How To Find An Old 401 K

The American Association of Retired Persons (AARP) states that lost, unclaimed retirement assets can cost individuals as much as $700,000. Based on this statistic, it may be well worth the effort to find an old 401 K. Once someone finds an old 401 K, they may experience greater financial security while leaving more assets to their loved ones. While this may seem like a difficult task, various strategies and tools could make it easier than many people realize. An experienced estate planning lawyer in Houston may be able to guide individuals through this process as they strive to find and claim their retirement assets. A lawyer may also help manage retirement assets with strategies like Wills, trusts, and beneficiary designations. Continue this conversation by contacting the Law Office of Troy M. Moore, PLLC at (281) 970-8039. We serve clients throughout the Houston area. 

Should I Find an Old 401 K?

At first, it might seem time-consuming to find an old 401 K. However, this process can be rewarding, as an old 401 K may contain much more than its owner realizes. 401(k)s may go unclaimed for various reasons. An individual who has gone through numerous job changes over their career may be more likely to have unclaimed 401(k). The AARP notes that this became particularly common after the Great Resignation of 2021, an event that may have increased unclaimed 401(k)s by over 20 percent. The AARP also states that average boomers may have switched jobs about a dozen times during their careers. 

Even something as simple as a new email address can cause a 401(k) to become lost and forgotten. A switch in plan sponsor can also have the same effect. Some may assume that they can simply leave these funds in old 401(k)s and let their beneficiaries track down the money after they pass. However, this may be stressful and time-consuming for loved ones. Old 401(k)s may continue to charge fees over the years, and they may be invested in money market funds while generating zero profits. When one finds an old 401(k), they can roll those funds into new 401(k)s or IRAs to maximize returns. Contact the Law Office of Troy M. Moore, PLLC to learn more about integrating old 401(k)s into existing estate plans. 

The Retirement Savings Lost and Found Database

One of the most obvious ways to find an old 401(k) is with the Retirement Savings Lost and Found Database. The Department of Labor provides this free resource, which is administered through the SECURE 2.0 Act of 2022. Launched in 2024, this tool helps people track down plan administrators of old 401(k)s. Employers are legally required to share information on former employees with the Department of Labor, ensuring accurate information and resources for those searching for old 401(k)s. Because this database is relatively new, it makes sense to check in regularly if an initial search does not provide any results. New updates could help individuals find the information they are searching for, and this new information could make it easier to find old 401(k)s. 

The process is relatively simple. First, users will need to verify their identities with login.gov. After creating an account and verifying their identity, a user can then enter their Social Security number and click “search” on the Retirement Savings Lost and Found Database. If all goes well, there should be a list of retirement plans linked to the Social Security number along with contact information for plan administrators. The user can then contact the plan administrators and inquire about unclaimed 401(k)s. 

Try the Unclaimed Property Site of Texas

Like all states, Texas also has its own online tool that helps residents search for unclaimed assets. The Unclaimed Property Site of Texas could help residents find old 401(k)s, especially if an initial attempt via the federal Retirement Savings Lost and Found Database has been unsuccessful. Users can easily search for unclaimed property in their name by entering basic information into the search tool. 

Try the Pension Benefit Guaranty Corporation (PBGC)

Another option is the Pension Benefit Guaranty Corporation (PBGC), which provides a free tool to track down lost retirement benefits. In some cases, employers transfer unclaimed 401(k)s to this organization. This search tool is easy to use, and users only need to enter their last name and Social Security number. The database receives regular updates, so it may be worth checking back with the PBGC periodically if an initial search proves unsuccessful. 

Try the Employee Benefits Security Administration Abandoned Plan Program

The Department of Labor also provides a tool called the Employee Benefits Security Administration Abandoned Plan Program. This search tool could be useful if a previous employer or plan manager is no longer operating. Users will need to enter the name of their previous employer, the plan name, the bank name, or the insurance company to potentially find missing 401(k)s. 

Try the EFAST Tool

The Department of Labor also provides the EFAST tool, which could help users find plan information. AARP notes that this tool could be particularly useful if the 401(k) plan has gone through a merger, closure, or other changes. The EFAST tool could be effective because its database contains information dating back to 2010. 

Learn How to Find an Old 401 K With the Law Office of Troy M. Moore, PLLC

The potential loss of retirement assets can be a daunting prospect for individuals of all walks of life. The nature of a 401 K means that even if one leaves a relatively small amount in the account, it could grow at an exponential rate over numerous decades. Considerable wealth could be lost if old 401 Ks go unclaimed, and the only way to determine the specific amount is to locate the account. Resources like the Retirement Savings Lost and Found Database can make it easier to find an old 401 K, but sometimes individuals require more direct guidance. Those who are struggling to find old 401 Ks may decide to work with experienced estate planning lawyers in Houston for additional assistance. Explore this subject further at the Law Office of Troy M. Moore, PLLC. Houston residents may call (281) 970-8039 to continue the conversation.