By Courtney Degen
Source: Pensions & Investments

Congress has tasked the Labor Department with building a lost-and-found database to help Americans find their lost retirement savings. It’s off to a rocky start.

The database — mandated by the retirement package SECURE 2.0 passed in late 2022 — will allow savers who lost track of their retirement money to locate their plan administrators, which experts agree is a complex problem in need of a solution.

However, the DOL’s recent proposal for gathering information to build that database is laden with obstacles, industry sources said. The proposal, which the department released April 15, states that the DOL had planned to use existing data that 401(k) plans regularly submit to the IRS and Social Security Administration, in a filing known as Form 8955-SSA.

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