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Did you leave behind a 401(k) or pension when changing jobs? You're not alone. Millions of Americans have unclaimed retirement accounts waiting to be reclaimed. Fortunately, the U.S. Department of Labor (DOL) has introduced a valuable tool to make finding these accounts easier. Launched on December 29, 2024, the Retirement Savings Lost and Found Database is an innovative online resource designed to help individuals locate lost or forgotten retirement accounts.
A 2018 study by the Government Accountability Office (GAO) revealed that over 25 million participants in workplace retirement plans left at least one account behind between 2004 and 2013. Many individuals may not even realize they have unclaimed accounts or might have forgotten about them over time.
Here’s everything you need to know about the Retirement Savings Lost and Found Database, additional steps to reclaim your retirement account, and tips to prevent losing track of accounts in the future.
What is the DOL’s Retirement Savings Lost and Found Database?
The Retirement Savings Lost and Found Database was established under Section 303 of the SECURE 2.0 Act to help American workers and their beneficiaries locate lost or forgotten retirement plan benefits. This resource includes information about plans sponsored by private-sector employers and unions, such as:
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- Defined-contribution plans: These include accounts like 401(k)s, primarily funded by employees and growing during their working years.
- Defined-benefit pension plans: These guarantee a lifetime monthly payment, such as an annuity, or a lump-sum payment upon retirement.
However, the database does not cover:
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- Individual Retirement Accounts (IRAs)
- Plans sponsored by government entities or religious organizations
- Social Security benefits
How to Use the DOL’s Retirement Savings Lost and Found Database
Using the database is straightforward and secure. Follow these steps:
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- Access the Database: Visit the Retirement Savings Lost and Found Database.
- Verify Your Identity: To protect your personal information, you'll need to create a Login.gov account and verify your identity. This process requires:
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- Legal first and last name
- Date of birth
- Social Security number
- A mobile device
- Front and back photos of an active driver's license
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- Search for Your Retirement Accounts: Once your identity is verified, you can search the database for retirement plans associated with your Social Security number. The system will provide contact information for plan administrators managing your accounts.
- Contact Plan Administrators: Reach out to the plan administrators listed to verify your identity further and determine any retirement benefits you may be entitled to collect.
Additional Steps to Reclaim a Retirement Account
The Retirement Savings Lost and Found Database is new and populated by information submitted voluntarily by retirement plan administrators, recordkeepers and other service providers. As such, it may not include all lost accounts or accounts that no longer hold benefits. Consider these additional steps to locate your funds:
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- Contact Your Former Employer: Reach out to your previous employer’s human resources department for details about your retirement account or guidance on locating your funds.
- Review Old Account Statements: Check past account statements for contact information regarding the institution managing your funds.
- Explore Other Online Resources: In addition to the DOL's database, the following online resources can help you identify and reclaim lost retirement accounts:
- National Registry of Unclaimed Retirement Benefits' website: Allows you to conduct a search using your Social Security number to see if any employers have a retirement account for you.
- DOL’s Abandoned Plan Database: helps people find out whether a former plan is or has been terminated. If so, it will provide the name of the person responsible for terminating the plan.
- Pension Benefit Guaranty Corporation’s (PBGC) website: Connects people — missing when their pension plans terminated — to their retirement benefits.
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- Leverage Your Network: Former colleagues or friends who still work for your previous employer may be able to point you in the right direction.
Preventing Future Lost Retirement Accounts
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- Request a Distribution Upon Employment Termination: When leaving a job, consider requesting a distribution of your retirement account promptly. You can then roll these funds into your new employer's plan or an individual retirement account (IRA).
- Keep Your Contact Information Updated: If you decide to leave a retirement account in a former employer’s plan, ensure you keep that account current with contact details such as address, phone number, and email. This practice helps you receive timely benefit statements and important notifications about your retirement accounts.
Take Control of Your Retirement Savings Today!
By using the Retirement Savings Lost and Found Database and following the steps outlined above, you can efficiently locate and reclaim retirement savings left with previous employers. Don’t wait—take action today to ensure your hard-earned money supports your financial future.
