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How to find old 401(k) accounts

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    What happens to money left in an old 401(k)?

    A big part of personal finance, and financial wellness more directly, is keeping track of all your retirement money. If you’ve ever had a 401(k) account with an employer and lost track of it after you’ve left, you’re definitely not alone.

    We estimate that there are over 25 million ‘orphaned’ old 401(k) accounts (sometimes called “employer-sponsored plans”) just like yours. These are old retirement accounts tied to former employers that continue to have money in them but are not actively being monitored or used.

    The good news is that Capitalize specializes in helping people find these old, orphaned 401(k) accounts and consolidate them into a new retirement account — for free. This helps them better keep track of their retirement savings over time.

    The retirement funds you’ve put away in your 401(k) savings account (or another similar qualified retirement plan) remain yours even after you’ve left that job. Most of the time that account balance is still at the same financial institution that managed it while you had it.

    This financial institution is known as a “401(k) provider”. It’s a company engaged by your former employer to hold and manage your old retirement account assets. You can see a full list of 401(k) providers here.

    Can my old 401(k) account balance be transferred without my knowledge?

    Some of the time, though, your money has been transferred to a new institution — this can impact all former employees of a particular organization. That generally happens in one of three cases:

    Your former employer changes their 401(k) provider

    When this happens your 401(k) account will be transferred over to the new institution.

    Your former employer is acquired by another company

    When this happens your account usually gets transferred to the 401(k) provider used by the acquiring company.

    Your old plan account balance was under $5,000 and was transferred to an IRA at a different institution

    This is known as a “forced rollover” and is allowed by some 401(k) plans.

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    How to quickly find old 401(k) accounts

    To locate your old 401(k), follow the steps below.

    1. Contact your old employer

    If you’ve recently left your job or still have contact with your previous employer, reaching out to their Human Resources department (HR department) is a quick way to determine where your old retirement account might be. Your previous employer should be able to give you the name and contact information of the 401(k) plan administrator so you can reach out directly to them. The plan administrator can pull up plan records and help you walk through the steps to regain access to your account.

    If you left your former employer many years ago or are unable to locate their phone number or find them on LinkedIn, this may prove to be more trouble than it’s worth. Instead, try one of the other options below to find your 401(k).

    2. Look for old 401(k) paperwork

    Many 401(k) providers send physical mail annually or quarterly. You may have received this correspondence if you haven’t moved since you left your job. Often, these statements can give you information on contacting your 401(k) provider and how much money you have in the account.

    3. Use a 401(k) lookup database

    The Capitalize team has created a database and search tool to help locate a missing 401(k) account. Simply input your company name below to get started. It also helps to have your Social Security number (SSN) handy in the event it’s connected to an old retirement plan.

    Usually, we can locate the account instantly. If we can’t, our in-house team will track it down for you and help you move into an account of your choice.

    Other databases also enable you to look for unclaimed retirement benefits, like the Employee Benefits Security Administration’s Abandoned Plan Database and the National Registry of Unclaimed Retirement Benefits. The abandoned plan database was created by the U.S. Department of Labor (DOL) to help people locate their left-behind retirement benefit plans. You can also check your state’s unclaimed property database to see if any old accounts of yours have been located.

    One of these unclaimed property databases may be able to reveal the location of your old account.

    4. Let Capitalize find your old 401(k) account

    The Capitalize team specializes in locating missing 401(k)s. With some information from you, Capitalize can track down your old 401(k)s and help you move the funds into the account you choose. You can either use your social security number or search for your old employer to track down your old 401(k)

    Find your 401(k) and roll it over into an IRA online, for free

    We’ll walk you through the entire process and help you choose an IRA provider if you don’t already have one. Chat with an expert at any time if you have questions or concerns!

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    What can you do with an old 401(k) once you’ve found it?

    You have four main options for old 401(k) retirement plans that are tied to a former employer.

    1. Cash it out

    This is also known as a “withdrawal”. It allows you to get a check with the money you saved in your pre-tax 401(k), but you’ll pay taxes and an early withdrawal penalty on it if you’re under 59.5. It’s generally discouraged by a financial advisor (and the federal government) unless you need the money for an emergency, but it is one way to get money into your bank account. An early withdrawal penalty can vary based on multiple factors and impact your income tax, so make sure you talk to a tax advisor or a financial advisor to fully understand how big of a penalty you may incur before moving forward.

    2. Leave it in the old 401(k)

    Some 401(k) plans will allow you to leave your money there even after you’ve left a job. That’s a valid choice if you like the investment options and are comfortable with the fees in that account. Just keep in mind that your employer can change the 401(k) provider (financial institution) that manages your money without your consent, and you’ll need to keep track of it.

    Your current employer’s 401(k) plan won’t be impacted if you choose to leave your old 401(k) plan where it is.

    3. “Roll over” your old 401(k) into an IRA

    A “401(k) rollover” is the technical term for a tax-free transfer of your savings from one retirement account to another. Almost 5 million Americans choose to move their old 401(k) into an Individual Retirement Account (IRA) each year. A rollover IRA is an account you open on your own, and it’s not tied to your employer. You can open a retirement at a brokerage of your choice, like Fidelity, Vanguard, or your current bank if they offer brokerage services. IRAs usually offer more investment options than 401(k)s, which can be an enticing offering if you’re looking for more investment choices. Be sure to understand whether you have a traditional 401(k) or a Roth 401(k) before you begin to understand what type of IRA you’d like to transfer funds into.

    4. Roll over your old 401(k) into a new 401(k)

    Although more people choose to move their old employer’s plan into an IRA, you can technically move it into your new employer’s 401(k). That’s not possible all of the time though — your new employer may or may not allow it, and you’ll need to check before you try to roll in an old plan. It might also require more paperwork and you’ll then need to move it again if you ever find another new job down the line.

    In most cases, though, a rollover into a new 401(k) should be tax-free if done properly. It’s a reasonable option if you like your new 401(k) plan. You may need to report the transaction to the IRS on your tax return, but you won’t be taxed on it.

    Work with Capitalize to find your old 401(k)

    At Capitalize we help our users move their 401(k) accounts into an IRA – for free. Don’t worry if you don’t already have one — the good news is that our online rollover process guides you through your different IRA options and helps you pick one that’s right for you.

    Ready to take control of your assets?
    Capitalize helps you consolidate your old 401(k)s by rolling them into an IRA of your choosing. Use an existing IRA if you have one, or we’ll help you open one if you don’t.
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