People who frequently change jobs may accumulate multiple 401(k) plan accounts. However, it’s possible to lose track of at least some retirement savings over time. According to Capitalize (which helps people find lost accounts), approximately 29 million 401(k) accounts have been forgotten. These accounts collectively hold around $1.65 trillion in assets. Here’s how to hunt down retirement plan money that belongs to you.
Look Here First
The U.S. Department of Labor’s (DOL’s) Retirement Savings Lost and Found Database (lostandfound.dol.gov) can assist you in your search. This database enables individuals to search for retirement plans linked to their Social Security number using a Login.gov account. It’s important to note that the database may not be comprehensive. Therefore, you’ll want to supplement this search with other methods. For example:
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Review your personal records: Examine past income tax returns, W-2 forms and any job termination documents for details about your 401(k) contributions, withdrawals or transfers, and plan providers.
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Contact former employers. Reach out to the HR or benefits department. Employees there should be able to provide information about the business’s 401(k) plan administrator and the status of your account.
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Check an online database: Visit the National Registry of Unclaimed Retirement Benefits (unclaimedretirementbenefits.com) to identify any accounts associated with your name.
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Consult Form 5500 filings: These filings provide information about retirement plans and can be accessed through the DOL’s website (dol.gov).
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Ask your financial advisor: If locating accounts proves too challenging, financial professionals may be able to assist in tracing and consolidating your retirement accounts.
Manage Found Funds
If you discover one or more 401(k) plan accounts containing funds, you have a couple of choices. For example, you might leave an account that’s still part of a former employer’s plan where it is for now. Another option is to roll over any account into your current employer’s plan. This can help simplify account management. Or you can roll it over into an IRA account. It’s generally a good idea to compare rollover options and choose the one that will provide you with the best investment choices, lowest fees and easiest management tools.
Finally, you can cash out found 401(k) plan accounts. But unless you’re age 59½ or older, you’ll probably incur early withdrawal penalties. And whenever you withdraw 401(k) plan funds, you’ll owe income tax on the amount.
You’ll Need It
If you’ve saved money for retirement, don’t lose track of it! You’ll probably need it. Contact your financial advisor for help in tracking down lost 401(k) plan accounts.
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This article appeared in our Q1 newsletter. Click below to view the full edition.