401K help! how to find my 401k?

Question

i had a 401k plan at some point. not real long ago. i need ideas of how to find it and also how to pull some money out for an emergency. thanks very much.

Answer 1

Check with the former employer to find out the administrator of their program.

Most states require assets be turned over to the state after "x" years if the owner of the asset can not be contacted. So possibly you are on a state list somewhere. I would check the state where I worked and the state where the company was domiciled. Most states even have an on line list of people who have a claim on "lost" assets.

May not work, but worth a try. First find it - then you can worry about taking funds out if you have an emergency.

Answer 2

You should call your former employer where you worked during the time that you had the 401(k). They can give you the contact information for the financial services company that managed your plan.

As for taking money out, you can cash in your contributions (and in some circumstances the contributions made on your behalf by your former company). BUT, be aware that you will pay a 20% tax on the funds if you choose to receive a distribution, which will be withheld at the time of the distribution. AND, you will pay an additional 10% penalty on the distribution when you pay your taxes for the tax year in which you received the funds.

Answer 3

Rather than withdraw the money from your 401k, you can borrow it. That way you avoid the steep penalties for early withdrawal. Of course, you still have to pay back the money with interest.

Once you locate your 401k, call the company administering it and ask how to take out a loan.

Answer 4

Well you should be getting annual reports from it. You more than likely set it up through a job you had...call human resources and get the info you need.

Answer 5

Best bet is to ask your employer. Unless you know what firm was managing it, it's gonna be pretty hard to find.