Lost-and-Found 401(k) Database From DOL Gets Federal Cash Boost

The federal government’s chief employee benefits regulator will receive $3.47 million in American Rescue Plan funding to establish a lost-and-found database for missing retirement plan participants mandated by Congress.

The allocation from the Technology Modernization Fund will support the US Labor Department’s Employee Benefits Security Administration as it rushes to build out an online lost-and-found registry by 2025. The SECURE 2.0 Act (Pub. L. No. 117-328) Congress passed late last year gave EBSA just two years to complete the project.

The database will serve as a central location for workers and beneficiaries to search for unclaimed, lost, or ...