Your Money Show – Higher 401K Fees For Not Having Facebook Page
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Many employees who leave their job opt to leave their 401k account with their former employer. According to some surveys, about half of the 401(k) participants who leave their jobs have not moved their 401k money a year later. However leaving your 401k money with your former employer may cause you to pay higher 401k fees; especially if you don’t have a LinkedIn or Facebook page. Your Money Show talked about a the new Department of Labor (DOL) law on locating missing participants. When a 401k is terminated and a former employee cannot be located through email or regular mail, the trustees must either check with the participant’s beneficiary or find the missing employees on Facebook, LinkedIn, or other free internet search databases. If the participant can’t be found online or by mail, the trustee can hire a private investigator or use an online paid search tool. Unfortunately the cost for the private investigator or on line search can be charged to the missing participant’s account.new law that allows employers to charge you