How to find old 401(k)s

A 401(k) plan can help you save for your retirement. However, because these plans are employer-specific, the money doesn’t transfer automatically when you change your job. The funds either continue to remain in your old 401(k) account or go into unclaimed funds of the state government if you do not transfer them to your new account.

Apart from brokerages and savings and checking accounts, most of the unclaimed funds come from a 401(k), annuities, and retirement accounts. The law requires companies to send unclaimed 401(k) funds to your address. However, if the funds can’t be delivered, they are handed over to the state.

Why it is important to find an old 401(k)

Finding an old 401(k) as soon as possible is critical if you want to maximize your future retirement income. This is largely because it’s more effective to know where all of your 401(k) money is, rather than having multiple 401(k) accounts, so that you can have complete control over your finances. Additionally, you can assess the fees and investment options of your old 401(k) and decide whether or not you want to keep the funds there, rollover the funds to your new 401(k) account, or rollover the funds to an Individual Retirement Account (IRA). 

How to find an old 401(k): 11 ways

There are several ways you can find an old 401(k) account. The most common methods are reaching out to your former employer or using one of several online databases. Here are the most common methods of finding your old retirement account. 

1. Contact your previous employer

The easiest way to find a lost 401(k) is to contact your previous employer’s human resources department. They likely have the details of your 401(k) account. They can also help you with documentation if you are looking to transfer your existing balance to a new 401(k) account. If an external agency is managing the plan, you can get the agency’s contact information from them.

While contacting your old employer, be sure to provide them with necessary details such as your complete name, social security number, and the exact period for which you worked for them.

2. Find out whether the funds have been transferred to an IRA

If your retirement account had a balance of more than $5,000, the money should be in your old account with your previous employer. Technically, you can leave the money there until you are 70 ½ years old, when you become eligible for a withdrawal. 

If your plan administrator has transferred your 401(k) balance to a bank account or the government, they may hold some amount for potential income tax and penalties. Such transfers are treated as distributions or cashouts, and the IRS requires plan administrators to withhold applicable taxes and penalties.

Some plan administrators might send you and the IRS a Form 1099-R report on the balance and amount withheld for taxes, while others may not. If you haven’t received any such communication from your plan administrator, don’t be surprised if you receive an IOU (a demand notice) from the IRS.

3. Refer to your old account statement

Referring to your old records is another good way to find your 401(k) account. Old account statements will give you your previous employer or plan administrator’s contact information. You can then get in touch with them for further information or action.

4. Contact your former colleagues

Some of the former employees who worked with you may have their old records with them. Try referring to their records to get contact information of your old employer or plan administrator.

5. Unclaimed 401(k) plan search

The National Registry of Unclaimed Retirement Benefits lists retirement accounts in the United States that have unclaimed balances. It is designed to help employees locate their abandoned accounts, and you can check the database online to see if your account is listed there.

6. Check whether your former company has merged

When a company goes through a merger, it loses its previous identity and takes the identity of the acquiring company. In such cases, your old retirement account may also get merged with that of the acquiring company. If you are unable to track your old company, you may want to browse the news to see if it has merged with another company. You can then contact the acquiring company for your account details.

7. Check Form 5500

Most of the retirement plans file Form 5500 with the federal government. These forms are available on several free websites. Consider searching for the form filed by your former employer. If can find the form, you can get your former employer’s contact details from it.

8. Search the abandoned plan database

The U.S. Department of Labor maintains an online database of abandoned plans. You can search this database to see if your plan has been or is in the process of being terminated. In either case, you can note the name of the Qualified Termination Administrator and contact them for further action on your account.

9. Check databases of unclaimed property

In addition to the National Registry, there are other online databases that can help you track your missing retirement funds. These databases include the unclaimed property database, which is offered in every state, as well as the U.S. Pension Guaranty Corporation database. 

10. Check your tax returns

You can also check your old tax returns to see if you have made any contributions toward a retirement plan. A 401(k) contribution would appear in box 12 of your W-2 return.

11. Consult with a financial advisor 

If you don’t have the time to find your old 401(k), you may want to contact a financial advisor or professional. You’ll most likely need to provide as much information as you can, including your social security number and your former employer and plans. 

How to avoid losing a 401(k) account

To avoid leaving a 401(k) behind, we recommend rolling over your 401(k) account. You can either roll over the funds to your new employer’s plan or to an Individual Retirement Account (IRA). You might want to go with the option of trustee-to-trustee transfer so your money gets transferred directly to your new retirement account without the burden of tax withholdings and penalties.

How to get my retirement money from an old employer

Your employer may allow you to leave your existing balance in your old 401(k) account. But you cannot continue contributing to your old plan after you leave your job. Still, it can be particularly helpful in cases where mutual funds charge your company lower management fees than what they would charge you as an individual investor.

Transferring your money to an IRA or rolling it over to your current employer also has advantages. It gives you more options in terms of investments and more flexibility in terms of account fees.

The bottom line

Finding an old 401(k) is crucial to avoid losing track of your retirement savings and to maximize your nest egg. Consolidating old accounts into your current 401(k) or an IRA can simplify management, reduce fees, and ensure your investments align with your current financial goals. It also prevents unclaimed funds from becoming lost or dormant, giving you full control over your retirement planning and helping you optimize your financial future.