Investments

How to Find an Old 401(k)

By Chris Duderstadt

September 27, 2024

How to Find an Old 401(k)

Key Points – How to Find an Old 401(k)

  • Do You Know Where to Find Your Old 401(k) Statements?
  • Reaching Out to Your Old Employer/Co-Workers
  • Department of Labor Is Launching a Lost-and-Found Database for Retirement Plan Participants
  • What to Do If You Find Your Old 401(k)
  • 3-Minute Read

How to Find an Old 401(k)

Did you change jobs and not do anything with your old 401(k)? According to estimates from Capitalize, there are about 29.2 million forgotten 401(k) accounts that amount to $1.65 trillion as of May 2023.1 Let’s review potential solutions for how to find an old 401(k), including via a new database from the Department of Labor’s Employee Benefits Security Administration (EBSA).

1. Find Old 401(k) Plan Statements

Going through old mail might be a hassle if you have taken the junk drawer approach to financial planning and haven’t been organized. But if you have held on to your old 401(k) statements and know where they are, that is one of the most common ways for how to find an old 401(k). If you can’t find hard copies of these statements, see if you might have received them digitally via email.

Tracking down old 401(k) statements could give you the contact information you need for the person that can help you access your old account. If you have trouble tracking down old statements, reaching out to a former co-worker who still works with that company might be able to lead you in the right direction.

2. Contact Your Old Employer

Speaking of contacting former co-workers, reaching out to your former company’s HR department is another possible way to gain access to your old 401(k). Just be prepared to give them your name, Social Security number, and other personal information that can help them determine if they can help you find your old 401(k).

3. Using Resources from the Department of Labor

Understanding how to find an old 401(k) was one of the topics that was discussed at the 2024 National Association of Plan Advisors D.C. fly-in forum. Our Head of Company Retirement Plan Services Michelle Cannan, CPFA™, QKA®, QKC, attended the fly-in forum for her third consecutive year.

Ali Khawar, who is the Principal Deputy Assistant Secretary of EBSA, shared with Michelle and other NAPA delegates that the DOL has been working on its lost and found database for retirement plan participants.2 The implementation of this database was required as part of the SECURE Act 2.0, and Congress mandated that it needed to be up and running by December 29, 2024.

However, Michelle and the other NAPA delegates were informed that a significant amount of data is needed to ensure that this database is useful. EBSA is exploring if the IRS will share the information that is reported on the Form 8955-SSA each year to start the database, but that is unlikely to happen before the end of 2024.

The lost-and-found database is expected to be launched before the end of the year, but reporting may happen on a voluntary basis, where plan sponsors and recordkeepers could provide data on missing participants for the database. Throughout 2025, EBSA will continue to explore the best way to obtain extensive data to make this more comprehensive.

What Should You Do with Your Old 401(k) If You Can Access It?

Hopefully you’re able to figure out how to find an old 401(k) if you have changed jobs and haven’t done anything with it. But then what? There are a couple of options for what to do with your old 401(k): roll it over into your current 401(k) plan or into an IRA. There are pros and cons to each option.

Rolling It Over into Your Current Plan

If you have a junk drawer of financial planning, consolidating your retirement accounts may help. That’s exactly what you’d be doing by rolling over your old 401(k) into your current 401(k) plan. So, the pro of this option is getting your retirement assets into one place.

But we have a question for you. Do you like the investment options that your current 401(k) plan offers? If you do, then it may make sense for you to do the 401(k) rollover to your current plan. Oftentimes, 401(k) plans tend to have limited invested offerings. If you don’t like your current plan’s investment offerings, you might want to consider…

Rolling It Over into an IRA

IRAs, on the other hand, tend to have more investment offerings than 401(k) plans. You can hand pick the investments you have the most confidence in. However, that wider selection of investments will only do you so much good if you continue utilizing the junk drawer approach to financial planning. Also, it’s important to understand that there is an early withdrawal penalty if you take the money out of the IRA before turning 59½, but there are some exceptions.

Do You Have Questions About Your Old or Current 401(k) Plan?

If you have any questions about how to find an old 401(k), what to do with an old 401(k), or how your current plan works, let us know. Our company retirement plan team is ready to help walk you through the decisions you need to make regarding your retirement plan. Start a conversation with our team below.

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Resources Mentioned in This Article

Downloads

Other Sources

[1] https://www.hicapitalize.com/resources/the-true-cost-of-forgotten-401ks/

[2] https://www.dol.gov/newsroom/releases/ebsa/ebsa20240415

Resources Mentioned in This Article

Downloads

Other Sources

[1] https://www.fidelity.com/learning-center/smart-money/average-401k-match

[2] https://www.investopedia.com/401-k-vesting-rules-5323652

Investment advisory services offered through Modern Wealth Management, Inc., a Registered Investment Adviser.

The views expressed represent the opinion of Modern Wealth Management a Registered Investment Advisor. Information provided is for illustrative purposes only and does not constitute investment, tax, or legal advice. Modern Wealth Management does not accept any liability for the use of the information discussed. Consult with a qualified financial, legal, or tax professional prior to taking any action.