The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) has initiated efforts to create an online tool, the Retirement Savings Lost and Found database, to help workers locate lost retirement savings. This initiative, directed by the SECURE 2.0 Act, aims to assist “missing participants”—individuals who lose track of retirement benefits due to factors like incomplete recordkeeping, job changes, company closures, or mergers.
The database began accepting data from retirement plan administrators, recordkeepers, and service providers on November 18, 2024, and is set to go live for public use by December 29, 2024. EBSA has called on the retirement plan community to voluntarily provide the necessary data to populate the database and ensure its success.
Assistant Secretary Lisa M. Gomez emphasized the database’s role in ensuring workers and beneficiaries receive the retirement benefits they’ve earned, calling for collaboration between the agency and the retirement plan community to fulfill this goal. Since 2017, EBSA’s enforcement efforts have recovered over $7 billion in retirement benefits for missing participants and beneficiaries.
For details on the data collection process and how information will be submitted, the agency has issued a notice of information collection request, along with a fact sheet. Contact your tax manager/partner at 610-687-1600 or [email protected] for additional information.
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