We hope you found our recent "In the Loop" communications of benefit. As a recap, "In the Loop" is our OSJ-dedicated communication initiative for any and all things we believe are meaningful for your practice. Examples of information we plan to share via "In the Loop" include compliance related news, tax planning tips, employer retirement plan resources, and other items. Our intent is to keep you well informed and provide resources to support you and your clients. And remember, the "Members" section of the Prosperity Network of Advisors website now has an "In the Loop" resource library so you can view all past and current "In the Loop" communications from us.
Today we are sharing some information from our Prosperity Advisors Employer Retirement Plans Team that might of interest to you - and that you may want to communicate with your own clients.
As a part of SECURE Act 2.0, on December 27, 2024, the Department of Labor (DOL) launched a Retirement Savings Lost and Found Database! This database is designed to help individuals search for retirement plans that may still owe them benefits.
Although the database is up and running, it is only as good as the data in it. Meaning that if you did receive funds in the past, distributed or rolled, from a former employer’s plan, but the recordkeeper or mutual fund company did not alert the DOL to this event, you could experience a disappointing "false positive" when you search the database for any lost funds.
We recommend you first check your previous records and/or annual tax filings to determine if you did indeed receive what you were due from any former employer plans.
However, if you're unsure or do suspect there are monies owed to you from a plan, the lost and found database can serve as a centralized location to search for lost or forgotten retirement accounts and receive guidance on how to claim those funds. The website also features a Q&A section as well as contacts to offer general guidance.
You can visit the IRS/DOL website and search the database by clicking this link: https://lostandfound.dol.gov/