The simplest way to find money in an old 401(k) account is to contact the former employer, according to Henry and Horne, LLP, but that is not always possible, and the plan may be abandoned. The U.S. Department of Labor notes that 401(k) plans can be abandoned for a variety of reasons, such as when a former employer or plan sponsor dies, files for bankruptcy or flees the country.Know More
The next step is to look for contact information for the plan administrator on an old 401(k) plan statement. If there are no old statements available or they do not contain the contact information, a form the company was required by law to file annually, known as Form 5500, can be searched for on the U.S. Department of Labor website. It should have the contact information.
Other options are to look up the plan with the Pension Benefit Guarantee Corporation, a federal insurer of private pensions, and on the National Registry of Unclaimed Retirement Benefits, a free service that helps contact the former employer, advises U.S. News & World Report. In most cases, the employee's social security number, company name, the name of the pension plan and dates of employment are necessary.Learn more about Financial Planning
401(k) retirement funds are accounts for employees working in the private sector that allow them to store money either through a tax-deferred plan or through investments using pre-taxed income; 401(k) plans come in several varieties but have common restrictions such as one that employees cannot withdraw account funds before reaching the age of 59 and six months. In addition, 401(k) plans give employees personal discretion in deciding how much money to contribute and where to invest finances, notes WSJ.com. Companies offering a 401(k) plan put in a financial contribution along with a percentage of an employee's salary to help the account grow.Full Answer >
Employees who leave federal service can withdraw money from their Thrift Savings Plan or roll over the funds to an IRA or an employee-sponsored retirement plan once the new account is active. Employees may have to pay taxes and penalties on withdrawals and transfers, depending on their age and the types of their investments, according to TSP.gov.Full Answer >
The simplest way to borrow against your 401(k) retirement plan is to take a temporary distribution of funds in the form of a loan. According to the IRS, many 401(k) plans allow participants to borrow tax-free funds from their account as long as the loan is 50 percent of the total balance or $50,000, whichever is less, and the loan is repaid within five years in relatively equal quarterly installments.Full Answer >
The rules for withdrawing money from a 403(b) tax-deferred retirement plan vary by plan, but some allow for a hardship withdrawal or loans, according to the Internal Revenue Service. Plans may also allow withdrawals when the employee reaches age 59 1/2, leaves the employer, develops a disability or dies.Full Answer >