A new task for plan administrators to complete by December 29

EBSA opens voluntary "Retirement Savings Lost and Found" database for submissions - First submissions should be made as soon as possible before December 29, 2024, and
updated at least annually thereafter.

Links to the Official RFI and Fact Sheet included in a just-issued BenefitsLink Newsletter Bulletin.  (Those links will be updated when the RFI is published in the Federal Register.)

A plan’s administrator may volunteer to submit information to the Labor department’s database.

The Announcement states “the Department’s [nonrule] view [that] the reasonable cost of voluntarily reporting the data under the revised [Information Collection Request] is a permissible use of plan assets[.]”

But nothing protects a plan’s fiduciary from a participant’s, beneficiary’s, or alternate payee’s claim, or the plan’s claim, that an expense for voluntarily furnishing information is not a proper plan-administration expense.