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Lost and Found: Claiming Behavior in Abandoned Retirement Accounts
Center for Financial Security, University of Wisconsin-Madison Feb. 2, 2021 "[In] 2016, Americans held an estimated 70,000 unclaimed retirement accounts totaling $38 million.... [In] Massachusetts, where owners must initiate claims, only 3.4% of unclaimed retirement accounts reported in 2016 were 'reclaimed' within two years; in Wisconsin, where the state auto-matches unclaimed funds with owners using Social Security matches, a striking 67% of funds were reclaimed in that same time period.... [A] failure to consolidate accounts -- an action that could prevent them from becoming unclaimed -- arises in part due to plan defaults and rollover difficulties." |
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