Unclaimed Retirement Rescue Plan
Sponsored By: Representative Magaziner, Seth [D-RI-2]
Introduced
Summary
Creates a federal pathway to move unclaimed retirement distributions to State unclaimed property programs through a national clearinghouse. This bill would set required searches, secure notice, data sharing, and reporting rules and would preserve ERISA and tax-qualified status for transfers that follow those rules.
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- Workers and retirees: Plan participants with unclaimed distributions of $50 or more could see their funds routed to state unclaimed property programs after required address searches and a notice. Terminated-plan amounts face a 90-day claim period and other plans generally face a 12-month period with a $5,000 per-obligation cap unless the Secretary raises it.
- Plan administrators and fiduciaries: Administrators would get a clear process and an ERISA safe harbor for transfers that meet the statute and implementing rules, but they would need to perform searches, send secure notices, and file detailed transfer reports to the Secretary every 90 days.
- States and reunification tools: States would receive transfers through a national Unclaimed Retirement Clearing House and a Retirement Savings Lost and Found Database that shows which distributions were claimed. The Secretary of Labor must report to Congress on the regulation's effectiveness within 24 months of issuing the rule.
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Bill Overview
Analyzed Economic Effects
2 provisions identified: 1 benefits, 0 costs, 1 mixed.
Lost retirement payouts could go to states
If enacted, plans could send unclaimed retirement payouts to your State’s unclaimed property office using a national clearinghouse. For $50 or more, they would first try to find you and send a secure notice by email, portal, or mail with steps to stop the transfer. A payout would count as “unclaimed” after 90 days for a terminated plan, or after 12 months for other plans if the single amount is $5,000 or less. The Secretary of Labor could raise the $5,000 limit. Transfers made under these rules would be protected under ERISA and would not affect a plan’s tax status.
Better tracking for lost retirement money
If enacted, plans would have to report transfers to the Labor Department within 90 days of enactment and every 90 days. Reports would list your name, Social Security number, birth date, last address, any QDRO, the amount, the State, and the plan, and would not be public under FOIA. The Secretary would add this to the Retirement Savings Lost and Found Database and mark which transfers were claimed, and give plans a way to verify claims. The Secretary would have 180 days to issue the main rule and 24 months after that to report to Congress on how it is working.
Sponsors & CoSponsors
Sponsor
Magaziner, Seth [D-RI-2]
RI • D
Cosponsors
Estes
KS • R
Sponsored 9/11/2025
Rep. Mann, Tracey [R-KS-1]
KS • R
Sponsored 10/8/2025
Rep. Schneider, Bradley Scott [D-IL-10]
IL • D
Sponsored 10/24/2025
Casten
IL • D
Sponsored 10/24/2025
Schmidt
KS • R
Sponsored 10/24/2025
Hageman
WY • R
Sponsored 10/24/2025
Schrier
WA • D
Sponsored 11/4/2025
Rep. Rogers, Mike D. [R-AL-3]
AL • R
Sponsored 11/12/2025
Rep. Raskin, Jamie [D-MD-8]
MD • D
Sponsored 11/17/2025
Rep. Flood, Mike [R-NE-1]
NE • R
Sponsored 11/17/2025
Rep. Balint, Becca [D-VT-At Large]
VT • D
Sponsored 12/1/2025
Rep. Fitzpatrick, Brian K. [R-PA-1]
PA • R
Sponsored 12/9/2025
Rep. Thompson, Glenn [R-PA-15]
PA • R
Sponsored 12/17/2025
Rep. Subramanyam, Suhas [D-VA-10]
VA • D
Sponsored 1/14/2026
Liccardo
CA • D
Sponsored 2/2/2026
Rep. Deluzio, Christopher R. [D-PA-17]
PA • D
Sponsored 3/25/2026
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov