Lost now found? Online retirement benefits database now live

Employers know that locating terminated vested participants and beneficiaries owed benefits under a retirement plan can be difficult—in part because people move, change jobs, and will forget they may have a balance or benefit owed to them under a prior employer’s plan. However, employers generally have an obligation under the Employee Retirement Income Security Act (ERISA) to try to locate missing participants and beneficiaries and make concerted efforts to get them their benefits.

Unfortunately, there hasn’t been a centralized database or method for locating missing participants—until now. As part of the SECURE 2.0 Act of 2022, Congress tasked the Department of Labor (DOL) with the creation of a searchable, online database for lost retirement benefits, and it has just recently “gone live.”

Database’s purpose

The database is intended to allow individuals to search for the contact information of any retirement plan from which they may be owed benefits (either as a participant or beneficiary), and to allow the DOL access to retirement plan information to assist individuals in their search for lost retirement savings.

The database’s creation was mandated by the SECURE 2.0 Act, but participation in it by retirement plans is optional. Despite being optional, the DOL is encouraging plan administrators to submit information and promote the database as a resource for individuals searching for lost retirement benefits.

Guidance from the DOL