Pension Benefit Guaranty Corp will include 401(k) Accounts in 2018
Remember that job you had in the 90’s? Remember what happened to that 401(k) you had with it? Experts estimate that 900,000 retirees need help every year tracking down money they may have left behind in pension funds from former employers. Now the federal agency that insures private-sector pensions is moving to plug these gaps.
The voluntary service provided by the Pension Benefit Guaranty Company will allow businesses closing down a 401(k) to transfer stranded accounts to the PBGC or send the agency information to be added to a database. The agency estimates that 24,000 defined-contribution plans are ended each year, mostly at smaller employers.
Experts advise anyone with a 401(k) from a former employer to roll it over to an IRA or a current 401(k) to avoid losing this money. If you cannot find out what happened to a previous employer who had fund owing to you, please check with the Pension Benefit Guaranty Company.
Ms. Gina MacDonald’s practice is limited to Estate Planning, Probate & Trust Administration. Ms. MacDonald maintains her practice in the Santa Clarita Valley at 25115 Avenue Stanford, Suite A-209 in Valencia, California. She can be reached at 661-294-6464.
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