The simplest way to find money in an old 401(k) account is to contact the former employer, according to Henry and Horne, LLP, but that is not always possible, and the plan may be abandoned. The U.S. Department of Labor notes that 401(k) plans can be abandoned for a variety of reasons, such as when a former employer or plan sponsor dies, files for bankruptcy or flees the country.Know More
The next step is to look for contact information for the plan administrator on an old 401(k) plan statement. If there are no old statements available or they do not contain the contact information, a form the company was required by law to file annually, known as Form 5500, can be searched for on the U.S. Department of Labor website. It should have the contact information.
Other options are to look up the plan with the Pension Benefit Guarantee Corporation, a federal insurer of private pensions, and on the National Registry of Unclaimed Retirement Benefits, a free service that helps contact the former employer, advises U.S. News & World Report. In most cases, the employee's social security number, company name, the name of the pension plan and dates of employment are necessary.Learn more about Financial Planning
Since all monies contributed to a 401(k) plan are protected by federal laws, whether at a current or previous employer, the money is still safeguarded. The best method for locating money in a 401(k) with a previous employer is to contact the employer directly, notes 401khelpcenter.com.Full Answer >
To make a withdrawal from a 401(k) retirement plan, borrowers must contact the human resource office of the employer or the investment company hosting the plan, complete a withdrawal form and provide reasons for the withdrawal if younger than 59 1/2. Fees may apply when withdrawing funds early.Full Answer >
A 401k plan allows employees to contribute portions of their wages to their respective individual accounts for the purpose of retirement planning. Employees work with their employers to invest in several types of 401k plans.Full Answer >
A 401(k) is an employer-sponsored retirement plan. Employees voluntarily defer part of their current income by a designated amount that may be matched by their employer in order to receive tax-deferred earnings.Full Answer >