Retirement savings lost and found

(a) In general (1) Establishment of retirement savings lost and found 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: 523. Retirement savings lost and found (a) Establishment (1) In general 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— (A) 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; (B) allow the Department of Labor to assist such an individual in locating any such plan of the individual; and (C) 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. (2) Plans described A plan described in this paragraph is a plan to which the vesting standards of section 203 apply. (b) Administration 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. (c) Safeguarding participant privacy and security 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. (d) Definition of administrator For purposes of this section, the term administrator has the meaning given such term in section 3(16)(A). (e) Information collection from plans 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— (1) the information described in paragraphs (1) through (4) of section 6057(b) of the Internal Revenue Code of 1986; (2) the information described in subparagraphs (A) and (B) of section 6057(a)(2) of such Code; (3) the name and taxpayer identifying number of each participant or former participant in the plan— (A) who, during the current plan year or any previous plan year, was reported under section 6057(a)(2)(C) of such Code, and with respect to whom the benefits described in clause (ii) thereof were fully paid during the plan year; (B) with respect to whom any amount was distributed under section 401(a)(31)(B) of such Code during the plan year; or (C) with respect to whom a deferred annuity contract was distributed during the plan year; (4) in the case of a participant or former participant to whom paragraph (3) applies— (A) in the case of a participant described in subparagraph (B) thereof, the name and address of the designated trustee or issuer described in section 401(a)(31)(B)(i) of such Code and the account number of the individual retirement plan to which the amount was distributed; and (B) in the case of a participant described in subparagraph (C) thereof, the name and address of the issuer of such annuity contract and the contract or certificate number; and (5) such other information as the Secretary of Labor may require. (f) Information collection from federal agencies On request, the Secretary of Labor may access and receive such information collected by other Federal agencies as may be necessary and appropriate to perform work related to the Retirement Savings Lost and Found. (g) Program integrity audit 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.. (3) Conforming amendment 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 item relating to section 522 the following: Sec. 523.Retirement Savings Lost and Found..