,i  #aai? ,,congress  #a/ ,session  ,h4 
,r4 #ecbe  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,septemb] #aa1        
#bjbe,mr4 ,magaz9] 7= himself & ,mr4    
,e/es7 introduc$ ! foll[+ bill2 :i* 0   
ref]r$ to ! ,committee on ,education &  
,work=ce1 & 9 addition to ! ,committee  
on ,ways & ,means1 = a p]iod to be      
subsequ5tly det]m9$ by ! ,speak]1 9 ea* 
case = consid]ation ( su* provisions z  
fall )9 ! jurisdiction ( ! committee    
conc]n$  ,a ,,bill  ,to direct !        
,secret>y ( ,labor to promulgate a      
regulation all[+ adm9i/rators ( c]ta9   
p5sion plans to volunt>ily transf]      
unclaim$ retirem5t di/ributions to ,/ate
 unclaim$ prop]ty programs4  #a4 ,%ort  
title  ,?is ,act may be cit$ z !        
,unclaim$ ,retirem5t ,rescue ,plan4  #b4
 ,unclaim$ retirem5t di/ributions       
regulation  7a7 ,9 g5]al ,n lat] ?an    
#ahj days aft] ! date ( enactm5t ( ?is  
,act1 ! ,secret>y ( ,labor %all         
promulgate a regulation describ$ 9      
subsection 7b74  7b7 ,regulation        

describ$ ,! regulation describ$ 9 ?is   
subsection %all--  7#a7 comply ) !      
requirem5ts ( ?is section2 &  7#b7 all[ 
adm9i/rators ( p5sion plans & o!r       
responsible fiduci>ies to transf]       
unclaim$ retirem5t di/ributions to ,/ate
 unclaim$ prop]ty programs ?r\gh !      
,/ates' ,unclaim$ ,retirem5t ,cle>+     
,h\se t manages ! volunt>y transf] (    
funds nationally across ,/ate unclaim$  
prop]ty programs4  7c7 ,pr]equisites =  
plan & o!r responsible fiduci>y transf]s
 to ,/ates  7#a7 ,9 g5]al ,prior to     
transf]r+ unclaim$ retirem5t            
di/ributions to ,/ate unclaim$ prop]ty  
programs1 a plan or o!r responsible     
fiduci>y %all1 ) respect to unclaim$    
retirem5t di/ributions t are #ej or m-- 
7,a7 to ! ext5t t x has n already done  
s1 attempt to id5tify1 ?r\gh an         
in=mational database se>* & ?r\gh a se>*
 ( a comm]cially reasonable outside     
s\rce1 ! curr5t address & o!r contact   
in=mation1 su* z a phone numb] or email 
address ( a p>ticipant or o!r b5efici>y 

ow$ su* a di/ribution if ! plan or o!r  
responsible fiduci>y has reason to      
believe t contact in=mation ( su*       
p>ticipant or b5efici>y available to !  
plan or ! fiduci>y is inaccurate2 &     
7,b7 s5d a notice to ! p>ticipant or    
b5efici>y entitl$ to su* a di/ribution  
t-- 7i7 expla9s t ! plan or o!r         
responsible fiduci>y is 9 possession ( !
 di/ribution & t abs5t a timely response
 f ! p>ticipant or b5efici>y1 !         
di/ribution w be transf]r$ to ! ,/ate   
unclaim$ prop]ty program ( ! ,/ate :]e !
 p>ticipant or o!r p>ty la/ resid$2 &   
7ii7 provides in/ructions to !          
p>ticipant or b5efici>y to prev5t !     
transf] ( ! di/ribution to a ,/ate      
unclaim$ prop]ty program4  7#b7 ,=m (   
notice ,= ! purposes ( s5d+ a notice    
describ$ 9 p>agraph 7#a77;,b71 ! plan   
adm9i/rator or o!r responsible fiduci>y 
may det]m9e ! =m ( s5d+ su* notice1 s   
long z su* notice--  7,a7 is reasonably 
expect$ to rea* ! p>ticipant or         
b5efici>y2 &  7,b7 is s5t 9 a secure    

means1 su* z ?r\gh email1 an onl9e      
portal1 or ! mail1 & protects ! p]sonal 
in=mation ( p>ticipants & b5efici>ies4  
7#c7 ,mail+ n requir$ ,! s5d+ ( a notice
 describ$ 9 p>agraph 7#a7 %all n be     
requir$ if1 foll[+ completion ( ! se>*  
requir$ by p>agraph 7#a77;,a71 ! se>*   
does n provide updat$ contact in=mation 
= a p>ticipant or b5efici>y4  7d7 ,plan 
or fiduci>y relief ,not)/&+ any o!r     
provision ( law1 ! adm9i/rator ( a      
p5sion plan or o!r fiduci>y t satisfies 
! requirem5ts ( ?is section & any       
applicable regulations :5 mak+ a transf]
 to a ,/ate unclaim$ prop]ty program    
%all1 ) respect to su* transf]1 be deem$
 to h satisfi$ ! requirem5ts ( sections 
#djd7;a7 & #djf ( ! ,employee ,retirem5t
 ,income ,security ,act ( #aigd 7#bi    
,u4,s4,c4 #aajd7;a72 #aajf74  7e7       
,in=mation %>+ me*anism ,= ! purposes ( 
updat+ plan records & ensur+ compliance 
) section #djd ( ! ,employee ,retirem5t 
,income ,security ,act ( #aigd 7#bi     
,u4,s4,c4 #aajd71 ! ,secret>y %all make 

available to plan adm9i/rators a means (
 v]ify+ :e!r a di/ribution transf]r$ "u 
?is section to a ,/ate unclaim$ prop]ty 
program has be5 claim$ by a p>ticipant  
or b5efici>y4  7f7 ,report requir$  7#a7
 ,9 g5]al ,n lat] ?an #ij days aft] !   
date ( enactm5t ( ?is ,act1 & e #ij days
 !reaft]1 a plan fiduci>y %all submit to
 ! ,secret>y ( ,labor a report t        
includes--  7,a7 ) respect to ea*       
transf] ( an unclaim$ retirem5t         
di/ribution to a ,/ate unclaim$ prop]ty 
program t has n be5 report$ to !        
,secret>y-- 7i7 ! "n1 social security   
numb]1 date ( bir?1 & la/ kn[n address (
 ! p>ticipant or b5efici>y entitl$ to ! 
unclaim$ retirem5t di/ribution1 includ+ 
any applicable qualifi$ dome/ic         
relations ord] 7z def9$ 9 section #bjf  
7d77#c77;,b77i7 ( ! ,employee ,retirem5t
 ,income ,security ,act ( #aigd 7#bi    
,u4,s4,c4 #ajef7;d77#c77;,b77i7772  7ii7
 ! am\nt ( ! di/ribution transf]r$2     
7iii7 ! ,/ate to :i* ! transf] 0 made2 &
  7iv7 ! "n ( ! plan or responsible     

fiduci>y :o transf]r$ ! di/ribution2 &  
7,b7 ) respect to any transf] ( an      
unclaim$ retirem5t di/ribution to a     
,/ate unclaim$ prop]ty program t has be5
 claim$ by a p>ticipant or b5efici>y1 an
 id5tification ( su* transf]4  7#b7     
,report n subject to public disclosure  
,a report requir$ "u ?is subsection %all
 n be subject to public disclosure "u   
section #eeb ( title #e1 ,unit$ ,/ates  
,code4  7#c7 ,retirem5t ,sav+s ,lo/ &   
,f\nd  7,a7 ,9 g5]al ,! ,secret>y (     
,labor %all include all in=mation       
submitt$ "u p>agraph 7#a7 & any         
in=mation receiv$ pursuant to ! me*anism
 e/abli%$ "u subsection 7d7 9 !         
,retirem5t ,sav+s ,lo/ & ,f\nd          
,database1 e/abli%$ pursuant to section 
#ebc ( ! ,employee ,retirem5t ,income   
,security ,act ( #aigd 7#bi ,u4,s4,c4   
#aaec74  7,b7 ,collect$ di/ributions ,f 
! in=mation receiv$ "u ?is subsection1  
indicate 9 su* database ! di/ributions t
 7 claim$ by a p>ticipant or b5efici>y4 
7g7 ,p>ticipant data ,a p5sion plan or  

fiduci>y w n violate section #djd7;a7 ( 
! ,employee ,retirem5t ,income ,security
 ,act & %all n be subject to liability =
 transmitt+ p>ticipant data to a ,/ate  
unclaim$ prop]ty program ?r\gh a        
national cle>+h\se1 provid$ t ! p5sion  
plan or fiduci>y ex]cises reasonable c>e
 9 mak+ ! transmittal4  7h7 ,treatm5t ( 
transf] = purposes ( qualifi$ tru/ rules
 ,a tru/ =m+ "p ( a p5sion plan %all n  
be treat$ z fail+ to con/itute a        
qualifi$ tru/ "u section #dja ( !       
,int]nal ,rev5ue ,code ( #aihf m]ely    
because ! p5sion plan ( :i* su* tru/ is 
a "p makes a transf] t meets !          
requirem5ts ( ?is section & !           
regulations promulgat$ !reund]4  7i7    
,congressional report ,n lat] ?an #bd   
mon?s aft] ! promulgation ( ! regulation
 describ$ 9 subsection 7a71 ! ,secret>y 
( ,labor %all submit to ,congress a     
report--  7#a7 on ! progress &          
effectiv5ess ( ! regulation2 &  7#b7 any
 recomm5dations on h[ to improve !      
regulation4  7j7 ,def9itions ,9 ?is     

,act3 7#a7 ,contact in=mation ,! t]m    
contact in=mation1 ) respect to a       
p>ticipant or b5efici>y1 means id5tify+ 
in=mation1 includ+ a mail+ address1     
phone numb]1 or email address4  7#b7    
,,erisa t]ms ,9 ?is ,act1 ! t]ms        
adm9i/rator1 fiduci>y1 & p5sion plan h !
 mean+s giv5 ! t]ms 9 section #c ( !    
,employee ,retirem5t ,income ,security  
,act ( #aigd 7#bi ,u4,s4,c4 #ajjc74     
7#c7 ,in=mational database ,! t]m       
in=mational database means a comm]cially
 available database or a                
gov]nm5t-provid$ database4  7#d7        
,outside s\rce ,! t]m outside s\rce     
means a comm]cial locator database1     
address v]ification s]vice1 or a        
publicly or comm]cially accessible      
database4  7#e7 ,/ate unclaim$ prop]ty  
program ,z us$ 9 ?is ,act1 ! t]m ,/ate  
unclaim$ prop]ty program means !        
/atutory-bas$ initiative und]tak5 by !  
#ej ,/ate1 ! ,di/rict ( ,columbia1      
,pu]to ,rico1 & ! ,unit$ ,/ates ,virg9  
,isl&s to safegu>d & return f9ancial    

assets t h become unclaim$ or =gott5 by 
_! own]s4  7#f7 ,unclaim$ retirem5t     
di/ribution  7,a7 ,9 g5]al ,! t]m       
unclaim$ retirem5t di/ribution means--  
7i7 ) respect to a p5sion plan t has    
und]gone or is 9 ! process ( t]m9ation1 
any di/ribution t has n be5 ca%$ or     
o!rwise claim$ )9 ! #ij-;day p]iod      
beg9n+ on ! date t ! di/ribution became 
payable2 or  7ii7 ) respect to any o!r  
p5sion plan1 any s+le unpaid obligation 
ow$ to a p>ticipant or b5efici>y by su* 
a p5sion plan t has n be5 ca%$ or       
o!rwise claim$ = a #ab-mon? p]iod beg9n+
 on ! date t ! su* obligation became    
payable1 & does n exce$ #e1jjj1         
reg>dless (-- 7,i7 ! basis = !          
obligation2  7,,ii7 :e!r an attempt to  
di/ribute ! obligation 0 return$ z      
undeliv]able2 or  7,,iii7 :e!r x has be5
 previ\sly r$uc$ to a *eck or o!r =m (  
paym5t4  7,b7 ,maximum am\nt ,!         
,secret>y ( ,labor may1 9 _! discretion1
 increase ! #e1jjj limit 9 clause 7ii7 (
 subp>agraph 7,a74