WASHINGTON — The Technology Modernization Fund (TMF) announced a new investment today at the Department of Labor aimed at improving the ability of America’s workers to find lost retirement savings and benefits.
“One of the best parts of my job is to leverage the power of technology to make government interactions better for the American people–especially those most in need,” said Clare Martorana, Federal CIO and TMF Board Chair. “Our TMF investment in DOL will change the lives of people searching for unclaimed retirement benefits–those they’ve worked hard to earn and deserve to enjoy.”
“Technology Modernization Fund investments have positively impacted people around the world since the Fund’s inception more than six years ago,” said TMF Acting Executive Director Jessie Posilkin. “Our newest investment in the DOL is a great example of just how meaningful that impact can be. Americans should have an easy way to receive the retirement benefits they’re paid for and which can make a huge difference in the quality of life of those assisted by this project.”
U.S. Department of Labor: Improving Ability of America’s Workers to Find Lost Retirement Benefits
The DOL Employee Benefits Security Administration (EBSA) project will help establish an online public “Lost and Found” registry, allowing over 153 million workers, retirees, and their families who are covered by private employment retirement plans, group health plans, and other welfare benefit plans to search for retirement plans that may still owe them benefits.
EBSA’s missing participant program has already made a huge difference in the lives of retirees and other plan beneficiaries who were struggling to make ends meet, by connecting participants and beneficiaries to lost or forgotten retirement benefits. Since 2021, EBSA has recovered more than $4.2 billion for such “missing” participants.
A nearly $3.5-million TMF investment aims to help establish the online registry, as required in the Setting Every Community Up for Retirement Enhancement (SECURE) Act 2.0 of 2022, making it easier for people to receive the benefits they’ve earned.“Ensuring workers can obtain the benefits they are entitled to is one of EBSA’s most important missions,” said Lisa M. Gomez, Assistant Secretary for Employee Benefits Security. “We are excited to have the opportunity to connect millions of America’s workers and other plan beneficiaries with their lost retirement benefits by putting this tool at their fingertips.”
###
About the TMF: The Technology Modernization Fund is working to transform the way the government uses technology to deliver for the American public in an equitable, secure, and user-centric way. The TMF invests in technology projects across government, providing incremental funding, technical assistance, and oversight throughout execution to ensure the success of its investments.
The TMF is overseen by the Technology Modernization Board, which is composed of government IT leaders representing proven expertise in technology, transformation, and operations. TMF investments have supported projects ranging from modernizing the payment system used by the government’s second largest revenue-collecting agency to helping to develop a new customer relationship management platform to maintain crucial international partnerships. To date, the TMF has received $225 million through the annual budget process and $1 billion through the American Rescue Plan to fund modernization projects. For more information, visit tmf.cio.gov.
About GSA: GSA provides centralized procurement and shared services for the federal government, managing a nationwide real estate portfolio of nearly 370 million rentable square feet, overseeing about $87 billion in products and services via federal contracts, and delivering technology services that serve millions of people across dozens of federal agencies. GSA’s mission is to deliver the best customer experience and value in real estate, acquisition, and technology services to the government and the American people. For more information, visit GSA.gov and follow us at @USGSA.
