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.
Status:
Introduced
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