New Job, New Benefits!
Often times, in order to advance in the job market and careers, people move change jobs leaving behind some very important benefits that accumulated over time and grew tax-free and with employer contributions. However, when left behind without employer contributions the benefits may disappear due to administrations fees.
Here are some steps you may take to follow your money and what to do once you find it.
1. Call your former employers asking about your account and administrators information
2. Use your old 401K statement and contact administrator
3. The National Registry is a nationwide, secure database listing of retirement
plan account balances that have been left unclaimed by former participants of retirement plans.
4.You can also visit FreeERISA.com, which can help you track your old 401K plans
5. Missingmoney.com is another website that may help you reunite with your "ghost money."
National Association of Unclaimed Property Administrators, runs free searches for not just retirement funds, but for money in old bank accounts, safe deposit boxes, escrow accounts, and insurance policies.
What to do when you find your 401k money
You can easily transfer the funds to your current employer's 401k plan or you can roll it over into an IRA or ROTH IRA with some tax implications. However, the IRA will give you more flexibility over the use of your funds than a traditional 401K plan.
Be sure to consul a financial advisor or your CPA for clear understanding of the options available to you.
