Savings Lost and Found For purposes of determining the income tax treatment of transfers to the Director of the Retirement Savings Lost and Found under clause (iv)— (I) such a transfer shall be treated as a transfer to an individual retirement plan under clause (i), and (II) the distribution of such amounts by the Director of the Retirement Savings Lost and Found shall be treated as a distribution from an individual retirement plan. . (3) Effective date The amendments made by this subsection shall apply to vested benefits with respect to participants who separate from service connected to the plan in plan years beginning after the second December 31 occurring after the date of the enactment of this Act. (4) Rule of construction Nothing in this Act shall be interpreted to prohibit a plan administrator from transferring the accounts of missing participants to the Pension Benefit Guaranty Corporation pursuant to section 4050 of the Employee Retirement Income Security Act of 1974. 4. Office of the Retirement Savings Lost and Found (a) In general Not later than one year after the date of the enactment of this Act, the Commissioner of Social Security and the Secretary of the Treasury shall establish within the appropriate agency or subdivision thereof an Office of the Retirement Savings Lost and Found, to be administered by a Director of the Retirement Savings Lost and Found who (without regard to the agency or subdivision where such Office is established) shall report to both such Commissioner and such Secretary. (b) Responsibilities of Director (1) In general In addition to administering the Retirement Savings Lost and Found under section 2 and carrying out the duties described in subparagraphs (B) and (C) of section 2(a)(1), the Director of the Retirement Savings Lost and Found established under this section shall— (A) perform an annual audit of plan information contained in the Retirement Savings Lost and Found and ensure that such information is current and accurate