The U.S. Department of Labor’s Employee Benefits Security Administration has announced the start of its data collection efforts to build the Retirement Savings Lost and Found database, an online search tool aimed at reconnecting American workers with retirement benefits they have lost track of over the years.
The database, mandated by the SECURE 2.0 Act of 2022, will serve as a centralized resource for workers and beneficiaries to locate unclaimed retirement savings. Starting Monday, plan administrators, recordkeepers and other service providers are encouraged to voluntarily submit data to populate the system, expected to launch by December 29.
“The fundamental purpose of any job-based retirement plan is to pay promised benefits to the workers who participate in those plans and plan beneficiaries,” said Lisa Gomez, assistant secretary of the Employee Benefits Security Administration, in a statement. “Our goal, which we believe plan sponsors, administrators, and their service providers share, is to make sure workers and their beneficiaries receive all the retirement benefits they earned and were promised.”
The information collection request issued by EBSA outlines the data elements needed to populate the database and the methods by which retirement plan administrators can submit this information. Gomez emphasized the importance of collaboration between the government and the retirement plan community to ensure the tool’s success.
Once operational, the Retirement Savings Lost and Found database will enable individuals to search for unclaimed benefits associated with former employers. The tool is expected to simplify the often-complex process of tracking down retirement accounts, particularly for workers who may have forgotten about older accounts or whose employers no longer exist.