement accounts they may have forgotten. The RSLF will allow participants to view contact information for plan administrators and assist in locating plans. The bill also establishes requirements for retirement plans to report participant information, transfers unclaimed mandatory distributions to the RSLF, and modifies rules regarding distributions from small retirement accounts, including investment options and maximum account balances. Finally, it addresses coordination with existing regulations and establishes an Office of the Retirement Savings Lost and Found.
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