The U.S. Department of Labor estimates each year tens of thousands of workers fail to claim or rollover $850 million in 401(k) retirement plan assets when they change jobs. A disproportionate share of the missing are family members of deceased employees who fail to claim pension benefits stemming from employment that may have ended years earlier.
The financial institutions holding unclaimed 401K assets – banks and brokerages appointed by the plan administrator – make little if any effort to locate lost employees and missing retirement plan participants, because by law their responsibility is to the company, not the employee. (Some lost participants may receive notice from the Social Security Administration, but only after reaching retirement age).
If you have reason to believe you are entitled to claim a missing 401(k), either as the employee, spouse or rightful heir, but have not received payment, complete the form below to initiate a search.