DOL Announces Start of the Lost and Found Information Collection
The Department of Labor (DOL) has announced the start of a voluntary information collection to establish and maintain the Retirement Savings Lost and Found database pursuant to Section 303 of SECURE 2.0. According to a fact sheet, the Employee Benefits Security Administration (EBSA) is asking for the name and Social Security number of any participant who:
- separated from service,
- is owed a benefit from the plan, and
- is age 65 or older.
Additionally, the EBSA is asking for contact information for the plan administrator. Filers would upload data directly with the Lost and Found by using a Microsoft Excel/CSV template. The information collection is narrower in scope than a previous proposal that was announced in April.
DOL notes that if plan fiduciaries submit data to the Lost and Found (either themselves or through an authorized third-party) by prudently and loyally following the system’s instructions, fiduciary duties under ERISA section 404 to promote participants’ and beneficiaries’ interests in securing promised benefits will be satisfied. Additionally, such plan fiduciaries will not be subject to liability under ERISA for DOL’s conduct in the event of a future security failure involving the Lost and Found. Before submitting information, any designated service providers must have authorization from a responsible fiduciary of each plan whose information is being submitted.
Registration is required for an individual Login.gov account to access the database, and the intake portal can be found here.
