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Retirement Savings Lost and Found Act

USA116th CongressHR-7439| House 
| Updated: 7/1/2020
Suzanne Bonamici

Suzanne Bonamici

Democratic Representative

Oregon

Cosponsors (1)
Jim Banks (Republican)

Ways and Means Committee, Social Security Subcommittee, Education and Workforce Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Retirement Savings Lost and Found Act 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 sets 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 also revises 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.
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Timeline
Jul 1, 2020
Introduced in House
Jul 1, 2020
Referred to the Subcommittee on Social Security.
Jul 1, 2020
Referred to the Committee on Ways and Means, and in addition to the Committee on Education 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.
Jul 2, 2020

Latest Companion Bill Action

S 116-4192
Introduced in Senate
  • July 1, 2020
    Introduced in House


  • July 1, 2020
    Referred to the Subcommittee on Social Security.


  • July 1, 2020
    Referred to the Committee on Ways and Means, and in addition to the Committee on Education 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.


  • July 2, 2020

    Latest Companion Bill Action

    S 116-4192
    Introduced in Senate

Labor and Employment

Related Bills

  • S 116-4192: Retirement Savings Lost and Found Act of 2020
Criminal procedure and sentencingDrug trafficking and controlled substances

Retirement Savings Lost and Found Act

USA116th CongressHR-7439| House 
| Updated: 7/1/2020
Retirement Savings Lost and Found Act 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 sets 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 also revises 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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Jul 1, 2020
Introduced in House
Jul 1, 2020
Referred to the Subcommittee on Social Security.
Jul 1, 2020
Referred to the Committee on Ways and Means, and in addition to the Committee on Education 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.
Jul 2, 2020

Latest Companion Bill Action

S 116-4192
Introduced in Senate
  • July 1, 2020
    Introduced in House


  • July 1, 2020
    Referred to the Subcommittee on Social Security.


  • July 1, 2020
    Referred to the Committee on Ways and Means, and in addition to the Committee on Education 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.


  • July 2, 2020

    Latest Companion Bill Action

    S 116-4192
    Introduced in Senate
Suzanne Bonamici

Suzanne Bonamici

Democratic Representative

Oregon

Cosponsors (1)
Jim Banks (Republican)

Ways and Means Committee, Social Security Subcommittee, Education and Workforce Committee

Labor and Employment

Related Bills

  • S 116-4192: Retirement Savings Lost and Found Act of 2020
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Criminal procedure and sentencingDrug trafficking and controlled substances