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Asked 12/20/2009
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My 401K I can't find my 401K and the company I work with them was closed ten year ago and I not rollover my 401k to the new company and I lose all my paper work 401K company how can I find my 401 account, Thanks |
Answer 1/1 - Submitted 1/19/2010
After so much time and with your previous employer no longer being in business, it is unlikely that your 401k money is actually still in a 401k. When retirement plans are shut down, the plan sponsor (your previous employer) is obligated to try and get your money to you. Once they exhaust this process, then they can do a couple things. 1) Process a distribution (pay it out) of your 401k and withhold 100% for federal taxes. That way, if you have a valid social security number, the money will find you albeit in the form a federal taxes paid. 2) They can escheat the money to the State. In this case, check with your State's unclaimed property division - you may have some money waiting for you.
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