Sec. 2. Retirement savings lost and found
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Part 5 of title I of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1341 et seq. ) is amended by adding at the end the following: Not later than 2 years after the date of the enactment of this section, the Secretary of Labor, in consultation with the Secretary of the Treasury, shall establish an online searchable database (to be managed by the Department of Labor in accordance with this section) to be known as the Retirement Savings Lost and Found . The Retirement Savings Lost and Found shall— allow an individual to search for information that enables the individual to locate the administrator of any plan described in paragraph
(2)with respect to which the individual is or was a participant or beneficiary, and provide contact information for the administrator of any such plan; allow the Department of Labor to assist such an individual in locating any such plan of the individual; and allow the Department of Labor to make any necessary changes to contact information on record for the 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 administrator, or other causes. The Retirement Savings Lost and Found established under this paragraph shall include information reported under this section and other relevant information obtained by the Department of Labor. A plan described in this paragraph is a plan to which the vesting standards of section 203 apply. The Retirement Savings Lost and Found established under subsection
(a)shall provide individuals described in subsection (a)(1) only with the ability to search for information that enables the individual to locate the administrator and contact information for the administrator of any plan with respect to which the individual is or was a participant or beneficiary, sufficient to allow the individual to locate the individual’s plan in order to recover any benefit owing to the individual under the plan. In establishing the Retirement Savings Lost and Found under subsection (a), the Department of Labor shall take all necessary and proper precautions to ensure that individuals’ plan information maintained by the Retirement Savings Lost and Found is protected. For purposes of this section and section 523, the term administrator has the meaning given such term in section 3(16)(A). Effective with respect to plan years beginning after the second December 31 occurring after the date of the enactment of this subsection, the administrator of a plan to which the vesting standards of section 203 apply shall submit to the Department of Labor, at such time and in such form and manner as is prescribed in regulations— the information described in paragraphs
(1)through
(4)of section 6057(b) of the Internal Revenue Code of 1986; the information described in subparagraphs (A), (B), (E), and
(F)of section 6057(a)(2) of the Internal Revenue Code of 1986; and such other information as the Secretary of Labor may require. The Secretary of Labor is authorized to access and receive information collected by other Federal agencies that may be necessary to perform work related to the Retirement Savings Lost and Found. Such necessary and appropriate information, which shall be furnished to the Secretary of Labor on request, includes information covered by section 6103 of the Internal Revenue Code of 1986 and section 205(r) of the Social Security Act. On an annual basis for each of the first 5 years beginning one year after the establishment of the database in subsection (a)(1) and every 5 years thereafter, the Inspector General of the Department of Labor shall conduct an audit of the administration of the Retirement Savings Lost and Found. . The table of contents for the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1001 et seq. ) is amended by inserting after the matter relating to section 521 the following: Sec. 523.Retirement Savings Lost and Found. .
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