Benefits of consolidating retirement accounts

by  |  24-Sep-2019 17:16

Plans may voluntarily transfer missing participants' benefits to the PBGC, instead of stashing the money in IRAs at financial institutions, or report to the PBGC the institution that is now responsible for the benefit, so the PBGC can share that information with the participant." data-reactid="41"Search the PBGC's list of missing participants, suggests Jane Smith, policy analyst at the Pension Rights Center.

So what exactly has become of that pension you earned decades ago and the 401(k)s you left with former employers?

The answer may not be as straightforward as you think.

Plans may voluntarily transfer missing participants' benefits to the PBGC, instead of stashing the money in IRAs at financial institutions, or report to the PBGC the institution that is now responsible for the benefit, so the PBGC can share that information with the participant.to find pension counseling projects funded by the U. Administration on Aging." data-reactid="42"For help tracking down a plan, go to to find pension counseling projects funded by the U. Pension plans "have an incentive not to contact you," says John Turner, director of the Pension Policy Center, in Washington, D. That way, the money stays on the plan's books, improving its funding status.

Indeed, regulators have found some plans are making minimal effort to track down missing participants.

"He sent me 30 pages of biweekly paystubs showing he had worked 2½ years more than the company thought," Medeiros says.

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