U.S. Reps. Ron Estes (R-KS) and Seth Magaziner (D-RI) introduced legislation that directs the Secretary of Labor to reunite workers with lost retirement funds from 401(k) accounts and individual retirement accounts (IRAs).
“Hardworking Americans deserve the retirement savings they’ve earned, but these savings are sometimes lost due to job changes. As a former Kansas State Treasurer, I know how unclaimed property programs protect and return lost assets in an efficient manner,” said Rep. Estes. “Working with Congressman Magaziner at the federal level to introduce this bipartisan bill will ensure forgotten retirement funds make their way back to their rightful owners, strengthening retirement security for millions.”
The lawmakers noted that retirements funds can be lost or forgotten due to job changes or errors. This bill, the Unclaimed Retirement Rescue Plan, looks to fix that.
“Americans work hard and deserve every penny of the retirement benefits they’ve earned. As the former state treasurer of Rhode Island, I know firsthand that state unclaimed property systems are effective tools to help reconnect people with their benefits,” Magaziner said. “The Unclaimed Retirement Rescue Plan will build on these systems to ensure more workers receive what they earned and can retire with dignity.”
Like Estes, Magaziner is a former state treasurer, serving his native Rhode Island.