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
It is mandatory for a 401(k) provider to give an account holder a 401(k) statement each quarter with the current balance of the account, according to Bankrate. If the 401(k) provider also offers online access, the current balance is also available there.Full Answer >
Employees can borrow against their 401(K) plans with minimal paperwork, often by logging into their online accounts, according to Generation X Finance. Typically, plans allow participants to borrow up to 50 percent of their vested balances in minimum loan amounts of $500 to $1000 to a maximum loan of $50,000.Full Answer >
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 >