FASTTRACK: Daily Prices | Account Access | Mutual Fund Performance | Contact Us
National Online “Lost & Found” for Retirement Accounts
On July 1st, Senators Elizabeth Warren (D – Mass.) and Steve Daines (R – Mont.) introduced the Retirement Savings Lost and Found Act to help protect Americans’ savings by creating a national online “lost and found” for retirement accounts.
In 2019, the Government Accountability Office estimated that more than $100 billion sits unclaimed in retirement accounts across the country.
“Millions of Americans lose thousands in savings each year because of lost retirement plans from previous employers and other roadblocks to tracking multiple accounts,” Warren said. “Our bipartisan Retirement Savings Lost and Found Act of 2020 is a common-sense step we can take now to help hard-working Americans build a little more security and retire with the dignity they deserve.”
The bill would also make it easier for companies to move small, abandoned accounts into target date funds (rather than keeping the accounts in money market funds).
The bill has broad backing and is supported by the Pension Rights Center, American Benefits Council, the ERISA Industry Committee and AARP. For specific questions, please contact Steve Benjamin 612-359-2554.