Lost & Found Retirement Accounts

Department of Labor statistics reveal that at the end of 2013, about 16 million workers still had retirement assets in a former employer’s retirement plan.1 The more startling data is that a significant percentage of those assets may be unclaimed. When employees leave a job, either under duress or in their excitement to move on, they tend to forget about things like rolling over a retirement plan. This is particularly true of young adults and those who didn’t work all that long at the company.

Some companies have taken measures to help ensure clients don’t leave behind hard-earned money in an old account. For example, Millennium Trust Company has a search tool to help workers discover unclaimed retirement funds that may have been rolled over to a Millennium Trust IRA account from a previous employer. You can utilize the free search by inputting your Social Security number to find any unclaimed retirement funds in your name.2 If you do find an “orphan account” in your name, you can either keep it where it is or take a distribution.

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1Marlene Satter. LifeHealthPro.com. April 18, 2016. “New search tool seeks ‘orphan’ accounts.” Accessed April 27, 2016.
2Millennium Trust Company. 2016. “Unclaimed Retirement Funds.” Accessed April 27, 2016.

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