According to a recent study, there are 29.2 million forgotten participant 401(k) accounts that hold $1.65 trillion in assets, up from 24.3 million and $1.35 trillion in 2021. That is 25% of all 401(k) plan assets. That is an incredible number and that’s a lot of assets where former participants aren’t managing their retirement savings.
This is what the Department of Labor and plan providers are going to create tools for former participants of 401(k) plans to find their money, which will be useless for the participants who don’t bother to look, just like how people don’t check their state unclaimed funds program to see if they have money owed.
