,,ii #aadth ,,congress #b;d ,session ,s4 #cjgh ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,june #ba1 #bjaf,ms4 ,warren 7for herself and ,mr4 ,daines7 introduced the following bill2 which was read twice and referred to the ,committee on ,finance ,a ,,bill ,to increase portability of and access to retirement savings1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,retirement ,savings ,lost and ,found ,act of #bjaf4 #b4 ,retirement ,savings ,lost and ,found 7a7 ,establishment 7#a7 ,in general ,not later than #b years after the date of the enactment of this ,act1 the ,commissioner of ,social ,security and the ,secretary of the ,treasury in cooperation shall establish an online mechanism to be known as the ,retirement ,savings ,lost and ,found1 to be managed by the ,director of the ,retirement ,savings ,lost and ,found established under section #c7;c7 of this ,act-- 7,a7 to allow an individual to search for information that enables the individual to locate the plan administrator of any plans with respect to which the individual is a participant or beneficiary1 and to provide contact information for the plan administrator of any plan described in paragraph 7#b7 with respect to which the individual may be entitled to a benefit1 7,b7 to allow such ,director to assist such an individual in locating any plan of the individual1 and 7,c7 to allow such ,director to make any necessary changes to contact information on record for the plan administrator based on any changes to the plan due to merger or consolidation of the plan with any other plan1 division of the plan into #b or more plans1 bankruptcy1 termination1 change in name of the plan1 change in name or address of the plan administrator1 or other causes4 7#b7 ,plans described ,a plan described in this paragraph is a plan to which the vesting standards of section #bjc of part #b of subtitle ,b of title ,i of the ,employee ,retirement ,income ,security ,act of #aigd apply with respect to any plan year to which the amendments made by subsection 7c77#b77;,c7 apply4 7b7 ,administration ,the ,retirement ,savings ,lost and ,found established under subsection 7a7 shall provide individuals described in subsection 7a77#a7 only with the ability to view contact information for the plan administrator of any plan with respect to which the individual is a participant or beneficiary1 sufficient to allow the individual to locate the individual's plan4 7c7 ,current information 7#a7 ,in general ,paragraph 7#b7 of section #fjeg7;a7 of the ,internal ,revenue ,code of #aihf is amended-- 7,a7 by redesignating subparagraph 7,e7 as subparagraph 7,g71 7,b7 by striking and at the end of subparagraph 7,d71 and 7,c7 by inserting after subparagraph 7,d7 the following new subparagraphs3 7,e7 the name and taxpayer identifying number of each participant or former participant in the plan-- 7i7 who1 during any previous plan year1 was reported under subparagraph 7,c71 and with respect to whom the benefits described in subparagraph 7,c77ii7 were fully paid during the plan year1 7ii7 with respect to whom any amount was distributed under section #dja7;a77#ca77;,b7 during the plan year1 or 7iii7 with respect to whom an annuity contract was distributed during the plan year1 7,f7 in the case of a participant or former participant to whom subparagraph 7,e7 applies-- 7i7 the amount distributed1 7ii7 in the case of a participant described in clause 7ii7 thereof1 the name and address of the designated trustee or issuer described in section #dja7;a77#ca77;,b77i7 and the account number of the individual retirement plan to which the amount was distributed1 and 7iii7 in the case of a participant described in clause 7iii7 thereof1 the name and address of the issuer of such annuity contract and the contract or certificate number1 and 4 7#b7 ,rules relating to direct trustee-to-trustee transfers 7,a7 ,in general ,paragraph 7#f7 of section #djb7;e7 of such ,code is amended-- 7i7 by striking transfers4--,any and inserting 8transfers4-- 7,a7 ,in general ,any 1 and 7ii7 by adding at the end the following new subparagraph3 7,b7 ,notification of trustee ,in the case of a distribution under section #dja7;a77#ca77;,b71 the plan administrator shall notify the designated trustee or issuer described in clause 7i7 thereof that the transfer is a mandatory distribution required by such section4 4 7,b7 ,penalty ,subsection 7i7 of section #ffeb of such ,code is amended-- 7i7 by striking to recipients in the heading and inserting or notification1 7ii7 by striking #djb7;f71 and inserting #djb7;f7 or a notification as required by section #djb7;e77#f77;,b711 and 7iii7 by striking such written explanation and inserting such written explanation or notification4 7,c7 ,reports ,subsection 7i7 of section #djh of such ,code is amended-- 7i7 by redesignating subparagraphs 7,a7 and 7,b7 of paragraph 7#b7 as clauses 7i7 and 7ii71 respectively1 and by moving such clauses #b ems to the right1 7ii7 by redesignating paragraphs 7#a7 and 7#b7 as subparagraphs 7,a7 and 7,b71 respectively1 and by moving such subparagraphs #b ems to the right1 7iii7 by striking as the ,secretary prescribes in subparagraph 7,b77ii71 as so redesignated1 and all that follows through a simple retirement account and inserting 8as the ,secretary prescribes4 7#c7 ,simple retirement accounts ,in the case of a simple retirement account 1 7iv7 by striking ,reports4--,the trustee of and inserting 8,reports4-- 7#a7 ,in general ,the trustee of 1 7v7 by striking under paragraph 7#b7 in paragraph 7#c71 as redesignated by clause 7iii71 and inserting under paragraph 7#a77;,b71 and 7vi7 by inserting after paragraph 7#a77;,b77ii71 as redesignated by the preceding clauses1 the following new paragraph3 7#b7 ,mandatory distributions ,in the case of an account1 contract1 or annuity to which a transfer of a distribution under section #dja7;a77#ca77;,b7 is made 7including a transfer of such an amount from the individual retirement plan to which the amount was originally transferred to another individual retirement plan71 the report required by this subsection shall-- 7,a7 identify the distribution of such amount as a mandatory distribution required by such section1 7,b7 include the name1 address1 and taxpayer identifying number of the trustee or issuer of the individual retirement plan to which the amount is transferred1 and 7,c7 be filed with the ,director of the ,retirement ,savings ,lost and ,found established under section #b7;a7 of the ,retirement ,savings ,lost and ,found ,act of #bjaf as well as with the ,secretary4 4 7#c7 ,effective date ,the amendments made by this subsection shall apply to distributions made1 and returns and reports the due date for which is1 after the date that is one year after the date of the enactment of this ,act4 7d7 ,requirement of electronic filing 7#a7 ,in general ,paragraph 7#b7 of section #fjaa7;e7 of the ,internal ,revenue ,code of #aihf is amended-- 7,a7 by redesignating subparagraphs 7,a7 and 7,b7 as clauses 7i7 and 7ii71 respectively1 and by moving such clauses #b ems to the right1 7,b7 by striking the requirements of such regulations and all that follows through the ,secretary shall require and inserting 8the requirements of such regulations4 7,b7 ,certain partnerships ,notwithstanding subparagraph 7,a71 the ,secretary shall require 1 7,c7 by striking regulations4--,in prescribing and inserting 8regulations4-- 7,a7 ,in general ,in prescribing 1 and 7,d7 by adding at the end the following new subparagraph3 7,c7 ,exceptions ,notwithstanding subparagraph 7,a71 the ,secretary shall require returns or reports required under-- 7i7 sections #fjeg1 #fjeh1 and #fjei1 and 7ii7 sections #djh7;i71 #fjda1 and #fjdg to the extent such return or report relates to the tax treatment of a distribution from a plan1 account1 contract1 or annuity1 to be filed on magnetic media1 but only with respect to persons who are required to file at least #ej returns during the calendar year that includes the first day of the plan year to which such returns or reports relate4 4 7#b7 ,effective date ,the amendments made by this subsection shall apply to returns and reports the due date for which is after the date of the enactment of this ,act4 7e7 ,safeguarding participant privacy and security ,in establishing the ,retirement ,savings ,lost and ,found under subsection 7a71 the ,commissioner of ,social ,security and the ,secretary of the ,treasury shall take all necessary and proper precautions1 including consulting with the ,secretary of ,health and ,human ,services1 to ensure that participants' plan information maintained by the ,retirement ,savings ,lost and ,found is protected and that persons other than the participant cannot fraudulently claim the benefits to which any participant is entitled1 and to allow any participant to opt out of inclusion in the ,lost and ,found at the election of the participant4 7f7 ,authorization of appropriations ,there are authorized to be appropriated such sums as may be necessary to carry out the purposes of this section4 #c4 ,mandatory transfers of rollover distributions 7a7 ,investment options 7#a7 ,in general ,subparagraph 7,b7 of section #djd7;c77#c7 of the ,employee ,retirement ,income ,security ,act of #aigd 7#bi ,u4,s4,c4 #aajd7;c77#c77 is amended by inserting 1 and1 to the extent the ,secretary provides in guidance or regulations issued after the enactment of the ,retirement ,savings ,lost and ,found ,act of #bjaf1 is made to a target date or lifecycle fund or to such other option as the ,secretary may so provide before the period4 7#b7 ,regulations ,not later than #ahj days after the date of the enactment of this ,act1 the ,secretary of ,labor shall promulgate regulations identifying the target date or lifecycle funds1 or specifying the characteristics of a target date or lifecycle fund1 that will be deemed to meet the requirements of section #djd7;c77#c77;,b7 of the ,employee ,retirement ,income ,security ,act of #aigd 7#bi ,u4,s4,c4 #aajd7;c77#c77;,b771 as amended by paragraph 7#a74 7b7 ,expansion of cap2 authority ,to transfer lesser amounts 7#a7 ,in general ,clause 7ii7 of section #dja7;a77#ca77;,b7 of the ,internal ,revenue ,code of #aihf is amended by striking #e1jjj and inserting #f1jjj4 7#b7 ,lesser amounts ,subparagraph 7,b7 of section #dja7;a77#ca7 of such ,code is amended by adding at the end the following new clauses3 7iii7 ,transfers of lesser amounts to ,retirement ,savings ,lost and ,found or ,treasury ,in the case of a trust which is part of an eligible plan1 such trust shall not be a qualified trust under this section unless such plan provides that if-- 7,i7 a participant in the plan separates from the service covered by the plan and the deferred vested benefit to which such participant is entitled is not in excess of #a1jjj1 and 7,,ii7 the participant does not make an election under subparagraph 7,a7 and does not elect to receive the distribution directly1 the plan administrator shall1 after notifying the participant that the participant is entitled to such benefit1 transfer the amount of such benefit to the ,director of the ,retirement ,savings ,lost and ,found in accordance with section #c7;c77#b7 of the ,retirement ,savings ,lost and ,found ,act of #bjaf1 or to an individual retirement account 7as defined in section #djh7;a77 established by the ,secretary4 ,such transfer shall not be made before the later of the date that is #f months after the date on which the participant receives the notification required under the preceding sentence1 or1 if the plan administrator attempts to pay the distribution to the participant directly but the participant has not claimed the distribution1 the date that is #f months after the date on which the attempted payment was sent to the participant4 7iv7 ,income tax treatment of transfers to ,retirement ,savings ,lost and ,found ,for purposes of determining the income tax treatment of transfers to the ,director of the ,retirement ,savings ,lost and ,found under clause 7iii7-- 7,i7 such a transfer shall be treated as a transfer to an individual retirement plan under clause 7i71 and 7,,ii7 the distribution of such amounts by the ,director of the ,retirement ,savings ,lost and ,found shall be treated as a distribution from an individual retirement plan4 7v7 ,notification to ,retirement ,savings ,lost and ,found ,in the case of a trust which is part of an eligible plan1 if a participant in the plan separates from the service covered by the plan1 the plan administrator shall report-- 7,i7 the total amount of the deferred vested benefit to which the participant is entitled1 and 7,,ii7 the amount of any distribution of such benefit made to and claimed by the participant1 to the ,director of the ,retirement ,savings ,lost and ,found for purposes of the ,retirement ,savings ,lost and ,found established under section #b7;a7 of the ,retirement ,savings ,lost and ,found ,act of #bjaf4 4 7c7 ,office of the ,retirement ,savings ,lost and ,found 7#a7 ,in general ,not later than one year after the date of the enactment of this ,act1 the ,commissioner of ,social ,security and the ,secretary of the ,treasury shall establish within the appropriate agency or subdivision thereof an ,office of the ,retirement ,savings ,lost and ,found1 to be administered by a ,director of the ,retirement ,savings ,lost and ,found who 7without regard to the agency or subdivision where such ,office is established7 shall report to both such ,commissioner and such ,secretary4 7#b7 ,responsibilities of ,director 7,a7 ,in general ,in addition to administering the ,retirement ,savings ,lost and ,found under section #b1 the ,director of the ,retirement ,savings ,lost and ,found established under this subsection shall-- 7i7 invest any amount transferred under section #dja7;a77#ca77;,b77iii7 of the ,internal ,revenue ,code of #aihf in ,united ,states ,treasury securities2 7ii7 upon application filed by the participant or beneficiary in such form and manner as may be prescribed in regulations1 pay to the participant or beneficiary the amount transferred 7or the appropriate survivor benefit7 either-- 7,i7 in a single sum 7plus interest72 or 7,,ii7 in such other form as is specified in regulations2 and 7iii7 identify such amount as eligible to be paid into an eligible retirement plan described in section #djb7;c77#h77;,b7 of the ,internal ,revenue ,code of #aihf4 7,b7 ,option to contract ,the ,director of the ,retirement ,savings ,lost and ,found may contract with a third party to carry out the responsibilities under subparagraph 7,a74 7d7 ,effective dates 7#a7 ,in general ,except as provided in paragraph 7#b71 the amendments made by this section shall apply to distributions made after the date that is #b years after the date of the enactment of this ,act4 7#b7 ,mandatory transfer of vested benefits ,the amendments made by subsection 7b7 shall apply to vested benefits with respect to participants who separate from service connected to the plan before1 on1 or after the date that is #b years after the date of the enactment of this ,act4