As we approach year end we are frequently being asked about what we call “Lost 401k” accounts. Perhaps you changed jobs, or your employer went out of business or merged with another company, or maybe you’ve just put the memories of a workplace that you left years ago far, far behind you. And now, you cannot for the life of you figure out how to track down an unclaimed pension or 401(k) plan. It’s a frequent problem for many people.
Did you know that a new federal Retirement Savings Lost and Found was required as part of the Secure 2.0 act, signed into law in late 2022. The database was to be established by the end of December 2024 to enable retirement savers to search for the contact information of their plan administrator to claim the benefits they may be owed if they’ve lost track of that information. While issues arose with disclosure laws relating to the online searchable database we may be able to help you navigate the system. Call us if you need help in finding a lost 401k or deciding if there is a better place to put those funds as you approach retirement. We’re always here to help.