Sens. Elizabeth Warren (D-Mass.) and Steve Daines (R-Mont.) on Tuesday introduced legislation to protect the retirement savings of people who change jobs.
The legislation would create a national, online “lost and found” for retirement accounts so that workers can easily locate accounts sponsored by former employers. The lost and found would use data that employers already have to report to the Treasury Department.
“Our country faces a retirement crisis, and it’s important that all workers have a real chance to build retirement security. But today, millions of Americans are losing critical savings when they move between jobs,” Warren said in a news release. “This bipartisan bill will help protect the retirement savings employees have earned.”
The bill is backed by the AARP and the Pension Rights Center.
This is not the first bipartisan bill that Warren has introduced recently about retirement savings. Earlier this month, Warren and Sen. Mike Lee (R-Utah) offered a bill designed to help graduate students start saving for their retirement.