05.24.21

Daines Introduces Bipartisan Package to Promote Retirement Security for Montanans

U.S. SENATE — U.S. Senator Steve Daines is helping lead bipartisan efforts in the U.S. Senate to help Montanans prepare for retirement. The package includes Daines’ bipartisan “Retirement Savings Lost and Found Act” that helps Montanans track their retirement accounts as they move between jobs.

“Montanans work hard to build their savings in preparation for a worry-free retirement—their efforts and savings should be secure,” Daines said. “I’m glad to join my colleagues from both sides of the aisle in working to help Montana workers have more control over their futures. I urge Majority Leader Schumer to do what’s right and help get our bill passed and signed into law for Montanans.”  

For bill text, click HERE.

The bill would establish a Retirement Savings Lost and Found, a searchable online database of all information regarding individuals lost retirement accounts. Plans would transfer small lost accounts worth $1,000 or less to the Pension Benefit Guaranty Corporation, which would manage the database. Workers are switching jobs more frequently than ever, which has resulted in an increasing number of individuals losing track of retirement accounts from prior employers. This bill would take a major step toward reuniting individuals with their lost retirement accounts.

Background:

In July 2020, Daines introduced his bipartisan “Retirement Savings Lost and Found Act” to modernize the retirement system to better protect Americans’ hard-earned savings.