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ARTICLE · 23 APRIL 2024

Retirement Lost & Found: DOL Proposes Voluntary Reporting

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The SECURE 2.0 Act of 2022 directed the Department of Labor ("DOL") to establish a database that individuals can search to help locate their retirement benefits.

United StatesEmployment and HR
Jennifer Eller
Jennifer Eller
Allison Itami
Allison Itami
Michael Kreps
Michael Kreps
George Sepsakos
George Sepsakos
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The SECURE 2.0 Act of 2022 directed the Department of Labor ("DOL") to establish a database that individuals can search to help locate their retirement benefits. The database – referred to as the Retirement Savings Lost and Found (the "Lost & Found") – was originally intended to leverage existing filing requirements, but the Internal Revenue Service ("IRS") determined it could not legally share Form 8955-SSA data with DOL. Consequently, DOL has issued a proposed procedure (the "Proposal") to collect data directly from plan administrators on a voluntary basis via a new filing made along with, but not as part of, the Form 5500. DOL has requested comments on the Proposal by June 17, 2024.

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