; and (iv) by adding at the end the following new subparagraph: (C) Exceptions Notwithstanding subparagraph (A), the Secretary shall require returns or reports required under— (i) sections 6057, 6058, and 6059, and (ii) sections 408(i), 6041, and 6047 to the extent such return or report relates to the tax treatment of a distribution from a plan, account, contract, or annuity, to be filed on magnetic media, but only with respect to persons who are required to file at least 50 returns during the calendar year which includes the first day of the plan year to which such returns or reports relate. . (B) Effective date The amendments made by this paragraph shall apply to returns and reports relating to years beginning after the second December 31 occurring after the date of the enactment of this Act. (6) Safeguarding participant privacy and security In establishing the Retirement Savings Lost and Found under paragraph (1), the Secretary of Labor, the Secretary of Treasury, and the Secretary of Commerce shall take all necessary and proper precautions to ensure that individuals’ plan information maintained by the Retirement Savings Lost and Found is protected and that persons other than the individual cannot fraudulently claim the benefits to which any individual is entitled, and to allow any individual to opt out of inclusion in the Retirement Savings Lost and Found at the election of the individual. (7) Authorization of appropriations There are authorized to be appropriated such sums as may be necessary to carry out the purposes of this subsection. (b) Mandatory transfers of rollover distributions (1) Investment options (A) In general Subparagraph (B) of section 404(c)(3) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1104(c)(3) ) is amended by striking the period at the end and inserting “, and, to the extent the Secretary provides in guidance or regulations issued after the enactment of the Securing a Strong Retirement Act of 2020 , is made to— (i) a target date or life cycle fund held under such