Helping employees obtain benefits they’ve earned
U.S. DEPARTMENT OF LABOR, EMPLOYEE BENEFITS SECURITY ADMINISTRATION (DOL-EBSA): Improving ability of America’s workers to find lost retirement benefits
Challenge: EBSA helps over 153 million workers, retirees, and their families who are covered by private employment retirement plans, group health plans, and other welfare benefit plans that together hold approximately $12.8 trillion in assets. Balancing proactive enforcement and compliance assistance, EBSA helps plan participants and beneficiaries understand their benefits and rights under the law and connects them to lost or forgotten retirement benefits. Since 2021, EBSA has recovered more than $4.2 billion for such “missing” participants. In addition to EBSA’s existing efforts, Congress enacted the Setting Every Community Up for Retirement Enhancement (SECURE) Act 2.0 in 2022. It requires EBSA to establish an online public “lost and found” registry, which would allow individuals to search for unclaimed retirement savings and benefits.
Approach: With TMF support, EBSA will establish an online public “lost and found” registry, which will:
- Serve as a centralized location for workers and their beneficiaries to search for their unclaimed, lost, or forgotten retirement savings and benefits and get information on how to obtain them
- Enable EBSA to meet the Congressional deadline to make the portal available to the public by January 1, 2025
- Investment start: 11/2023
- Project status: Inactive
- Transfer status: 100%
- Repayment status: 40%
- Schedule delay: No
- Cost overruns: No
- ARP funding: Yes
- Commercial product: Yes
- Total TMF investment amount: $3,465,000
- TMF spend to date (obligated): $3,465,000