How to Find Unclaimed Retirement Benefits

Many employers offer retirement accounts and benefits, and some will even match their employees’ contributions. However, most people leave employers several times throughout their careers. In leaving one job and taking on another, some employees forget to take their 401(k) or other retirement accounts with them. If there’s a chance you have unclaimed retirement benefits, but aren’t sure how to access them, knowing how to find your unclaimed retirement benefits can be extremely beneficial.

Do you have retirement planning questions? Speak with a financial advisor today.

How Retirement Benefits Can Go Missing

One of the most common reasons retirement benefits go unclaimed is the simple fact that people change jobs. Over the course of a career, it’s easy to lose track of old 401(k) plans, pensions or profit-sharing accounts, especially if an employer changes names, merges, or goes out of business. Without updated contact information, plan administrators may struggle to reach former employees, leaving funds untouched for years.

Corporate mergers, acquisitions, and restructuring can complicate retirement records. When a company switches plan providers or custodians, account details might not transfer cleanly, or former employees may never receive updated information. In these cases, it’s not that the money disappears, it’s simply disconnected from the person it belongs to, sitting dormant until claimed.

Sometimes, retirement accounts fall through the cracks because the balances are small. Workers may cash out part of an account when leaving a job and forget about the rest, or roll funds over but leave a small remainder behind. These overlooked amounts can accumulate interest or dividends over time, meaning what once seemed insignificant may grow into a meaningful sum.

Even a simple change in address or email can cause a retirement plan to lose touch with a participant. If the plan administrator can’t reach you, they can’t send account statements or updates and eventually, those assets may be reported as unclaimed property. Keeping your contact information current with former employers and plan providers is essential to prevent your retirement savings from becoming lost in the system.

How to Search for Unclaimed 401(k) Retirement Assets

You can take a few steps to search for your unclaimed 401(k) retirement benefits. First, gather as much information as you can about your former employers. If your employer is still in regular operation, there’s a chance that your 401(k) is still in the account that you had when you were with the company.

If you need to do a bit more digging, here are some further steps you can take:

1. Contact Your Previous Employer for Information About Your Old 401(k)

Permitting that your previous employer is still in operation, you can reach out to them directly. Typically, the human resources department will have information on your account, or can point you in the right direction.

Most companies try to reach out by sending mail regarding your account when you leave the company. If you moved when you changed jobs, you might have missed those notifications. If the company didn’t hear from you for an extended period, it might have transferred your funds to a separate, unmanaged account.

2. Discover Where Your Funds May Have Been Transferred

Father and daughter looking for unclaimed retirement benefits.

If your former employer does not have your old 401(k), you can search on the Department of Labor’s abandoned plan database. You’ll be able to search for your plan using the information you already have, including your name, your employer’s name and more. If you had a traditional pension plan and it no longer exists, you can search the U.S. Pension Guaranty Corp. database to find your unclaimed pension.

Finally, you may want to search the National Registry of Unclaimed Retirement Benefits. This service is available nationwide and has records of account balances unclaimed by former retirement plan participants.

3. Use Resources to Discover Unclaimed Assets

Before you go any further, make sure you take the above steps to locate your funds. Once complete, you can use the following resources to gain access to your unclaimed assets:

Unclaimed property search: To complete a search, you can use your name and location to find your assets.
Search for Form 5500 filing: The Department of Labor makes it easy to search online for and file a Form 5500. You’ll need to know your plan administrator, their EIN, the plan name or other essential information to use this tool.
DOL’s Abandoned Plan Search: Finally, you can also use the Department of Labor’s abandoned plan database to search for your unclaimed assets.

How to Search for Unclaimed Pension Retirement Assets

Like finding your unclaimed 401(k), there are ways to search for your unclaimed pension benefits. Depending on your former employer, you may use a different search tool.

Government and Military Pension Resources

Depending on your role in the military, some pensions are available to both veterans and their survivors. Be sure to refer to the U.S. Department of Veterans Affairs website for more information. The following are some of the resources you can use:

Department of Veteran Affairs: If you or your deceased spouse is a veteran, you can find information on your pension at the VA’s pension website.
State government websites: If you were an employee of your state or local government, be sure to check your state’s government website to search for information regarding your pension.
Federal and military resources: Other government employees and military members can find information regarding federal and military pensions through the Thrift Savings Plan, Department of Defense and Office of Personnel Management websites.

Lost and Abandoned Pension Resources

The Pension Benefit Guaranty Corporation (PBGC) is a U.S. government agency that insures private pension plans. It provides information on pension-related topics to help people understand and find unclaimed pension benefits from employers who terminated pension plans. Three additional resources that you can use to find a lost or abandoned pension include:

The National Registry of Unclaimed Retirement Benefits: This website can help former government and non-government employees find their retirement plan account balances that are left unclaimed.
Abandoned Plan Program: The Abandoned Plan Program helps terminate and distribute the benefits from pension plan accounts that have been terminated by their employers. You can search this database to help you find your abandoned plan.
Department of Labor: The Department of Labor can help you find your lost or abandoned pension through its Form 5500 search.

What to Do When You Find the Benefits

Once you locate unclaimed retirement benefits, your first step is to confirm that the account truly belongs to you. Check the plan name, your former employer, and any identifying details such as your Social Security number or employment dates. Plan administrators may request proof of identity or employment before releasing information, so be prepared to provide supporting documents.

After verifying the account, reach out directly to the plan’s administrator or the financial institution managing the funds. They can explain your options for accessing the money and help you complete any necessary paperwork. Depending on the type of plan, such as a 401(k) or pension, you may be able to roll the balance into another retirement account, claim a distribution or leave the funds invested.

Before withdrawing any money, it’s important to know how doing so could affect your taxes. Distributions from retirement accounts are typically taxable, and early withdrawals may trigger penalties if you’re under 59½. Consulting a financial advisor or tax professional can help you determine the best way to claim your benefits while minimizing tax consequences.

Bottom Line

Three retired men enjoying a vacation together.

It is not uncommon for someone to lose track of a pension or retirement plan. That goes for 401(k) money or military pensions, as well as money in 403(b) plans and 457(b) plans. From company changes to personal life shifts, it happens more often than some people realize. However, tracking down your funds can be a headache. Thankfully, there are several resources that can help you along the way.

Tips for Retirement Planning

Consider working with a financial advisor as you seek unclaimed pension money and decide how to deploy it. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
A 401(k) calculator can help you determine how much you need to save to meet your goals. If you switch jobs, be sure to make a direct 401(k) rollover to your new employer’s plan.