We have received text from H.R. 5325: Unclaimed Retirement Rescue Plan. This bill was received on 2025-09-11, and currently has 1 cosponsor.
Here is a short summary of the bill:
This bill, known as the Unclaimed Retirement Rescue Plan, aims to help manage unclaimed retirement distributions. Here are the key components of the bill:
Purpose
The primary goal of the bill is to allow administrators of pension plans to voluntarily transfer unclaimed retirement funds to state unclaimed property programs. This is intended to ensure these funds can be returned to individuals who may not be aware of their benefits or have lost contact with their retirement accounts.
Regulation Development
The bill mandates that the Secretary of Labor must establish regulations within 180 days of the bill's enactment. These regulations will allow pension plan administrators to transfer unclaimed distributions to a national clearinghouse that coordinates with state programs.
Transfer Requirements
Before transferring unclaimed distributions, which are defined as amounts of $50 or more, the plan administrator must:
- Attempt to identify the current contact details of the participant or beneficiary using an informational database and other sources.
- Send a notice to the entitled participant or beneficiary informing them of the distribution and the potential transfer to the state program.
The notice should explain how to prevent the transfer and can be sent via a reasonable and secure means, including email or traditional mail.
Relief for Plan Administrators
Administrators who comply with the transfer requirements will be considered to have met their fiduciary responsibilities under existing retirement security laws. This means they will have legal protections when transferring funds to the state programs.
Information Sharing
The Department of Labor will ensure there is a way for pension plans to verify whether transferred distributions have been claimed by the rightful participants or beneficiaries, aiding in compliance with existing regulations.
Reporting Requirements
Pension plan fiduciaries must report every 90 days on transferred distributions, including details such as participant identities and the amounts transferred. This report will not be publicly disclosed, maintaining the confidentiality of participant information.
Retirement Savings Database
Information regarding the transfers will be included in the Retirement Savings Lost and Found Database, which aims to help individuals reclaim their retirement savings.
Regulatory Oversight
The Secretary of Labor is required to assess the effectiveness of the implemented regulations and provide a report to Congress within 24 months of their promulgation.
Definitions
The bill provides definitions for key terms, including what constitutes unclaimed retirement distributions and the parameters for unclaimed property programs at the state level. Unclaimed distributions generally refer to amounts that have not been claimed for certain periods, typically 90 days or one year, depending on the circumstances.
Relevant Companies
None found
Representative Seth Magaziner Bill Proposals
Here are some bills which have recently been proposed by Representative Seth Magaziner:
- H.R.5325: Unclaimed Retirement Rescue Plan
- H.R.5048: Don’t STEAL Act
- H.R.4893: National Guard and Reserve Student Loan Fairness Act
- H.R.4763: PTO Act
- H.R.4699: BIKE Act of 2025
- H.R.4106: Prevent Illegal Gun Sales Act
You can track bills proposed by Representative Seth Magaziner on Quiver Quantitative's politician page for Magaziner.
Representative Seth Magaziner Net Worth
Quiver Quantitative estimates that Representative Seth Magaziner is worth $652.3K, as of September 23rd, 2025. This is the 373rd highest net worth in Congress, per our live estimates.
Magaziner has approximately $36.3K invested in publicly traded assets which Quiver is able to track live.
You can track Representative Seth Magaziner's net worth on Quiver Quantitative's politician page for Magaziner.
Representative Seth Magaziner Stock Trading
We have data on up to $50.0K of trades from Representative Seth Magaziner, which we parsed from STOCK Act filings.
You can track Representative Seth Magaziner's stock trading on Quiver Quantitative's politician page for Magaziner.
This article is not financial advice. See Quiver Quantitative's disclaimers for more information.
