DOL Issues Proposed Information Collection Request on Retirement Savings Lost and Found; Comments Due June 17
Published April 15, 2024
DOL seeks voluntary participation in the proposed information collection request. DOL had planned to use data that plan administrators submitted to the Internal Revenue Service (IRS) on Form 8955-SSA (Annual Registration Statement Identifying Separated Participants With Deferred Vested Benefits). However, citing concerns under section 6103 of the Internal Revenue Code (Code), IRS has now indicated that it will not authorize the release of this data to DOL 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 Retirement Savings Lost and Found online searchable database.
The notice proposes to request that plan administrators (or their authorized representatives, such as recordkeepers) voluntarily provide information directly to DOL with respect to:
- Plans With Separated Vested Participants
- Plans That Distributed Benefits Under Section 401(a)(31)(B) of the Internal Revenue Code
- Plans That Distributed Annuities
Comments are due June 17, 2024.