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April 18, 2016 at 02:44 PM
Workers who job hop and lose track of retirement plan accounts might have some help finding them.
In a time when people might move from job to job with distressing frequency and be unable — or forget — to take their retirement accounts with them, the issue of “orphan” accounts has grown.
Millennium Trust Company has launched a new search tool designed to help individuals find unclaimed retirement funds that may have been rolled over to a Millennium Trust IRA account from a previous employer.
Not just workers who changed jobs voluntarily, but those who were laid off might have failed to take steps at the time to move their retirement funds along with the contents of their desks. And that can add up to a lot of people — as well as a sizeable amount of money.
“Department of Labor statistics reveal that at the end of 2013, about 16 million people still had retirement assets in a former employer’s retirement plan,” Terry Dunne, managing director of the rollover solutions group at Millennium Trust, said in a statement. Dunne added, “A significant percentage of these assets may represent missing, nonresponsive participant assets.”
