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Unclaimed Retirement Rescue: Easier Access to Forgotten Funds

This act aims to simplify the recovery of forgotten retirement benefits. It allows pension plan administrators to voluntarily transfer unclaimed funds to state unclaimed property programs, increasing the chances for rightful owners to find their money. Citizens will gain easier access to their funds, even if they have lost contact with their pension plan.
Key points
Pension plan administrators can voluntarily transfer unclaimed retirement distributions to state unclaimed property programs.
Before transferring funds, administrators must attempt to locate the owner and send a notice about the impending transfer.
The act establishes a national information-sharing mechanism to help citizens find their forgotten retirement savings.
Plan administrators complying with these new rules will be protected from legal liability.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_HR_5325
Sponsor: Rep. Magaziner, Seth [D-RI-2]
Process start date: 2025-09-11
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Unclaimed Retirement Rescue Plan

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_HR_5325.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2025-09-11.

What are the main provisions?

Key points include:

  • Pension plan administrators can voluntarily transfer unclaimed retirement distributions to state unclaimed property programs.
  • Before transferring funds, administrators must attempt to locate the owner and send a notice about the impending transfer.
  • The act establishes a national information-sharing mechanism to help citizens find their forgotten retirement savings.
  • Plan administrators complying with these new rules will be protected from legal liability.
What is the specific legal status?

The current status is Introduced.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Magaziner, Seth [D-RI-2].

What is the latest detailed status?

The latest detailed status is: Introduced in House

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-23.

CATEGORIES

Benefits Labor