Question for the Money Doctors
Question submitted on Apr 22, 2014.
QuestionThis is one I bet you haven't seen before:
I started an IRA with my company in 1984. I was only 24 at the time (I was young & poor), so I only put in $2,000 or $2,500 (can't remember what the minimum req to open one was). I left later that year and the company folded a year or two later. It was called Advanced Resource Technology, and it was in Reston, VA. I do not want to contact the former president (I know he's alive & still living in Reston, because I've seen him) and here is why: (tho this term wasn't invented yet), he was guilty of sexual harassment. Big time. Rather than confront him (remember, it [s.h.] wasn't a term yet), I just quit (and left the IRA as it was) I couldn't get out & away from that man fast enough. So now, thirty years later, I'm retired, and looking for the IRA. Any ideas where to look, or who to contact in the gov. to help me locate that $? thanks - claire
PS - if you need the president's name, email me, bc I don't want to pubicize it here.
Your question has broad based application. A Great question.
There are a number of solutions. You can use the below options, one of which is included for the benefit of other readers which you probably won't go to first.
It is common to have time go by with small balances that can get lost due to corporate mergers, bankruptcies, and retirement of the owner of the firm.
Many small balance assets are automatically carved out to an IRA or distributed.
1. The first place most should go to is to Contact your old employer.
2. Check with the National Registry of unclaimed employee benefits. https://www.unclaimedretirementbenefits.com/
3. For abandoned plans, go to the Department of Labor site for abandoned plans. http://askebsa.dol.gov/AbandonedPlanSearch/
4. If a plan was a small dollar amount, check with the your state's abandoned property site. If a distribution was made and not claimed, the state in which it was distributed in may have confiscated the funds distributed under the prevailing laws of the state. Everyone should check the abandoned state website from time to time.
For additional information visit http://www.360financialliteracy.org/