Several times every year I hear from a concerned son or daughter complaining that their parent has Alzheimer's disease and cannot effectively communicate. The parent worked for decades for a pension, however, the company closed, and no pension was ever received. So how do you find a lost pension?

There is an online Form 5500 search on a Department of Labor (DOL) website, but you have to know the name of the plan, the plan sponsor or an EIN generally to conduct that search. By locating an old filing, that may help identify the plan sponsor and then the plan administrator even if there are no current filings. But if that is a dead end, there is also the Pension Benefit Guarantee Corporation (PBGC).

That is where some pensions end up when there are various problems with the employer or funding of the pension. The PBGC is pension insurance somewhat similar to FDIC insuring money in the bank.  There is a section on the PBGC website titled "find unclaimed retirement benefits”.  That too can be a dead end, but it is worth a try.

There is now something new, however. A law was passed in 2022 impacting pension, 401(k)s and other retirement benefits.  These benefits are more generally described as “retirement savings”.  The law passed is the SECURE 2.0 Act. It required among other matters, the establishment of a “Retirement Savings Lost and Found Database” and the creation of a website maintained by the DOL's Employee Benefits Security Administration (EBSA). EBSA is a unit within the DOL focused on ERISA benefits. The website is designed to help find lost retirement savings. Because it is focused on ERISA, it cannot assist with non-ERISA plans such as those involving a church organization or a government plan.

The site is intended to be used by workers directly or those with a legal right to act on behalf of the worker. Accordingly, it may not assist if the plan participant is deceased. The website may also help learn about tools or resources that can assist.

The first step is to create a login and complete the identity verification process. You need a cell phone telephone number, or a landline phone that is not voiceover internet protocol (VoIP). The phone number, however, has to be associated with the person with the retirement as noted in public records. There is multifactor authentication to protect the data available. That does make it harder to access. After your login is created then you will need to enter the Social Security number and upload a state issued ID such as a driver's license. (A passport or federal ID will not work right now).

You must complete identity verification through Login.gov to search for your benefits and if there are difficulties your efforts may end until there are further improvements with the website.  If you have problems, please note that the Department of Labor cannot help you, because the data and access is restricted by federal law.

If you are successful, you will be provided with information to contact the plan administrator at the former employer or union to see whether a retirement benefit from past employment exists.  If there is difficulty, or you are having problems contacting the employer or the union, then you can request assistance from an EBSA Benefits Advisor using AskEBSA.dol.gov or 1-866-444-3272. 

In this age of rampant identity theft, the process with its multifactor authentication and limitations of phone numbers does sound a bit challenging. But it is another option to exercise self-help to find the ever-elusive lost pension.