I Lost My 401(k)
Dear Trust Officer:
I’ve had a dozen or so different employers in the course of my career. Some of them had retirement plans, some didn’t. I’m certain that I did contribute to more than one 401(k) plan over the years, but I’ve lost track of them, and some of those employers are no longer in business. Is there any way to find my lost retirement savings?—CARELESS SAVER
Dear CARELESS:
If it’s any consolation, you are not alone. It has been estimated that there are some 29 million forgotten 401(k) accounts, and they are worth approximately $1.65 trillion [see https://www.hicapitalize.com/wp-content/uploads/2023/06/The-true-cost-of-forgotten-401k-accounts-2023.pdf for details]. The number of forgotten accounts is growing each year.
Step one, check the Department of Labor’s Retirement Savings Lost and Found Database [https://lostandfound.dol.gov], which was established in 2024. The database will use your Social Security Number to find your pension or 401(k) account. This will only show your participation in a plan, not your account balance, but will provide information for taking the next step.
Step two is contacting the retirement plan administrator at your previous employers to determine the value of your account. Contact information for plan administrators may be found in the Department of Labor’s database of Form 5500 [https://www.efast.dol.gov/welcome.html], which must be filed each year by retirement plans.
Good luck!
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