Guide to Finding Lost Pensions, 401(k)s and Retirement Cash

When it’s time to retire, creating a reliable income stream is key. A good starting point? Make sure you’re claiming all the retirement assets you've earned over the years.

Tracking down forgotten pensions, old 401(k)s or unclaimed retirement funds might feel like a daunting task, but it’s worth it. That’s why, as part of Advance Capital Management’s retirement planning services, we help clients do all that they can to gather and use their assets to pursue all the things they want to do in retirement.

This article provides a step-by-step guide to finding your missing retirement money and putting it to work in your golden years.

Why Lost Retirement Money Is Common

Maybe you’ve changed jobs several times or left a company that no longer exists. You’re not alone; an estimated 29 million 401(k) accounts are forgotten, totaling nearly $1.65 trillion in unclaimed benefits, according to a Capitalize report.

These steps can help you launch a retirement assets “search party.”

1. Contact Past Employers

• What to do: Try reaching out to old employers. Look for any statements or plan paperwork that might provide contact information for the plan administrator.
• If the company no longer exists: The U.S. Department of Labor (DOL) has resources like the “abandoned plan” program, which helps track terminated plans from bankrupt or merged companies. You can also contact the Employee Benefits Security Administration (EBSA) for guidance. If a plan sponsor is unreachable due to death or bankruptcy, this program can be a lifeline.

2. Use Social Security Notifications

• Keep an eye on notices: Sometimes, when you file for Social Security, you may receive a notice about private retirement benefits you’re eligible for, such as an old 401(k) or pension. You might have money waiting to be claimed.
• Next step: Call the EBSA for help understanding your options, especially if you had multiple employers or retirement plans.

3. Check the New Retirement Savings Lost and Found

• About the tool: As part of the SECURE 2.0 Act, the federal government is creating a Retirement Savings Lost and Found, expected by the end of 2024 or in 2025. This tool will allow you to look up your plan administrator's contact details, making it easier to claim lost funds.
• What to expect: This tool aims to simplify the process and enhance security for lost retirement assets, allowing you to reclaim your benefits with less hassle.

4. Explore Unclaimed Property Databases

• Where to look: Since there’s no requirement for retirement funds to report to states, you may not find everything in state unclaimed property databases, but it’s worth a quick search.
• How to search: Visit your state’s unclaimed property database or sites like MissingMoney.com for potential matches.

5. Try the Pension Benefit Guaranty Corporation (PBGC)

• What PBGC covers: The PBGC offers a database for finding unclaimed pension benefits, particularly for single-employer plans that have been terminated.
• How to use it: Go to www.pbgc.gov and search using your last name and the last four digits of your Social Security number. Note: PBGC doesn’t cover multiemployer plans, so contact your plan administrator if your former company had a pension plan.

6. Look for Records from Your Working Years

• Key documents: Keep old pay stubs, W-2 forms and any documents stating that you earned vested benefits. These can be invaluable in proving your entitlement to a benefit.
• Union information: If you were part of a union with a pension plan, keep records of your local number and union contacts, as this may streamline your search.

7. Get Help from the Pension Rights Center

• Who they are: The Pension Rights Center is a nonprofit organization that helps people locate lost pensions.
• How to contact: Visit www.pensionrights.org or call 202-296-3776. For additional support, check www.pensionhelp.org for information and guidance on lost pensions.

Recap: Actions to Take Now

1. Reach out to former employers and locate any plan administrators.
2. Watch for Social Security notices about private retirement benefits.
3. Check the Retirement Savings Lost and Found once it’s available.
4. Search state unclaimed property databases and the PBGC site.
5. Keep detailed records and save all retirement-related paperwork.

Finding lost retirement assets may seem daunting, but with these steps, you can locate the funds you’ve earned and secure your retirement income stream.

Finding and claiming all your lost retirement assets can give you a strong foundation for creating the retirement funds you need to live the retirement you want.

If you’re ready to take control of your retirement planning and want to determine if you’re truly prepared to retire – with a clear strategy to create a sustainable income stream – schedule a free consultation with an Advance Capital Management adviser right now (it takes less than a minute!).