How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Dwayne B. Your Own Question
Dwayne B.
Dwayne B., Lawyer
Category: Employment Law
Satisfied Customers: 32362
Experience:  Employment Law Expert
11068102
Type Your Employment Law Question Here...
Dwayne B. is online now
A new question is answered every 9 seconds

Retirement Employee Benefit terminated by employer in 1985.

Customer Question

Retirement Employee Benefit terminated by employer in 1985. I was not notified. What happen to the monies in the plan & cam I have the Labor Dept. investigate this.
Submitted: 5 months ago.
Category: Employment Law
Expert:  Dwayne B. replied 5 months ago.

Hello and thank you for contacting us. This is Dwayne B. and I’m an expert here and looking forward to assisting you today. If at any point any of my answers aren’t clear please don’t hesitate to ask for clarification. Also, I can only answer the questions you specifically ask and based on the facts that you give so please be sure that you ask the questions you want to ask and provide all necessary facts. Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms.

There are a number of ways to try and locate the funds.

First, most employers are required to file an annual report on company-sponsored retirement plans, called a Form 5500. You can use a free web service like FreeErisa.com or BrightScope.com, you can search for the employer’s name and find contact information for the plan’s administrator. It sounds like you may already have that but I'm not sure from the way your facts are worded so I wanted to mention this as the place to start.

Next, the National Registry of Unclaimed Retirement Benefits is a database that matches employers with past employees who have abandoned retirement account balances. This is done by searching using your Social Security Number. The database is located at https://www.unclaimedretirementbenefits.com/

Next, if the former employer "abandoned" the retirement plan the U.S. Department of Labor maintains a record of plans that have been or are in the process of being abandoned. You can find the Qualified Termination Administrator (QTA) responsible for directing the shutdown of the plan by searching the database at http://askebsa.dol.gov/AbandonedPlanSearch/

Finally, you can search at http://search.pbgc.gov/mp/mp.aspx to see if they have anuy info about the plan or its benefits.

If your question has been answered then I'd offer my best wishes to you and ask that you please not forget to leave a Positive Rating so I receive credit for my work.

Of course, please feel free to ask any follow up questions in this thread. I want to be sure that all of your questions are answered. In addition, once you issue your Positive Rating the question will lock open and you can come back to it anytime in the future if you think of something else.