Q&A: How do I find a long-lost retirement account?

“I had a 401(k) with one of my first jobs out of college. But I was only there for a few years, and once I took a new job, I forgot all about it. I don't even know if that company exists anymore (it’s been more than 30 years!). Can I find that old 401(k) somehow?” 

-Chuck in Colorado

Chuck, we want you to take a moment to think about this number: $7.7 billion.

That’s a lot, right?

Now, what if we told you that as of 2015, that’s how much retirement savings U.S. workers lost track of.[i]

Your situation is not unusual. And it’s easy to understand once you consider just how many jobs you probably had when you were younger.

It’s fantastic that you remembered this account. Unfortunately, as nice as it would be, there isn’t one, easy  way to find an old 401(k), especially if you don’t know if the company is still around.

We highly recommend going into this endeavor with eyes wide open: tracking down this account will probably take time and effort (as businesses tend to move, change names and even owners), so you’ll likely run into a few roadblocks along the way.

Here are some pointers to get you started.

Start with the employer 

You mention you’re not sure as to whether your former employer is even still in business, so that’s where you need to start. Do an internet search to try and find the company. Keep an eye out for news articles mentioning anything like a bankruptcy or merger.

If you get lucky and discover they’re still around, contact the HR department. Have your personal information handy, including the years you worked for them.

No luck with those tactics? If a union represented workers at the company, you can try contacting that union – even if you weren’t a member. If the company moved or was sold, the local Chamber of Commerce might be able to shed more light on the situation.

Use online search tools 

If you find the company is no longer around, the good news is your money is still around.

Somewhere.

Thankfully, the internet has a few handy websites you can use in your search:

• Abandoned Plan Search: Run by the Department of Labor, this search site indicates whether or not a 401(k) plan has been terminated or is in the process of being terminated.
• Form 5500 Filing Search: Also run by the Department of Labor. Many 401(k) plans are required by law to file tax Form 5500. This database houses those forms, albeit only ones filed since January 2010. Specific information, such as the Plan Name, Sponsor Name, and/or Plan Administrator is needed.
• FreeERISA: Run by a private company, this is a more ‘user-friendly’ website that searches the database of Forms 5500.
• National Registry of Unclaimed Retirement Benefits: Run by a private company that helps match employers to former employees who are owed retirement benefits.

It’s also worth mentioning that if a 401(k) account’s value was between $1,000 and $5,000, the employer can roll that money into a “forced transfer” IRA. But this type of account can be even more difficult to track down than a lost 401(k).

What about a lost pension?

We know your question is about a 401(k), but losing track of a pension over the course of a career happens as well. More than 80,000 U.S. workers have pension benefits they’ve earned – but have not yet claimed.[ii]

Enter the Pension Benefit Guaranty Corporation (PBGC). This government agency insures private sector pensions (up to a certain amount). If a former employer declared bankruptcy or went out of business, you should be able to track it down through the PBGC database.

And, for future reference, PBGC just expanded its database to include 401(k)s terminated on or after January 1, 2018.

Don’t forget other kinds of cash!

Retirement accounts aren’t the only kind of accounts that can go unclaimed: think insurance policies, trust funds, CDs, escrow accounts, even utility deposits.

If you think you might be owed money – or, if you just want to give it a try for fun – search your name at MissingMoney.com. This site compiles state records of lost and unclaimed money and property (most states participate, but not all).

We know people – including a few of our team members and clients – who have searched their name (or names of relatives or friends) and found they’re owed anywhere from a few bucks up to a few thousand.

At the end of the day, remember this: Any money that you might have forgotten about or misplaced is still your money. You worked hard to earn it. If you’re not going to make the effort to track it down, no one else will.

Good luck!

[i] https://www.usatoday.com/story/money/columnist/2018/02/25/left-your-401-k-old-job-heres-how-find/366891002/

[ii] https://www.pbgc.gov//wr/missing-participants