Unclaimed Retirement Rescue Plan

This bill requires pension plan administrators to locate and notify beneficiaries of unclaimed retirement funds ($50 or more) before transferring them to state unclaimed property programs. Administrators must first attempt to update contact information through databases and send a clear notice explaining the transfer process, unless no updated contact can be found. It establishes a national clearinghouse for states to manage these transfers and mandates regular reports to the Labor Secretary about unclaimed funds, including beneficiary details. The law protects administrators from liability if they follow these procedures, ensuring forgotten retirement savings can be recovered by rightful owners through state programs.