Proposed
Bill · 119th Congress · HR 5325
Unclaimed Retirement Rescue Plan
Refreshed 5 h ago
Introduced 2025-09-11Topic: labor · economy jobs · governance ethicsSummary
AI-generated summary, report an errorThis bill directs the Secretary of Labor to issue a regulation within 180 days that lets pension plan administrators voluntarily transfer unclaimed retirement payments to state unclaimed property programs through a national clearinghouse. Before transferring payments of $50 or more, plans must search for the person's current contact information and send a notice explaining how to stop the transfer. Plans that follow these rules are treated as meeting their federal duties under retirement law, and plans must report transfer details to the Department of Labor every 90 days for inclusion in the Retirement Savings Lost and Found Database. For ongoing plans, unclaimed payments are those not cashed for 12 months and up to $5,000, a limit the Secretary may raise.
Sponsors
- Seth Magaziner Democrat sponsor
- 17 cosponsors
Action history
| Date | Chamber | Action | Status effect |
|---|---|---|---|
| 2025-09-11 | House | Referred to the Committee on Education and Workforce, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. | refer |
| 2025-09-11 | House | Referred to the Committee on Education and Workforce, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. | refer |
| 2025-09-11 | Introduced in House | introduce | |
| 2025-09-11 | Introduced in House | introduce |