Estes, Magaziner Introduce Legislation to Reclaim Lost Retirement Funds for Seniors

U.S. Representatives Ron Estes (R-Kansas) and Seth Magaziner (D-Rhode Island) introduced the Unclaimed Retirement Rescue Plan. This legislation will direct the Secretary of Labor to reunite workers with lost retirement funds from 401(k) accounts and IRAs. This error can occur when retirement savings are left behind with employers due to job changes.

"Hardworking Americans deserve the retirement savings they've earned, but these savings are sometimes lost due to job changes. As a former Kansas State Treasurer, I know how unclaimed property programs protect and return lost assets in an efficient manner," said Rep. Estes. "Working with Congressman Magaziner at the federal level to introduce this bipartisan bill will ensure forgotten retirement funds make their way back to their rightful owners, strengthening retirement security for millions."

"Americans work hard and deserve every penny of the retirement benefits they've earned. As the former state treasurer of Rhode Island, I know firsthand that state unclaimed property systems are effective tools to help reconnect people with their benefits," said Rep. Magaziner. "The Unclaimed Retirement Rescue Plan will build on these systems to ensure more workers receive what they earned and can retire with dignity."

Background:

October 2024 - Reps. Estes, Magaziner Lead Letter to Reunite Americans With Unclaimed Retirement Savings

March 2022 - House Passes SECURE 2.0, Includes Rep. Estes Priorities

October 2020 - Rep. Estes Statement on Bipartisan Legislation to Strengthen Retirement Security

October 2020 - Reps. Estes and Murphy Introduce Bipartisan Bill to Help American Workers Have Financially Secure Retirements