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The US Department of Labor is seeking Congressional approval for $5 million dollars of additional funding in order to create a new division dedicated to returning retirement funds to the retirees who earned them in situations when those responsible for fund distribution are not able to locate the intended recipient.
Currently, it’s estimated that there are about $16 million dollars in retirement funds that remain unclaimed by about 16 thousand retirees who have not yet been tracked down.
The Department of labor wants to add 22 employees to its ranks under the Employee Benefit Security Administration in order to handle these cases specifically to ensure that those seniors who are owed this money are able to finally access it.
You can read more about that plan here.
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