Retirement Savings Lost and Found Act of 2021

The Retirement Savings Lost and Found Act of 2021 would create a national, searchable online database to help workers locate retirement accounts from previous employers. By centralizing information that is currently scattered across various companies and government agencies, the bill aims to ensure that individuals can easily find and claim their earned benefits, even if their former employer has moved, changed names, or closed. Additionally, the legislation would increase the limit for mandatory transfers of small, unclaimed accounts and require that very small balances be sent to the new "Lost and Found" office to prevent them from being eroded by high fees.