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Asked 3/6/2010

I had a 401k started 10 years ago with a company I worked for. What happen to my funds?

I left the job10 years ago with a small 401K and then got a couple more statements then they quit coming. I forgot about it for a while then tried to contact them. They said that they could not tell me nothing. I run across the statements again and was wondering what happens to the money?

 
 
 
 
 
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Answer 1/1 - Submitted 3/8/2010

Usually any monies left in a 401k for longer than 6-1yr after you leave the employer gets transfered to a middle man, then put into a rollover IRA with some adminstrator -- There are companies out there that do just this.. There are fees involved for every transfer, so chances are if you only had a couple hundred dollars -- it may have been eaten up by the fees. If it was more than that you most likely have an IRA somewhere.. THe company that sent you the statements has to tell you where the funds where sent at least.. if that is what happened. You would then have to track it until you find where it is located now. My employer does take autorollover IRA's. and once received we send a letter to the participant at the last know address,. they often call unaware they had any $---

 
 
 
 
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