According to the U.S. Bureau of Labor Statistics, on average, working Americans change jobs every 4.2 years. If this describes you, it’s possible you may still have money in a private-sector 401(k) that was set up before your started you federal career.
A new analysis by Capitalize indicates there are 29.2 million left-behind or forgotten 401(k) accounts holding approximately $1.65 trillion in assets. Considering these accounts may still be earning interest, isn’t it worth the time and effort to look for a 401(k) that you may have forgotten?
Check Tax Returns For The Years You Worked In the Private Sector
Look at the years you suspect you may have a forgotten 401(k) employer plan for a previous job. Next, check the W-2 form attached to your return. Any contributions to a 401(k) would appear in Box 12 of your W-2.
With this information you may be able to contact your previous employer. When you call, be ready to provide your full name (or maiden name if you were employed there before marriage), Social Security number and the dates you worked for them.
If they’re no longer an active business, check your for old 401(k) statements. If you find any, look for the name and contact information of the firm that administered the plan.
“NAUPA reports there are billions of dollars in unclaimed property held by state governments and treasuries within the United States.”
Also Check With These Organizations
The U.S. Department of Labor’s Abandoned Plan Database may also help you track down a former employer. Another website to check is The National Registry — a nationwide, secure database listing designed to help match employers with former employees who have balances in forgotten retirement accounts. The NAUPA website, unclaimed.org enables you to search for other types of unclaimed funds. NAUPA reports there are billions of dollars in unclaimed property held by state governments and treasuries within the United States.
How To Roll Over Money To Your TSP Account
There are two ways to move money into your TSP account from an eligible retirement plan. You can call the TSP ThriftLine and follow the prompts to access the rollover concierge service. A rollover specialist will help you each step of the way.
Or, log into your TSP Account and use the online tool to start the rollover contribution process. You’ll have to contact the provider of your eligible plan and request a rollover distribution. For complete information on a TSP rollovers, go toMove money into the TSP.
You can also connect with an FRC® trained advisor who can help you track down forgotten 401(k)s and other assets and also assist you through the rollover process.
Sources:
