DOL Releases Proposed Retirement Savings Lost and Found Information Collection

The Department of Labor (DOL) is proposing to collect information in order to establish the Retirement Savings Lost and Found online searchable database described in Section 523 of ERISA as amended by Section 303 of SECURE 2.0. The DOL is initially seeking voluntary participation in the proposed information collection.

In addition to information similar to that currently provided on IRS Form 8955-SSA, Annual Registration Statement Identifying Separated Participants With Deferred Vested Benefits, the DOL is asking for additional data such as telephone numbers and mailing and email addresses of separated vested participants and beneficiaries. Additionally, the DOL would like an indication of who is of normal retirement age or older, and who has been unresponsive to plan communications. The DOL expects to collect data from the time a plan became subject to ERISA. Comments on the proposal can be submitted within 60 days of publication in the Federal Register.