Non-substantive change approved to add API. No additional burden.
Inventory as of this Action
Requested
Previously Approved
11/30/2027
11/30/2027
11/30/2027
150,940
0
150,940
26,017
0
26,017
0
0
0
Section 523(a) of the Employee Retirement Income Security Act of 1974 (ERISA) requires the Department of Labor (Department), in consultation with the U.S. Treasury Department, to establish an online searchable database called the Retirement Savings Lost and Found (Lost and Found) no later than December 29, 2024. The Department has the sole responsibility for establishing and maintaining the Lost and Found. The Lost and Found online searchable database will enable individuals to locate benefits they are owed by providing them with contact information for their plan administrator, the designated trustee or issuer described in section 401(a)(31)(B) of the Internal Revenue Code of 1986 (Code), or the issuer of an annuity described in section 523(e)(3)(C) of ERISA.
Plan administrators have reported much of the information needed for the establishment of the Lost and Found to the Internal Revenue Service (IRS) on Form 8955-SSA (Annual Registration Statement Identifying Separated Participants With Deferred Vested Benefits) and its predecessor Schedule SSA to the Form 5500. However, citing concerns under section 6103 of the Internal Revenue Code (Code), IRS has determined it will not authorize the release of this data to the Department for the purpose of communicating either directly with participants and beneficiaries about retirement plans that may still owe them retirement benefits or indirectly through the Lost & Found online searchable database. Accordingly, the Department is proposing to request plan administrators to voluntarily furnish the information specified below directly to the Department.
PL:
Pub.L. 117 - 328 303
Name of Law: SECURE 2.0 Act, Division T of the Consolidated Appropriations Act, 2023
PL: Pub.L. 117 - 328 303 Name of Law: SECURE 2.0 Act, Division T of the Consolidated Appropriations Act, 2023
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.