Legis Daily

Retirement Savings Lost and Found Act of 2021

USA117th CongressHR-5832| House 
| Updated: 11/3/2021
Suzanne Bonamici

Suzanne Bonamici

Democratic Representative

Oregon

Cosponsors (2)
Kathy E. Manning (Democratic)Lucy McBath (Democratic)

Ways and Means Committee, Education and Workforce Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Retirement Savings Lost and Found Act of 2021 This bill establishes an online Retirement Savings Lost and Found (RSLF) to assist individuals in locating certain employer-sponsored retirement accounts. The RSLF must (1) 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, and (2) safeguard the privacy and security of participants' plan information. The bill sets forth additional reporting and notification requirements for retirement plans. 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 may transfer unclaimed mandatory distributions that are $1,000 or less to the RSLF, and the RSLF must pay the balance upon locating a plan participant or beneficiary.
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Timeline

Bill from Previous Congress

HR 116-7439
Retirement Savings Lost and Found Act
May 20, 2021

Latest Companion Bill Action

S 117-1730
Introduced in Senate
Nov 3, 2021
Introduced in House
Nov 3, 2021
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.
  • Bill from Previous Congress

    HR 116-7439
    Retirement Savings Lost and Found Act


  • May 20, 2021

    Latest Companion Bill Action

    S 117-1730
    Introduced in Senate


  • November 3, 2021
    Introduced in House


  • November 3, 2021
    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.

Labor and Employment

Related Bills

  • S 117-1730: Retirement Savings Lost and Found Act of 2021

Retirement Savings Lost and Found Act of 2021

USA117th CongressHR-5832| House 
| Updated: 11/3/2021
Retirement Savings Lost and Found Act of 2021 This bill establishes an online Retirement Savings Lost and Found (RSLF) to assist individuals in locating certain employer-sponsored retirement accounts. The RSLF must (1) 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, and (2) safeguard the privacy and security of participants' plan information. The bill sets forth additional reporting and notification requirements for retirement plans. 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 may transfer unclaimed mandatory distributions that are $1,000 or less to the RSLF, and the RSLF must pay the balance upon locating a plan participant or beneficiary.
View Full Text

Suggested Questions

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

Timeline

Bill from Previous Congress

HR 116-7439
Retirement Savings Lost and Found Act
May 20, 2021

Latest Companion Bill Action

S 117-1730
Introduced in Senate
Nov 3, 2021
Introduced in House
Nov 3, 2021
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.
  • Bill from Previous Congress

    HR 116-7439
    Retirement Savings Lost and Found Act


  • May 20, 2021

    Latest Companion Bill Action

    S 117-1730
    Introduced in Senate


  • November 3, 2021
    Introduced in House


  • November 3, 2021
    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.
Suzanne Bonamici

Suzanne Bonamici

Democratic Representative

Oregon

Cosponsors (2)
Kathy E. Manning (Democratic)Lucy McBath (Democratic)

Ways and Means Committee, Education and Workforce Committee

Labor and Employment

Related Bills

  • S 117-1730: Retirement Savings Lost and Found Act of 2021
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted