Find 401s With Your Social Security Number
All your 401s are linkedin to your social security number when you enrolled. Theoretically you should be able to find all your 401s with your SSN. However, in practice it’s pretty hard for one to do so. As far as we know, Beagle is the only company that simplifies this process and can conduct a comprehensive 401 search using your SSN. Once they find your 401s, they also help you with the tedious rollover process.
A Special Note For Pennsylvania Residents
If you live in Pennsylvania, you should start your search sooner rather than later.
In most states, lost or abandoned money, including checking and savings accounts, must be turned over to the states unclaimed property fund. Every state has unclaimed property programs that are meant to protect consumers by ensuring that money owed to them is returned to the consumer rather than remaining with financial institutions and other companies. Typically, retirement accounts have been excluded from unclaimed property laws.
However, Pennsylvania recently changed their laws to require that unclaimed IRAs and Roth IRAs be handed over to the states fund if the account has been dormant for three years or more.
If your account is liquidated and turned over to the state before the age of 59.5, you could only learn about the account when you receive a notice from the IRS saying you owe tax on a distribution!
Company 401k plans are excluded from the law unless theyve been converted to an IRA. If you know you have an account in Pennsylvania, be sure to log onto your account online periodically. You can also check the states website at patreasury.gov to see if you have any unclaimed property.
Roll It Over To Your New Employer
If youve switched jobs, see if your new employer offers a 401 and when you are eligible to participate. Many employers require new employees to put in a certain number of days of service before they can enroll in a retirement savings plan.
Once you are enrolled in a plan with your new employer, its simple to roll over your old 401. You can elect to have the administrator of the old plan deposit the contents of your account directly into the new plan by simply filling out some paperwork. This is called a direct transfer, made from custodian to custodian, and it saves you any risk of owing taxes or missing a deadline.
Alternatively, you can elect to have the balance of your old account distributed to you in the form of a check. However, you must deposit the funds into your new 401 within 60 days to avoid paying income tax on the entire balance. Make sure your new 401 account is active and ready to receive contributions before you liquidate your old account.
Consolidating old 401 accounts into a current employers 401 program makes sense if your current employers 401 is well structured and cost-effective, and it gives you one less thing to keep track of, says Stephen J. Taddie, managing partner, Stellar Capital Management LLC, Phoenix, Arizona. Keeping things simple for you now also makes things simple for your heirs should they need to step in to take care of your affairs later.
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How To Find Out If I Have A 401
The best way to make sure you donât lose track of your 401 is to periodically keep tabs on it. Although, checking your retirement accounts too frequently can lead to overkill and alarm if the market takes a dive. Aim for quarterly or semi-annual checks of your funds to make sure everything is in order.
Actively managing your 401 is a good habit to get into. Making sure your retirement accounts are being properly funded and youâre on track to meet your retirement goals should be etched into your overall personal finance plan.
However, if youâve let it slip for the past couple of years, no need to worry. Contact your human resources department to get information on how you can monitor your account.
You may be given access to an online portal for you to log in and manage your account.
Verify your statements are being sent to the correct address. Bookmark the account information so you always know where to log into your account from. Also, consider updating your login and password to make sure your account is more secure.
You Found Your 401 Plan Now What
If find your lost 401, congratulations! However, its not time to celebrate by blowing it all on a fancy vacation or a shopping spree. You invested that money with the purpose of building a retirement nest egg and thats exactly where those funds should stay.
To invest your old 401, you can do whats known as a rollover to avoid early withdrawal penalties. You can roll over the funds into an individual retirement account or into another retirement plan, such as your current employers 401.
Rolling over your 401 into an IRA is a relatively simple process. First, you need to open an IRA, which you can do though most banks, brokerage firms and robo-advisors. The funds from your old 401 then can be sent directly to your new IRA. If you prefer to keep all your investments in one place and your current employer offers a decent 401, then you may want to consider rolling over the funds into that account .
In both cases, you can avoid withholding taxes if you roll over the funds directly via the plan administrator. If a distribution is made directly to you, you have 60 days to deposit it into your new retirement account in order to avoid taxes and penalties.
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Check With The Department Of Labor
The U.S. Department of Labor operates the Employee Benefits Security Administration. Its a federal organization that can help you find lost 401 or pension benefits.
You can search for your old employers Form 5500 here. Certain retirement plan administrators are required to file that form, which gives details on companies defined benefit plans.
How To Find Your 401 With Your Social Security Number
Knowing how to find your old 401s with your social security number can save a lot of time and headache. There are tools you can use to find your 401 and roll them over.
If you’re like most, you’ve changed jobs quite a bit during your career. According to a Department of Labor study, the average American will have had about 12 jobs during their career. All of that moving around is bound to cause some things to get lost in the shuffle. And if you’ve participated in any company-sponsored 401 plan, your retirement money may have been left behind. Luckily, there are ways to find your 401s using your social security number.
The sad fact is billions in retirement funds are left behind in 401 plans where the participant no longer works for that company.
401s that have been left behind with former employers can be cumbersome at best to find. However, it’s vital in building your retirement to locate your old funds and bring them back into your active portfolio.
The first step would be to contact your former employer’s human resources department. If you can get in touch with them, they should have the best route to getting a hold of your old 401s.
Next would be to reference your old 401s summary plan description. In that, you should be able to find your plan administrator’s contact information and what they do with former employees’ 401s.
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Look Into Your States Unclaimed Property Database
If your former company goes bankrupt, youre still OK. The law protects your 401 funds from its creditors.
Often, the brokerage firm that held the funds for your former companys 401 plan will retain the funds for you. However, that firm can eventually turn over the money to the states unclaimed property fund.
Depending on the state, if your account becomes inactive or dormant for as few as three years, the administrator can mail the funds to your last known address. If those funds are returned to sender or if you cant be reached, your assets get relinquished to the state.
A number of websites allow you to search for unclaimed money using databases in various states. Many states have their own sites, but these may be a good place to start:
Option : Leave It Where It Is
You don’t have to move the money out of your old 401 if you don’t want to. You won’t ever lose the funds provided you don’t lose track of your old account again. But this option is usually the least desirable.
For one, it’s more difficult to manage your retirement savings when they’re spread out over many accounts. You also get stuck paying whatever your old 401’s fees were, and these can be higher than what you’d pay if you moved your money to an individual retirement account, for example.
But if you like your plan’s investment options and the fees aren’t too high, you could consider leaving your old 401 funds where they are. Just make careful note of how to access them again so you don’t forget.
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Reference An Old Statement
Because companies reorganize, merge, get acquired, or go out of business every day, its possible that your former employer is no longer around. In that case, try to locate a lost 401k plan statement and look for contact information for the plan administrator. If you dont have an old statement, reach out to former coworkers and ask if they have an old statement.
What Other Sites Can I Visit To Check For Lost Money
As I mentioned earlier, lost retirement accounts are just one type of unclaimed money. Here are some other resources that can help you find missing money:
- MissingMoney.com: a government database of unclaimed property.
- HUD.gov: If youve ever gotten a Federal Housing Administration loan, you may be due a refund.
- FDIC.gov: Search for unclaimed funds from failed banks and other financial institutions on this site.
- USA.gov: This site is full of resources to search for unclaimed money, including federal money such as tax refunds and bonds.
- FindMyFunds.com: links to the official website of at least 25 states including some not covered by MissingMoney.com.
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Us Department Of Labor
Even if your former employer abandoned its retirement plan, your money isnt lost forever. The U.S. Department of Labor maintains records for plans that have been abandoned or are in the process of being terminated. Search their database to find the Qualified Termination Administrator responsible for directing the shutdown of the plan.
How To Track Down That Lost 401 Or Pension
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Can’t Find your old 401 or that old pension? Here is how to track your money down. Shutterstock
At least once every few months a long-term client brings in a retirement account statement and says, I forgot I had this retirement account. Can you help me with it? Sometimes these accounts are tiny but other times they hold a substantial amount of money. All of them are old, and havent been looked at in years. If you find yourself in this position, follow these steps to locating your 401 or other retirement accounts from previous employers.
Do you ever feel like you know you saved more for retirement than your statements indicate? Are you certain you must have forgotten about an old retirement account or pension with a previous employer? You likely arent crazy, and youre definitely not alone.
Americans lost track of more than $7.7 billion worth of retirement savings in 2015 alone by accidentally and unknowingly abandoning their 401.– USA Today, February 25, 2018
The days of graduating college, getting a corporate job and staying with the same employer until the retirement age of 65 are long gone. Today, people are jumping from job to job which often leaves a trail of old retirement accounts and even a few pensions. Because of this, a surprising number of people lose track of these old accounts. Forgetting about these accounts can really hurt your overall retirement security when you factor in compounding interest.
What happens when a 401 plan is terminated?
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Prevent Losing Your 401s In The Future
Having a plan is the best way to prevent you from losing your 401s in the future. You should actively manage a 401 plan to ensure you’re on pace to meet your retirement goals.
Yearly or semi-yearly checkups are best. It’ll prevent you from analyzing your account’s performance and help you keep tabs on your account.
Having your 401 in the back of your mind, you more likely to remember to bring it with you when you leave your job.
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Us Department Of Labor Abandoned Plan Search
If your former employer has filed for bankruptcy, gone out of business, or was purchased by another company, your 401 might be in limbo.
In these cases, employers are required to notify you so you can receive your funds. However, if your contact information has changed or you’ve moved, your plan may have been abandoned.
You can use the Department of Labor’s Abandoned Plan Search tool to locate your old 401s. You will need to enter basic information about your former employer then, you can narrow your search using your social security number.
Like the National Registry of Unclaimed Retirement Benefits, the DOLâs Plan Search tool only located abandoned plan. Thereâs a good chance your old 401s wonât show up in these results.
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What Happens If I Have Unclaimed 401 Funds From A Previous Job
The majority of unclaimed money comes from brokerage, checking, and savings accounts, along with annuities, 401s, and Individual Retirement Accounts. Once an account is considered inactive or dormant for a period of time , companies are required by law to mail abandoned funds to the owners last known address. If theyre returned, or the owner cant be reached, the assets must be relinquished to the state.
What To Do With A Lost Retirement Account When You Find It
Once youve found a lost retirement account, what you do with it depends on what type of plan it is and where its located.
Old 401k balances can be rolled into your current employers plan or rolled into an IRA in a trustee-to-trustee transfer. You can also request a payout of the plan balance, but if you are under the age of 59.5, the payout will be subject to income taxes and a 10% penalty for early withdrawal.
If you find an old pension through the PBGC, youll have to go through a process to verify your identity. Once the PBGC has established that you are owed the benefits, you can apply for them at any time once youve reached retirement age.
Its not uncommon for former employees to leave funds in a former employers retirement plan, believing theyll get around to dealing with it later. Years pass by, and maybe youve forgotten about a few old accounts. Even if they didnt amount to much at the time, a few hundred dollars here and there combined with some market growth over the years just might add up to a nice addition to your retirement savings. Its worth a look!
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Leave Your Assets Where They Are
If the plan allows, you can leave the assets in your former employers 401 plan, where they can continue to benefit from any tax-advantaged growth. Find out if you must maintain a minimum balance, and understand the plans fees, investment options, and other provisions, especially if you may need to access these funds at a later time.
How Many Lost 401ks And Other Retirement Accounts Are Forgotten
Think lost and forgotten retirement accounts amount to chump change? Although no one keeps data on how much retirement money gets lost or forgotten, in an interview with Bloomberg, Terry Dunne of Millennium Trust Co., made an educated guess based on government and industry data that more than 900,000 workers lose track of 401k-style, defined-contribution plans each year.
That figure doesnt include pensions. According to the Pension Benefit Guaranty Corporation, an independent agency of the U.S. government tasked with protecting pension benefits in private-sector defined benefit plans, there are more than 38,000 people in the U.S. who havent claimed pension benefits they are owed. Those unclaimed pensions total over $300 million dollars, with one individual being owed almost $1 million dollars!
Could that money belong to you?
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Organize And Rebalance Your Accounts
After years of neglect, your forgotten retirement accounts may not be properly balanced. This means there may be too much emphasis on one type of investment, or not enough on another.
If you plan to keep the IRA or company plan open, you may want to consider diversification, so theres the right amount in stocks, bonds, U.S. investments or international exposure thats appropriate for your investment goals and risk tolerance.
Youll need to check each account individually at first. However, if you can list them all in one place, youll see how your combined investment diversification stands up. An online tracking service can continue to monitor your accounts, possibly flagging you if you need to consider rebalancing again.
Online tracking services cant do the rebalancing for you, however youll have to go to each individual account to manage the rebalancing. And if the diversification seems off but its not time for you to rebalance, youll have to look at each individual account to determine which one may be out of balance the most.
