The Washington Report
November 27, 2024
Note to Subscribers
While we do our best to provide timely updates, it is possible that the information shared in the newsletter may change after our publication deadline.
The Washington Report will not be published on December 4, 2024. Look for your next
Aon Washington Report on Wednesday, December 11, 2024. Happy Thanksgiving!
Retirement
DOL Announces Online Information Collection for “Lost” Retirement Savings
On November 18, 2024, the Department of Labor (DOL) issued a notice requesting information from retirement plan administrators that will allow it to begin populating the Retirement Savings Lost and Found database. Retirement plans, including pension and 401(k) plans, sometimes lose track of retirement plan participants’ owed benefits. These people are known as “missing participants.” The SECURE 2.0 Act directed the Employee Benefits Security Administration to establish the Retirement Savings Lost and Found database to help missing participants and their beneficiaries find their retirement benefits. The DOL needs retirement plan administrators, recordkeepers, and other service providers to voluntarily provide the information as a first step towards making the database available to the public. The Retirement Savings Lost and Found database began accepting data on November 18 and it is expected to go live by December 29.
The news release is available here.
The Announcement of Voluntary Information Collection Request is available here.
A Fact Sheet is available here.
The Retirement Savings Lost & Found Database Intake Portal is available here.
PBGC Releases FY 2024 Annual Report
On November 18, 2024, the Pension Benefit Guaranty Corporation (PBGC) released its Fiscal Year (FY) 2024 Annual Report. The PBGC’s Multiemployer Program had a positive net position of $2.1 billion at the end of FY 2024, compared with $1.5 billion at the end of FY 2023, an improvement of nearly $680 million. The PBGC’s Single-Employer Program net position grew to $54 billion at the end of FY 2024, up from $45 billion at the end of FY 2023. Please refer to the complete report for specific details and data.
The PBGC FY 2024 Annual Report is available here.