The Department of Labor (DOL) issued a proposed information collection request (ICR) to help implement a lost-and-found database to assist former plan participants with locating missing retirement accounts.
Section 303 of the SECURE 2.0 Act of 2022 requires the DOL to create an online searchable database, to be known as the Retirement Savings Lost and Found within 2 years.
The DOL says that it initially had planned to use data that plan administrators submitted to the Internal Revenue Service (IRS) on Form 8955-SSA. However, IRS has now indicated that it will not authorize the release of this data to the DOL.
So now, the DOL is proposing to request plan administrators to voluntarily furnish the information specified in the proposed ICR.
