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
To withdraw from a 401(k) plan after termination, an individual fills out the required distribution forms provided by the former employer, reports the Motley Fool. Termination from employment is not one of the exemptions from the 10 percent penalty the IRS imposes on early distributions.Full Answer >
The simplest way to borrow against your 401(k) retirement plan is to take a temporary distribution of funds in the form of a loan. According to the IRS, many 401(k) plans allow participants to borrow tax-free funds from their account as long as the loan is 50 percent of the total balance or $50,000, whichever is less, and the loan is repaid within five years in relatively equal quarterly installments.Full Answer >
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 >