A congressional proposal aims to reduce the number of retirement accounts or pension benefits that end up being hard for workers to track down.
"If the company has moved to South Carolina or New Zealand or wherever, or is now Company Z not Company X, the lost and found will have that information," said Karen Ferguson, president of the Pension Rights Center, a consumer advocacy group.
Generally speaking, companies with retirement plans are expected to do their due diligence in trying to locate account holders.Anna Tabor"The Labor Department takes the position that 401 plans have to go through certain search procedures as part of their fiduciary duty," Ferguson said. In some cases, missing 401 accounts also may end up with a state's unclaimed property list, which is typically searchable online through a state portal. Other accounts end up with firms that specialize in locating the owners.
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