The Senate Appropriations Committee in a unanimous vote advanced a spending bill that includes $14 million to establish a national retirement account lost-and-found.
The lost-and-found was a key provision of SECURE 2.0, a comprehensive retirement packaged Congress passed in December, that directed the Department of Labor to create a database for retirement savers who have lost track of their 401(k) or pension plan to find the contact information for their plan administrator.
The $14 million for the database is part of a larger spending bill the committee advanced in a 29-0 vote on Thursday. That spending bill, the Financial Services and General Government fiscal year 2024 appropriations bill, provides $17 billion to fund the operations of the Department of the Treasury, the Executive Office of the President, the federal judiciary, the District of Columbia, the Small Business Administration, and more than two dozen independent federal agencies.
Lawmakers in both the Senate and House are currently crafting various fiscal year 2024 spending bills as negotiations on the federal budget continue.