Bill Sponsor
Senate Bill 4192
116th Congress(2019-2020)
Retirement Savings Lost and Found Act of 2020
Introduced
Introduced
Introduced in Senate on Jul 2, 2020
Overview
Text
Introduced
Jul 2, 2020
Latest Action
Jul 2, 2020
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
4192
Congress
116
Policy Area
Labor and Employment
Labor and Employment
Primary focus of measure is matters affecting hiring and composition of the workforce, wages and benefits, labor-management relations; occupational safety, personnel management, unemployment compensation. Measures concerning public-sector employment may fall under Government Operations and Politics policy area.
Sponsorship by Party
Democrat
Massachusetts
Republican
Arkansas
Democrat
New Hampshire
Senate Votes (0)
House Votes (0)
No Senate votes have been held for this bill.
Summary

Retirement Savings Lost and Found Act of 2020

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.

Text (1)
Actions (2)
07/02/2020
Read twice and referred to the Committee on Finance.
07/02/2020
Introduced in Senate
Public Record
Record Updated
Jan 11, 2023 1:45:40 PM