Lost & Found
Lost and Found
by Mary Schulz
Ever lose track of a former employer retirement plan? It used to be difficult to track down, but thanks to the SECURE Act 2.0, finding those lost benefits is way easier now! There are several places to locate benefits you may have forgotten about and we are here to provide you with the most up-to-date resources. Most of the information provided is directly from the specific website, so you can determine which site may be best to begin your search.
The Employee Benefits Security Administration, or EBSA, is helping America’s workers and beneficiaries search for retirement plans that may still owe them benefits by establishing a public Retirement Savings Lost and Found Database through the SECURE 2.0 Act of 2022.
This database serves as a centralized location to find lost or forgotten benefits and get information on how to obtain those funds. Learn about the tools and resources available for you to recover your hard-earned benefits.
To access the Retirement Savings Lost and Found Database, you must have a valid ID-Proofed Login.gov account, which requires the following information:
- Legal first and last name
- Date of birth
- Social Security number
- A mobile device
- Front and back photo of an active driver’s license
Q. What types of retirement plans can the Retirement Savings Lost and Found Database website find?
The website can help you find retirement plans linked to your Social Security number that were sponsored by private-sector employers and unions, including:
Defined-benefit pension plans: These guarantee a lifetime monthly payment option, such as an annuity, or a lump-sum payment at retirement. Guarantees extend to the claims-paying ability of the issuer.
Defined-contribution plans: These include plans like 401(k)s, which are primarily funded through individual employees’ accounts during their working years.
Heads up! This database won’t help you find IRAs, government plans, religious organization plans, or Social Security benefits.
Q. Does a list of retirement plans in my search guarantee that benefits are still owed to me?
No, the search results show that you participated in a retirement plan at some point. Your benefits may have already been paid out, rolled over into another retirement account, or provided as an annuity. Only the plan administrator can tell you if you still have benefits to claim.
Q. What law required the creation of the Retirement Savings Lost and Found Database?
The SECURE 2.0 Act was signed into law in 2022 to expand retirement savings options for America’s workers and their families. A key provision calls for the creation of a website to help individuals find missing retirement accounts. You can find more information at: https://lostandfound.dol.gov/
Another great resource available for finding Lost Retirement Plan Benefits is the “Find Unclaimed Retirement Benefits” search tool on the Pension Benefit Guaranty Corporation’s (PBGC) website. This tool has a searchable database of “missing participants” that includes people who could not be located when an employer terminated a private-sector plan. It also includes recommended steps to take to find lost benefits. The “missing participant” database mainly includes the names of people who participated in defined benefit pension plans. However, the database does include “missing participants” from some, but not all, terminated 401(k)-type plans.
The PBGC also has a separate searchable list of employers with ongoing defined benefit pension plans that are insured by the PBGC—Plans Paying PBGC Premiums.
This list includes contact information for plan administrators. So, those in a traditional pension plan who can’t find themselves listed under the PBGC’s “missing participants” tool can check this list of ongoing plans to locate and contact the plan administrator.
Employers frequently change names, addresses, or merge with other companies and therefore are hard to find years later. If you’re still stuck, the PBGC offers more tips on their website, and organizations like the Pension Counseling and Information Program can also help.
If you still can’t find your plan or employer in any of the PBGC’s databases, never fear, the agency offers additional tips on their website for finding your benefits.
Find unclaimed retirement benefits at:
https://www.pbgc.gov/workers-retirees/find-unclaimed-retirement-benefits/search-unclaimed
The third helpful resource to find unclaimed property, is the State of Arizona’s Unclaimed Property Page: https://azdor.gov/unclaimed-property. Unclaimed Property is a financial asset owed to an individual or business. Property is considered unclaimed when there has been no owner contact for a specified period of time, usually between 1 and 3 years.
The purpose of the Unclaimed Property Unit is to efficiently and effectively collect, safeguard, and distribute unclaimed property to the rightful owners through prompt and courteous service, and to provide education to the public and holders about Unclaimed Property Laws.
Chances are you lived in other states before and the best national database to search is: MissingMoney.com which is the official Unclaimed Property website of the National Association of State Treasurers.
US State Governments and several Canadian Provinces, through their partnership with the leading, trusted authority in unclaimed property—the National Association of Unclaimed Property Administrators (NAUPA)—provide this free, safe, and secure site to the public. New properties are added daily, so start your search now and check back often: https://missingmoney.com/
A client recently asked me about a national database for banks when her sister died and it’d be great if we could get the banking system to do the same for not just bank accounts, but also safety deposit boxes. Maybe we can start the “missing buried coffee can full of money” website next, lol.
Q. How to prevent your money from going missing in the first place:
Don’t leave it there! Not sure what to do? Call a professional who can help educate you on your options to make the best financial decisions for you and your family.
Some information for this article was provided by https://lostandfound.dol.gov/, https://pensionrights.org/more-resources-now-available-for-finding-lost-retirement-plan-benefits/,https://www.pbgc.gov/workers-retirees/find-unclaimed-retirement-benefits/search-unclaimed and https://azdor.gov/unclaimed-property
Mary Schulz, AIF®, RICP®, Schulz Financial Group, 6849 N Oracle Rd, Suite 175, Tucson, AZ 85704/ Phone (520) 495-2800
Securities and advisory services offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser. Fixed insurance products and services are separate from and not offered through Commonwealth.This material has been provided for general informational purposes only and does not constitute tax, legal, or investment advice. Although we go to great lengths to make sure our information is accurate and useful, we recommend you consult a qualified professional regarding your situation. Commonwealth Financial Network does not provide tax or legal advice.