Retirement Savings Lost and Found Act of 2016
Latest action · Jun 21, 2016 Read twice and referred to the Committee on Finance.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJun 21, 2016
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Retirement Savings Lost and Found Act of 2016
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 amends the Internal Revenue Code (IRC) to set 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 amends the Employee Retirement Income Security Act of 1974 (ERISA) and the IRC to revise 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 the Department of the Treasury. The RSLF must invest funds received in Treasury securities and distribute the balance upon receiving an application from a plan participant or beneficiary.
Cosponsors 1
Members who signed on, in the order they did. All signed on Jun 21, 2016.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-MT | Steve Daines | Original | Jun 21, 2016 |
Actions 2
Everything that happened, newest first.
- Jun 21, 2016Introduced in Senate
- Jun 21, 2016Read twice and referred to the Committee on Finance.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 5805 | Retirement Savings Lost and Found Act of 2016 | Related bill | Sep 19, 2016 |
Subjects
Assigned by the Library of Congress. Policy area: Labor and Employment.
- Administrative law and regulatory procedures
- Department of Labor
- Department of the Treasury
- Employee benefits and pensions
- Executive agency funding and structure
- Financial services and investments
- Government information and archives
- Income tax deferral
- Labor and Employment
- Social Security Administration
Text 1
Each version as it was printed, newest first.
- Jun 21, 2016Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.