Tracking Down a Lost 401(k)

It's easy to understand why some workers might lose track of an old 401(k): Those born between 1957 and 1964 held an average of 12.4 jobs before the age of 54, according to the Bureau of Labor Statistics. The more accounts you acquire, the more challenging it is to keep track of them all.

Perhaps that's why it's estimated there are more than 29 million forgotten 401(k)s holding assets in excess of $1.7 trillion. If left unattended for too long, old accounts can be converted to cash—and even transferred to the state as unclaimed property—forgoing their future growth potential.

If you're among those with misplaced savings, here's how to locate and retrieve them:

1. Find your funds: In 2024, the Department of Labor established the Retirement Savings Lost and Found Database to help individuals locate retirement plans tied to their Social Security number. The plans must have been sponsored by unions or private employers, and search results include only defined-benefit pension plans and defined-contribution plans such as a 401(k) or 403(b). Keep in mind that a search result only shows participation in a plan; it is not a guarantee that benefits have not been already paid out or rolled over.

2. Contact the plan administrator: Confirm any results from the database with previous employers and ask the retirement plan administrator whether they're maintaining any accounts in your name. Even if the company no longer exists, the retirement plan administrator will be able to verify this information. If you don't know the name of the plan administrator, search the Department of Labor website for the company's Form 5500, which will list its contact information. You might also check the state's unclaimed property database via the National Association of Unclaimed Property Administrators.

   If you're searching for a deceased spouse, start with contacting the spouse's former place of work. If you're not able to contact the employer or union, reach out to an Employee Benefits Security Administration (EBSA) advisor, who may be able to assist you.

3. Take control: Once you've located your lost funds, you'll likely want to consider either rolling them into your current employer's 401(k), if permitted, or into an IRA, depending on their relative fees and investment choices. 

   Ask your former and new plan administrators about how to handle the transfer on your behalf. If you take possession of the funds yourself, you have 60 days to deposit them into a qualified plan—otherwise the IRS could treat your transfer as a distribution, which will be taxed as ordinary income and may also trigger a 10% early withdrawal penalty if you're not yet 59½.