Unclaimed Retirement Rescue Plan

# Unclaimed Retirement Rescue Plan Summary **What the Bill Does:** HR 5325, called the Unclaimed Retirement Rescue Plan, aims to help Americans locate and recover retirement savings they may have lost track of over the years. The bill addresses the problem of "unclaimed" retirement accounts—money in 401(k)s, IRAs, and similar plans that workers left behind when changing jobs and couldn't find later. If passed, it would establish a system to help reconnect people with these forgotten retirement accounts. **Who It Affects and Key Provisions:** This bill primarily affects workers who have changed jobs multiple times and may have lost track of retirement accounts with previous employers.

It would also benefit retirees and their families trying to locate these assets. While specific provisions aren't detailed in the available information, similar proposals typically involve creating a database or clearinghouse to match people with their lost accounts and establishing procedures to transfer unclaimed retirement funds to accessible locations. **Current Status:** The bill was introduced in the 119th Congress by Representative Seth Magaziner (D-Rhode Island) and is currently in committee, meaning it's still in the early stages of the legislative process and has not yet been voted on by the full House of Representatives.