Jobs may come and go, but your retirement savings should be around for the long haul. If you change jobs and didn’t intend to leave your 401(k) behind, don’t stress. There are ways to track down that money. Here are the steps you can take to find an old 401(k) and reclaim any retirement savings you’ve left behind.
How to find your old 401(k)
In 2023, Americans lost track of an estimated nearly 30 million 401(k) accounts.1 The value of those accounts? $1.65 trillion.2 Thankfully, those funds haven’t vanished into thin air. If your old 401(k) was with Fidelity, your balance was under $7,000, and your new employer’s retirement plan administrator is in the Portability Services Network, your account may have been automatically transferred to them. Even if not, the Department of Labor has strict rules for employers to follow to protect those dollars. Here are 7 places to find old 401(k)s and regain access to your savings.
1. Your previous employer
Checking with the employer who sponsored the 401(k) plan you left behind may be the simplest first step. Contact its benefits department and ask them to connect you with the financial firm that record-kept its 401(k) plan when you left the company.
2. Your previous plan administrator
If you remember the financial firm of your 401(k) plan, you could reach out directly to them. You may need to share your name, previous employer, and other personal details to get access to your assets. Think your old 401(k) might be at Fidelity? Log into NetBenefits.com, select “Forgot username or password” if you don’t remember your credentials, or select “Register as a new user” to set up an account. Once you’re in, you’ll be able to view the old plan.
3. Your state’s unclaimed property database
If you come up empty with those first 2 steps, you could try checking with your state. Every state has a free, searchable database where residents can find and claim assets that rightfully belong to them. Search online for “[your state] unclaimed property” to find your state’s site. These URLs end in .gov, so you’ll know if you’re in the right place.
4. The Pension Benefit Guaranty Corporation (PBGC)
Another way to find left-behind retirement plan assets is by using the PBGC search toolOpens in a new window. If you worked for a private-sector company that ended a defined benefit plan (a fixed, pre-set benefit employees get at retirement, like a pension); defined contribution plan (one where employees contribute to the account, and employers have the option to do the same, like a 401(k) plan); multi-employer plan (a collectively bargained plan maintained by multiple organizations); or small professional services plan and weren’t paid out, consider checking this government site.
5. The Employee Benefits Security Administration (EBSA) Abandoned Plan Program
If your previous employer or 401(k) plan manager are no longer operating, the EBSA, an agency within the Department of Labor, may be a helpful resource. Its searchable Abandoned Plan databaseOpens in a new window can help you find old 401(k) accounts. To search, you can enter your prior employer’s name; the plan name; the name of the bank, insurance company, or other financial institution that terminated the plan (they’re referred to as the Qualified Termination Administrator or QTA); and/or either company’s city, state, and/or ZIP code.
6. The EBSA Retirement Savings Lost and Found Database
This newer EBSA toolOpens in a new window can help you find 401(k)s and other defined-contribution plans, as well as pensions. To search for old accounts, you need to verify your identity through Login.gov. Check back later if you come up empty with your search. The Lost and Found Database is limited for now, though it has plans to grow.
7. The National Registry of Unclaimed Retirement Benefits (NRURB)
You could also find your 401(k) using the NRURB website, UnclaimedRetirementBenefits.com. This weekly-updated, privately maintained registry contains information about assets left behind in many different types of former employer retirement accounts, not just 401(k)s. You’ll need to enter your Social Security number to sort through this one.
Why it’s important to find old 401(k)s
Tracking down old 401(k)s is a good idea for these reasons.
You can access your own money.
By locating any unclaimed 401(k) assets you have floating around, you can take steps to claim your money so you don’t lose track of it again and can use it how you want.
You could be paying fees without realizing it.
401(k)s tend to come with fees—and ones that were paid by your employer could get passed to you if you stop working there. When you find old 401(k)s, review their current fees and compare them to potentially lower-cost options, such as rolling over the money in your old 401(k) to an IRA. That could help you keep more of your savings.
You could have access to different investment options.
Your old 401(k) investments should be working as hard for your future as you are. You may find your current investments get the job done at a low cost. On the other hand, your current investment options may not be meeting your needs because they’re chosen by the sponsoring employer and are generally more limited than IRA investment options.
Options for your old 401(k)
Once you find your old 401(k)s, you have some decisions to make. Here are pros and cons to the 4 basic options for an old 401(k).
1. Leave your money where it is.
Many companies allow you to keep your savings in their 401(k) plan even after you part ways. This could be a great option if the plan offers a variety of low-cost investment options and reasonable fees. On the flipside, you won’t be able to add money to the account and likely won’t be eligible for a 401(k) loan if you need one.
You can’t leave money in your 401(k) forever. Generally, once you reach age 73, your 401(k) plan rules or the IRS mandates you start taking required minimum distributions (RMDs) from most qualified retirement accounts, such as a 401(k).3
2. Roll the funds over into your new employer’s plan.
Depending on your new job’s 401(k), you may be able to roll assets from past employer plans into your current plan. This option could help you consolidate your workplace retirement savings. Your retirement savings would continue to potentially grow tax-deferred, and you may even be eligible to take out a loan down the line if you need. But you’d also be subject to the new plan’s rules and investment options.
3. Roll the money over into an IRA.
This option lets you choose a financial institution and invest your money in any investments they offer—which may be a broader set than the investment options in an employer’s plan. Just consider that federal law offers more protection against creditors for money in 401(k) plans than in IRAs. However, some states offer certain creditor protection for IRAs too.
4. Cash out.
You also have the option to cash out your 401(k). Carefully consider what could happen if you withdraw money from your 401(k) before retirement age. Withdrawals from a traditional 401(k) before age 59½ typically trigger ordinary income tax plus a 10% early withdrawal penalty. If you opt to withdraw funds from your 401(k), this may be considered a taxable event and could increase your taxable income for the year in which the money was withdrawn. If you need money in a pinch, you have other options to find cash fast.