Referred to the Committee on Education and Workforce, and in addition to the Committee on Ways and Means, 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.
The Unclaimed Retirement Rescue Plan directs the Department of Labor to create a rule allowing pension plan administrators to transfer unclaimed retirement benefits to state unclaimed property programs. This addresses the problem of retirement savings that go unclaimed when workers lose touch with their former employers or plan administrators lose contact with beneficiaries. Before transferring benefits of $50 or more, plan administrators must attempt to locate participants through database searches and notify them of the impending transfer, giving them a chance to claim their money. The bill protects plan administrators from legal liability when they follow these procedures and requires them to report all transfers to the Labor Department, which will maintain a searchable "Retirement Savings Lost and Found" database to help people find their unclaimed benefits. The Labor Department has 180 days to write the regulation and must report to Congress within two years on how well the program is working.
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