The DOL has announced that it is collecting information from retirement plan administrators to populate the Retirement Savings Lost and Found online searchable database required by ERISA § 523 (added by the SECURE 2.0 Act). The database, which is intended to help missing participants and their beneficiaries find unpaid retirement benefits, is expected to be available to the public by December 29, 2024 (the statutorily required date). While providing the information is voluntary, the DOL explains that it needs plan administrators, recordkeepers, and other service providers to work together to populate the database, asking plan administrators to submit information (or authorize their service providers to do so), and to promote the database, as soon as possible.
To dig deeper, visit the original article on the Thomson Reuters blog.