Key facts
- Tens of millions of retirement accounts holding $2.1 trillion in assets are forgotten.
- The Pension Benefit Guaranty Corporation (PBGC) operates a lost pension database.
- The PBGC's Missing Participants Program helps locate former employees and beneficiaries.
- The U.S. Department of Labor also maintains a Retirement Savings Lost and Found Database.
Millions of Americans have forgotten retirement accounts from previous employers, totaling an estimated $2.1 trillion in unclaimed funds. Factors such as frequent job changes, company mergers, outdated addresses, and lost paperwork contribute to this issue. The federal government provides resources to help individuals reconnect with these forgotten benefits. The Pension Benefit Guaranty Corporation (PBGC) operates a searchable database as part of its Missing Participants Program, designed to locate former employees and beneficiaries whose pension plans terminated before benefits were claimed. This is a free government resource aimed at reuniting people with their earned retirement money. Additionally, the U.S. Department of Labor offers the Retirement Savings Lost and Found Database, which serves a similar purpose in helping workers find lost retirement funds. Searching these databases typically involves providing identifying information to determine potential eligibility.