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
If a 401(k) plan allows loans, employees can borrow at least $10,000 and a maximum of the lesser of 50 percent of the vested account balance or $50,000 as of 2015, reports the IRS. The account holder must pay back the loan within 5 years unless an exception applies.Full Answer >
The 401(k) plan documents outline the fees and mutual funds available to workers in the 401(k) account, as explained by United States Department of Labor. Employees can obtain these documents by contacting the Human Resources department of their company or the 401(k) plan sponsor.Full Answer >
It is a legal requirement for account holders to withdraw money from their individual retirement account when they turn 70 1/2 years old. The minimum withdrawal required is determined by dividing the account balance by the life expectancy of the account holder or the applicable distribution period.Full Answer >
When account holders withdraw funds from 401k accounts after reaching retirement age, the money is subject to normal income tax rates, according to the IRS. There is a 10 percent tax penalty for removing money from 401k accounts early, but a number of exceptions to the 10 percent rule exist.Full Answer >