How to find old 401(k) from previous employer: 4-step recovery guide
Changing jobs is common, especially as employees make vertical moves for better pay or more favorable working conditions.
Forgetting about retirement plans from past employers is a regular occurrence as well. There are more than 31.9 million lost 401(k) retirement accounts holding an estimated $2.1 trillion in assets, according to data from Capitalize, a technology company that helps people digitally locate and roll over their old 401(k) accounts. That money isn’t truly lost, though – there are multiple ways you can find and claim assets held in your name in retirement accounts from past employers.
Average forgotten 401(k) account balances in these old accounts are at nearly $67,000, so there could be a substantial amount of retirement income waiting for your claim. Follow the detailed steps outlined in this guide to find any of your old retirement accounts and learn how to roll those funds over to your current employer-sponsored retirement savings plan.
What is a 401(k) and how does it work?
A 401(k) is a tax-advantaged retirement savings plan sponsored by your employer. There are three main benefits of choosing to have a portion of your pay go directly into your company’s 401(k) savings plan:
- Contributions are made with pre-tax dollars. You aren’t taxed for any income that goes into your 401(k).
- Balances grow tax-free. You aren’t taxed on any growth realized in your 401(k) balance. If you start putting money into a 401(k) in your early working years, chances are high that with the right investments, your account balance will be substantial in your later years.
- Employer matching funds. Many employers offer up to a 50% match on employee contributions. That’s free money from your workplace just for being a good saver.
Employer-sponsored 401(k) retirement plans usually allow you to choose from a range of investment options that can help your savings balance grow over time, although some employers may offer a fixed set of investment options. Some 401(k) plans offer low-cost investment options, which can help maximize your retirement savings by minimizing fees. Investments usually include stocks, bonds, exchange-traded funds, mutual funds, target-date, and index funds. It is important to choose an investment strategy that matches your risk tolerance and long-term goals. You may be allowed to self-manage your account, or you can have an adviser help you choose investment options that align with your savings goals and retirement timeline. When managing your account, be sure to evaluate the available investment choices within your employer’s plan to ensure they fit your needs.
Current annual 401(k) contributions for 2025 are $23,500 for people under age 50. Catch-up contributions for people over age 50 include an additional $7,500, with people ages 60-63 able to contribute up to $34,750.
Most employees won’t reach those high annual contribution limits, but it’s still possible to put a substantial amount of money into your retirement account each year. That’s money you worked hard to earn, but if you’ve changed jobs multiple times, you may have lost track of your past retirement accounts.
Common reasons people lose track of 401(k) accounts
Switching jobs is the most common reason why people lose track of past 401(k) accounts.
According to the Bureau of Labor Statistics (BLS), employees change jobs about every four years. Age makes a difference, though. Workers ages 55 to 64 had average job tenure just under 10 years, while workers ages 25 to 34 stayed in their jobs just 2.7 years, the BLS said.
Other reasons why 401(k) accounts get forgotten include:
- Corporate mergers and acquisitions
- Companies folding – more than 20% of businesses fail in their first year, and almost 50% fail after five years, according to the BLS
- Outdated contact information for plan administrators
- Changes in plan administration
If you think you have an old retirement account, follow the steps below on how to find an old employer 401(k) and claim your money.
How to find out about old 401(k) accounts: Step-by-step guide
Finding lost 401(k) accounts often requires some sleuthing, but the process isn’t overly difficult if you follow these four steps.
Step 1: Gather essential information
You’ll want to start planning before you begin searching for lost 401(k) accounts by compiling all relevant data. This includes:
- A list of all previous employers, including company names, addresses, dates of employment, and, if possible, the name of the retirement plan administrator.
- Your Social Security number
- Any past 401(k) account statements
- Any bank account records that may show rollovers or distributions from retirement accounts
- Tax documents such as annual W-2 statements or 1099-R which are used to record distributions and rollovers on retirement accounts.
Reviewing your yearly statements is important to track the status of your retirement accounts and to ensure you are aware of any changes or unclaimed funds.
Step 2: Contact previous employers
Now that you are armed with the necessary information, begin your search for a lost 401(k) by contacting the human resources (HR) department of your former employer. Inquire whether they still maintain an account in your name or can provide details about the employer’s qualified plan. Speaking with a knowledgeable representative from the HR department will help you obtain accurate and up-to-date information about your retirement funds held within your former employer’s plan.
Step 3: Reach out to plan administrators
If your old employer has closed its doors, you’ll want to reach out to the financial firm or other financial institution that managed your 401(k), if possible.
If you have old 401(k) documentation, look for the administrator’s contact information in the Summary Plan Description, which explains your eligibility requirements, benefits, and rights. This document contains important information such as the name and type of plan, investment options, and the procedure to claim your benefits. If your account was subject to a forced plan distribution, it’s possible the funds have been transferred and are now held by an IRA custodian.
If you can’t reach a past employer or plan administrator, there are multiple online tools to help you in your search. Some third-party providers can also assist in locating lost accounts.
Step 4: Use the Department of Labor’s lost and found database
The U.S. Department of Labor, through its Employee Benefits Security Administration, offers a free online search portal to help you locate lost retirement accounts. Established in 2022 as part of the SECURE 2.0 Act, this database requires secure login verification via the DOL’s portal at secure.login.gov/. The database may also include information from third-party providers involved in plan administration.
To verify your identity, you will need to provide a passport or driver’s license number, your Social Security number, and a phone number to receive a one-time verification code via text. Additionally, you must upload a photo of your identification as part of the secure login process.
Once logged in, you can search using your Social Security number. The database will display any accounts linked to you, along with contact information for the respective plan administrators. Be sure to review the management fees associated with any accounts you find, as these fees can vary and may influence your decision to leave your funds as is, roll them over to an IRA, or transfer them to your new employer’s plan.
Free resources for finding old 401(k) accounts
In addition to the resources we’ve already mentioned, there are other free resources for finding old 401(k)s.
Government resources
Abandoned Plan Program. The Department of Labor administers an Abandoned Plan Program for individual retirement accounts that have been abandoned by sponsoring employers. Federal law governs the rules and protections for these retirement accounts, including the handling of abandoned plans. The Abandoned Plan Search tool searches for plans using the employer name, city, state, and zip code where the company was located. The Qualified Termination Administrator (QTA) is the entity responsible for managing or overseeing the legal process of plan termination, and the QTA search tool identifies plans that have been formally terminated by a plan administrator.
Pension Benefit Guaranty Corporation. The Pension Benefit Guaranty Corporation (PBGC) offers a search tool to help individuals locate unclaimed pension benefits from private-sector defined benefit plans that have been terminated.
Social Security Administration. The SSA can’t help you directly locate lost 401(k)s, but it may be able to provide information on past employers that could prove crucial in your search.
National Registry of Unclaimed Retirement Benefits. The National Association of Unclaimed Property Administrators helps people find unclaimed assets. The majority of states participate in the NAUPA’s missingmoney.com online search portal. You’ll just need to enter your first and last name and state where you think your lost funds might be located.
Other online tools and resources
Multiple private websites can help you scour the internet and find lost 401(k) accounts. These sites typically have search fees, which may range from $20 to $50 or more. When using these services, it’s important to consider these fees, as consolidating or choosing certain types of accounts can affect the overall fees you pay, including administrative and management fees.
Pension Benefit Guarantee Corporation, which is administered by the federal government, can help you locate retirement benefits from employer-sponsored defined contribution plans such as 401(k)s.
Portability Services Network, founded by Vanguard, Fidelity, TIAA, and other leading retirement plan administrators, can help you locate past plan sponsors.
What to do after finding your old 401(k)
Once you’ve found your old retirement accounts, you have several options. One common choice is to roll over your funds into a new retirement account, such as an IRA or your current employer’s plan, to maintain tax advantages and avoid penalties. Let’s go over them in detail.
Evaluating Your Options for an Old 401(k) Account
Your four options for an old 401(k) account include:
- Leave the money alone. Some companies will allow you to keep your money in your former employer’s plan. This option can offer potential benefits, such as access to lower-cost mutual funds, but you may face restrictions on making new contributions. Be sure to review the current fees associated with your former employer’s plan to ensure you’re not paying excessive or hidden charges. If you have less than $7,000, though, your funds may be sent to you as a check that’s considered taxable income. Your plan sponsor also might have already cashed out your account and placed the funds into an Individual Retirement Account (IRA) in a process known as forced plan distribution.
- Move the funds into an IRA. You can elect to have the funds transferred into an IRA, which allows you to continue growing your tax-advantaged retirement income.
- Roll over into your new employer’s plan. Your new employer’s plan may allow a direct rollover of old 401(k) accounts, letting you consolidate your retirement savings and maintain tax advantages. If this is the case, your past plan sponsor will send a check for your old account directly to your new plan sponsor. If your past account was converted into an IRA, you may have the option to roll those funds into your new employer’s plan as well.
- Cashout. You can elect for a cashout, but this triggers a taxable event, and your funds will be subject to income tax and potential penalties, especially if you withdraw before reaching retirement age. It’s much more financially prudent to have any money from an old 401(k) moved into another tax-advantaged retirement account.
Frequently asked questions about finding old 401(k) accounts
Your unique Social Security number is perhaps the most valuable piece of information you have to find old 401(k) accounts. It’s necessary for almost all the account-search tools outlined above.
The best way to locate a lost 401(k) account is to use the federal government’s online search tool since it’s a centralized database made for this singular purpose. It will take a few minutes to get your identity verified.
Multiple websites can help you search for and claim old 401(k) accounts. It would be prudent to search for reviews on these sites to see other customers’ experiences and satisfaction stories.
Putting it all together
Finding an old 401(k) account usually takes a bit of online detective work, but there are many different resources available to help you in your searches.
You’ll want to start by compiling all relevant data, such as old tax and benefit plan documents that contain important information about your past employers. The Department of Labor’s Retirement Savings Lost and Found Database and Abandoned Plan Search Tool should be your starting points for internet sleuthing. If you don’t feel comfortable conducting searches by yourself, many different private companies can help you track down lost retirement assets for a nominal fee.
After you’ve located your lost 401(k) accounts, you have the choice of rolling the money over into an existing tax-deferred savings account, creating a new individual retirement account, or cashing out the funds, although you’ll face taxes and penalties on the latter option. You may be able to leave the funds where they are as well.
Losing track of old retirement accounts is quite common. The sooner you start searching for them, the closer you are to finding and claiming them and putting that money back to work for your retirement nest egg.
