Long-Lost Assets May Soon Be Reunited With Their Owners: The Pension Benefit Guaranty Corp. is expanding its long-standing missing-plan program to include defined-contribution-plan participants.
If you are one of the estimated 10,000 people a year who have lost track of their 401(k) plan, get ready for some good news: The federal insurance agency that protects private sector defined benefit pensions wants to add defined contribution plans to its search program.
Whatever Happened to That Old 401(k)?
Suspect you may have lost track of a 401(k) retirement account or pension benefit? You aren’t alone. As Americans jump from job to job, they are leaving more 401(k)-style accounts and pension benefits with ex-employers. Some lose track of the money, forfeiting a piece of their retirement security.
Plan would hang onto retirement funds for employees who can’t be found
When it comes to saving for retirement, every penny counts. Even lost pennies. The Pension Benefit Guaranty Corp. has a plan to help thousands of retirement savers find those lost pennies.
Missing Pensions Costly to Retirees
People who have earned a defined-benefit pension seem to be in an enviable position — retiring with the promise of a steady income stream for life. But it’s not so enviable if the promised benefits don’t show up. And an investigation by the U.S. Department of Labor is finding that many retirees aren’t getting the benefits they’ve […]