Sec. 2. Retirement Savings Lost and Found
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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— 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; to allow such Director to assist such an individual in locating any plan of the individual; and 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. 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. 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. Paragraph
(2)of section 6057(a) of the Internal Revenue Code of 1986 is amended— in subparagraph (C)— by striking during such plan year in clause
(i)and inserting during the plan year immediately preceding such plan year ; by adding and at the end of clause (i); and by striking clause (iii); by redesignating subparagraph
(E)as subparagraph (G); by striking and at the end of subparagraph (D); and by inserting after subparagraph
(D)the following new subparagraphs: the name and taxpayer identifying number of each participant or former participant in the plan— 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, with respect to whom any amount was distributed under section 401(a)(31)(B) during the plan year, or with respect to whom a deferred annuity contract was distributed during the plan year, in the case of a participant or former participant to whom subparagraph
(E)applies— 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 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 . Paragraph
(6)of section 402(e) of such Code is amended— by striking and inserting “ transfers .—Any transfers .— Any ; and by adding at the end the following new subparagraph: 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. . Subsection
(i)of section 6652 of such Code is amended— by striking in the heading and inserting to recipients ; or notification by striking 402(f), and inserting 402(f) or a notification as required by section 402(e)(6)(B), ; and by striking such written explanation and inserting such written explanation or notification . Subsection
(i)of section 408 of such Code is amended— 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; by redesignating paragraphs
(1)and
(2)as subparagraphs
(A)and (B), respectively, and by moving such subparagraphs 2 ems to the right; 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. In the case of a simple retirement account ; by striking and inserting “ Reports .—The trustee of Reports.— The trustee of ; by striking under paragraph
(2)in paragraph (3), as redesignated by clause (iii), and inserting under paragraph (1)(B) ; and by inserting after paragraph (1)(B)(ii), as redesignated by the preceding clauses, the following new paragraph: 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— identify such transfer as a mandatory distribution required by such section, 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 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. . 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 before the period at the end of the second sentence. Retirement Savings Lost and Found Act of 2018 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. Paragraph
(9)of section 401(a) of the Internal Revenue Code of 1986 is amended by adding at the end the following new subparagraph: 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. 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— satisfied the requirements of section 6057(a), 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 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. The additional measures described in this clause are the following, when taken by a plan administrator or other responsible party: Checked with the administrator of a related plan or checked the plan sponsor’s records for an updated address. Made at least one unsuccessful attempt to contact the individual’s designated plan beneficiary, by the methods described in clause (ii)(II). Performed at least one search using free electronic search tools. Attempted to locate the participant using a commercial locator service. 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. 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. . 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: 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. 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— satisfied the requirements of section 6057(a) of the Internal Revenue Code of 1986, 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 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. The additional measures described in this paragraph are the following, when taken by a plan administrator or other responsible party: Checked with the administrator of a related plan or checked the plan sponsor’s records for an updated address. Made at least one unsuccessful attempt to contact the individual’s designated plan beneficiary, by the methods described in paragraph (2)(B). Performed at least one search using free electronic search tools. Attempted to locate the participant using a commercial locator service. 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. 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. . Section 4050(a)(1) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1350(a)(1) ) is amended— in subparagraph (B)— by striking provides and inserting “either— provides ; by striking the period at the end and inserting ; or ; and by adding at the end the following new clause: satisfies the requirements of section 6057(a) of the Internal Revenue Code of 1986. ; and 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. . Paragraph
(2)of section 6011(e) of the Internal Revenue Code of 1986 is amended— by redesignating subparagraphs
(A)and
(B)as clauses
(i)and (ii), respectively, and by moving such clauses 2 ems to the right; by striking the requirements of such regulations and all that follows through the Secretary shall require and inserting “the requirements of such regulations. Notwithstanding subparagraph (A), the Secretary shall require ; by striking and inserting “ regulations .—In prescribing regulations .— In prescribing ; and by adding at the end the following new subparagraph: Notwithstanding subparagraph (A), the Secretary shall require returns or reports required under— sections 6057, 6058, and 6059, and 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. . 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. 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. 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 There are authorized to be appropriated such sums as may be necessary to carry out the purposes of this section.
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