In full transparency, the following is a media release from Sen. Elizabeth Warren’s office. She was elected by voters in the Commonwealth of Massachusetts to serve the state in Washington DC in the US Senate. She is a Democrat. (stock photo)
WASHINGTON DC – This year, the Senate funding bill includes United States Senator Elizabeth Warren’s (D-Mass.) Retirement Savings Lost and Found Act as part of the SECURE 2.0 Act, creating a national, online “lost and found” run by the Department of Labor (DOL) for Americans to track their retirement accounts as they move between jobs.
This bipartisan legislation, originally introduced with Senator Steve Daines (R-Mont.) in 2016, 2018 and 2021, helps Americans track their hard-earned savings, maximize investment earnings, and boost retirement security.
Every year, thousands of people approach retirement, but are unable to find and receive the benefits that they’ve earned. This can be because the company they worked for moved, changed its name, or merged with a different company.
Similarly, every year there are employers around the country ready to pay benefits to retirees, but they are unable to find the retirees because the former employees changed their names or addresses.
“Millions of Americans continue to lose track of their hard-earned savings when they move between jobs,” said Senator Warren. “This provision revamps our retirement system and creates a ‘lost and found’ database to make it easier for Americans to keep track of their retirement savings and for employers to connect their former employees with the accounts they have left behind.”
“Montanans should not have to worry about losing their hard-earned life savings when making a career change. I’m glad to help get this bipartisan fix across the finish line and help empower Americans to take control of their retirement future,” said Senator Daines.
The Retirement Savings Lost and Found Act creates a national online searchable lost and found database for Americans’ retirement plans at the DOL. The new database will enable retirement savers, who might have lost track of their pension or 401(k) plan, to search for the contact information of their plan administrator.