You’ve probably changed jobs a lot over the course of your career. During their lifetime, the average American will hold 12 jobs, according to a study by the Department of Labor. As a result of all the moving, some things are bound to get lost in the shuffle. You may have lost your retirement savings if you participated in any company-sponsored 401(k) plan. With your social security number, you can locate your 401(k)s.
401(k) plans often leave behind billions of dollars in retirement funds for participants who no longer work for that company.
Former employers can leave behind 401(k)s that are difficult to locate at best. However, it is essential to locate your old funds and place them back into your portfolio in order to build your retirement.
You should first contact the human resources department of your former employer. You should be able to contact them to find out how to retrieve your old 401(k)s.
Refer to the summary plan description of your old 401(k). You may find your former employees’ 401(k) accounts there, as well as the plan administrator’s contact information.
By using your social security number, you can also locate your old 401(k)s. You can either search official databases, such as the government’s national registry, or you can send an online request to a firm like Beagle. The registration process takes only minutes, and, based on your information, the service finds your old 401(k)s and identifies any hidden fees, so they can be rolled over to your new 401(k).
Old 401(k)s: What Happens to Them
For left-behind accounts, each administrator has a different procedure. You may be entitled to receive the funds directly, by transferring them to an IRA on your behalf, or by holding them in a separate account until you can claim them.
As 401(k) plans are unwilling to maintain vast amounts of accounts from former employees, they seek to unload them in any way they can. Finding old 401(k)s can be challenging in this case.
Using your Social Security Number, you can find your 401(k)s
There is still hope if you lack the above information Searching Find my 401k with Social Security number.
Your social security number is required when you join a 401(k) at work. Your 401(k) is now tied to any tax obligations you may have, as well as permanently stamping your identity on the account.
By entering your social security number, you can search for your old 401(k)s.
The Unclaimed Pension Benefits Registry
In order to locate their former employees’ unclaimed retirement accounts, employers use the National Registry of Unclaimed Retirement Benefits.
They will search for any accounts associated with your social security number in their database. The plan administrator will be contacted if one is found. It can be arranged for them to contact your plan on your behalf.
A form will be mailed to you so you can select how you’d like to receive your 401(k).
Your former employer must report any unclaimed 401(k) to this resource. The 401(k) won’t appear in the database if it hasn’t been reported.
The DOL’s Plan Search tool locates abandoned retirement plans only like the National Registry of Unclaimed Retirement Benefits. Your old 401(k)s may not appear in these results.