Finding a lost (or forgotten or old or misplaced) 401(k) account can be an unexpected windfall.
According to Schwab: “Those born between 1957 and 1964 held an average of 12.4 jobs before the age of 54, according to the Bureau of Labor Statistics. The more accounts you acquire, the more challenging it is to keep track of them all.
Perhaps that’s why there are some 24 million forgotten 401(k)s holding assets in excess of $1.3 trillion. If left unattended for too long, old accounts can be converted to cash—and even transferred to the state as unclaimed property—forgoing their future growth potential.”
Comprehensive Guide to Finding An Old 401(k)
A 401(k) account may be considered lost for a variety of reasons. Perhaps you moved and your contact information wasn’t updated. Whatever the reason, we will discuss 4 potential scenarios for recovering a lost 401(k).
- Former Employer
- Former Employer (no longer in business)
- 401(k) Account Automatically Rolled Over to an IRA
- Unknown/forgotten 401(k) Account
Lost 401(k) Scenarios—Former Employer
In this scenario, you know you had a 401(k) account at a former employer, but have lost contact with them. In this case, once you have gathered the needed information, it is an exercise in contacting the right people at your former firm.
Step 1: Gather Information
Start by collecting essential information about your former employer and the 401(k) plan:
Company Name: Remember the full legal name of your former employer.
Employment Dates: Note the time frame during which you contributed to the 401(k) plan.
Plan Documents: Gather any paperwork, such as statements or plan documents, that may contain information about the plan.
Step 2: Contact Your Former Employer
Human Resources Department: Reach out to your former employer’s HR department. They can provide details on how to locate your old 401(k) account or direct you to the plan administrator.
Check Pay Stubs or Tax Documents: Look for any old pay stubs or tax documents that may have the contact information for the plan administrator.
SIDEBAR: How to Find Contact Information for Former Employers
Sometimes contacting the right people at your former employer is easier said than done. If you can’t early find the correct contact information, here’s a guide to help you:
Step 1: Check Personal Records:
Old Employment Documents: Review any old employment contracts, offer letters, or paperwork you may have received when you were hired. Look for contact information for the HR department or benefits administrator.
Pay Stubs and Tax Documents: Check your old pay stubs and tax documents. Sometimes, they contain contact details for the retirement benefits department or the plan administrator.
Step 2: Company Website:
Search Online: Visit the official website of your former employer. Companies often provide contact information for their HR or benefits departments on their websites.
Employee Handbook or Intranet: If you have access to an old employee handbook or intranet, check for information on retirement benefits and contact details.
Step 3: Contact the HR Department:
HR Department: Reach out to the HR department of your former employer. Explain that you are looking for information about your retirement benefits and ask for the contact details of the benefits administrator or retirement plan administrator.
Email or Phone: Send a polite email or make a phone call to inquire about your retirement benefits. Provide your full name, employee ID (if available), and the time frame during which you worked for the company.
Step 4: Utilize Social Media:
LinkedIn: Check LinkedIn for current or former employees of the company who may be able to provide contact information or guidance on how to locate retirement benefits.
Step 5: Government Filings:
Form 5500: The Department of Labor requires companies to file Form 5500 for their employee benefit plans. You can search for this form on the DOL’s website or request it directly from your former employer.
Step 6: Industry Registries:
Industry-Specific Directories: Some industries have specific directories or associations that may provide contact information for retirement benefits or pension plan administrators. Check if your former employer is listed in any relevant directories.
Lost 401(k) Scenarios—Former Employer (no longer in business)
In this scenario, you know you had a 401(k) account at a former employer, but the company is no longer in business.
Locating a 401(k) account when the company is no longer in business can be challenging, but it’s not impossible. Here’s a step-by-step guide to help you track down your 401(k) in such situations:
1: Gather Information
Start by collecting essential information about your former employer and the 401(k) plan:
Company Name: Remember the full legal name of your former employer.
Employment Dates: Note the time frame during which you contributed to the 401(k) plan.
Plan Documents: Gather any paperwork, such as statements or plan documents, that may contain information about the plan.
2: Check Old Records for Plan Administrator
Review old employment documents, pay stubs, and tax forms for any mention of the 401(k) plan or contact information for the plan administrator.
3: Use Online Tools and Directories
Explore online tools and databases that help locate unclaimed retirement benefits, such as the National Registry of Unclaimed Retirement Benefits (NRURB). The NRURB allows you to search for unclaimed retirement benefits, including those from 401(k) accounts.
National Registry of Unclaimed Retirement Benefits (NRURB):
Link: NRURB Website
Description: NRURB is a free service that allows you to search for unclaimed retirement benefits, including 401(k) accounts.
4: Search for Plan Termination Information:
If the company has gone out of business, there may be information available about the termination of the 401(k) plan. The plan administrator or the DOL may have details on how the plan assets were handled.
Additional Ideas if Company is Out of Business
5: Check with State Agencies:
Contact the unclaimed property office in the state where the company was based. Unclaimed property offices hold assets, including retirement accounts, that have been abandoned.
6: Research Historical Records:
Explore historical business records, such as bankruptcy filings or state business registration records, to gather information about the fate of the company and the 401(k) plan.
7: Utilize Private Locator Services:
Consider using private locator services that specialize in finding lost assets, including retirement accounts. Be cautious and research the reputation of any service before using it.
Be cautious of scams. Never pay upfront fees to locate your 401(k).
Lost 401(k) Scenarios—401(k) Account Automatically Rolled Over to an IRA
Some 401(k) plans have provisions that allow for automatic rollovers into IRAs for small account balances (usually below a certain threshold). This is often done to simplify plan administration and reduce costs.
Why Is My 401(k) Automatically Invested in These Funds?
In this scenario, you should contact your former employer. See discussion above about finding contact information for a former employer.
The plan administration should also be able to provide details on where your funds are now held.
In the future, the Department of Labor (DoL) will have a searchable database to locate lost retirement savings accounts. The SECURE 2.0 law mandated the develop of such a site, but it is still a ways off.
Lost 401(k) Scenarios— Unknown/forgotten 401(k) Account
In this scenario, you may not even remember you had a retirement account or perhaps don’t remember any details about the company. You are basically looking for lost money. Or money you didn’t even know you had!
Explore online tools and databases that help locate unclaimed retirement benefits. You can try the National Registry of Unclaimed Retirement Benefits (NRURB) mentioned above. Or explore some of the resources below.
Government Resources
Government agencies can also assist you in locating lost 401(k) accounts:
Pension Benefit Guaranty Corporation (PBGC):
Link: PBGC Website
Description: PBGC is a federal agency that insures private pension plans. Their website provides resources and information on finding unclaimed pensions.
National Archives and Records Administration (NARA):
Link: NARA Website
Description: NARA may have records related to retirement plans, especially for government employees. Contact them for assistance.
State Unclaimed Property Databases – Unclaimed property offices at the state level may hold forgotten 401(k) funds. See the National Association of Unclaimed Property Administrators website (unclaimed.org) for details.
State Pension Offices — Contact the pension or retirement offices in the state where your former employer is based. They may have information or resources to help you locate retirement benefits.
For-Profit Resources
MissingMoney.com:
Link: MissingMoney.com
Description: This website allows you to search for unclaimed property, including retirement accounts, in multiple states.
Hire a Professional Locator Service
If you are unable to locate your old 401(k) through the above steps, consider hiring a professional locator service. These firms specialize in finding lost assets, including retirement accounts.
Important Tips: Be cautious of scams. Never pay upfront fees to locate your 401(k). Wealth 45 has not vetted these providers. Please research and proceed at your own risk.
By diligently following these steps, you increase your chances of finding the contact information for your former employer’s retirement benefits. Remember to be persistent and patient throughout the process.
Going forward, keep your contact information updated with your former employers to avoid losing track of your accounts.
