Perspectives : Fiduciary Regulatory | May 15, 2024

DOL seeks feedback on creation of Retirement Savings Lost and Found

The Department of Labor (DOL) is asking for feedback from plan administrators on its proposed Information Collection Request (ICR) to establish the Retirement Savings Lost and Found database, which is required by SECURE 2.0. Specifically, the DOL would like comments on the usefulness of the requested data and suggestions on how to better enhance the proposal. All feedback is due by June 17, 2024. Vanguard will partner with industry trade groups to provide comments on the ICR instead of filing an independent comment letter. Plan sponsors are expected to have the opportunity to offer comments later in the year. 


On April 16, 2024, the DOL released a proposed Information Collection Request (ICR) that would assist with the establishment of the Retirement Savings Lost and Found, an online searchable database it is tasked with creating under the SECURE 2.0 Act of 2022. The database will allow participants and beneficiaries to search for retirement plan accounts they may have lost track of and make a claim for plan benefits. 

Highlights from the ICR

The DOL must establish the Retirement Savings Lost and Found by December 29, 2024, which puts it within the required two-year period from when SECURE 2.0 was signed into law on December 29, 2022. In the ICR, plan administrators are asked to provide extensive data that the DOL views as necessary to set up this database.

Originally, the DOL was expected to collect most of this information through Form 8955-SSA. Filed annually by plan sponsors, Form 8955-SSA alerts the IRS to participants who have terminated employment but are still owed a vested benefit. However, the IRS has concluded it is restricted by confidentiality rules under federal law from sharing the information with the DOL for this purpose.  

Plan sponsors will be able to voluntarily furnish the requested information as an additional attachment to their Form 5500, beginning with the 2023 Plan Year filing.1 In the future, the DOL intends to establish a portal for plan administrators to submit this information directly to the Retirement Savings Lost and Found database. 

Examples of the information requested include: 

  • Name and contact information for the plan and the plan sponsor, including any previous names used and the date of such changes. 

  • Contact information for separated vested participants and designated beneficiaries, such as name, email and mailing addresses, phone number, date of birth, and taxpayer identification (Social Security) number.

  • Identification of unresponsive or missing separated vested participants who are of retirement age. 

  • Date and distribution amount for former participants who have been fully paid out.

  • Account number of the IRA for participants whose accounts were automatically cashed out and rolled over.

In addition, the DOL is requesting this information dating as far back as when a plan became subject to ERISA, or as far back as possible if shorter. The DOL so far has not provided a deadline for sponsors to submit this voluntary information.

1 The Form 5500 for the 2023 plan year is due July 31, 2024 (without an extension), or October 15, 2024 (with an extension).