If your balance shows zero, your former employer's retirement plan provider may have moved your money out of your account. This article explains why, where your money may be now, how you should have been notified, and what to do if your employment record is incorrect.

Why was my money moved out of my account?

There are two main reasons your balance may have been moved out of your employer’s retirement plan. This is commonly called a “force out,” or mandatory distribution.

1. You left your job and had a small balance. When people change jobs, they often leave small balances behind, which can be costly for a plan to keep managing. For that reason, plans are allowed to move a former employee’s balance out of the plan if it’s under $7,000. Your plan document, which is the rulebook for your employer’s plan, sets the exact terms. Some plans don’t count money you rolled over from a previous account toward the $7,000 limit, so your total balance may have been over $7,000 and still been moved.

2. Your employer terminated the retirement plan. When an employer closes its plan, everyone with a balance is sent a distribution notice by email with instructions on how to request their money. If you don’t take a distribution within 30 days of receiving the notice, your balance is moved into an IRA. The $7,000 limit doesn’t apply in this case, so your balance is moved regardless of its size.

Please see our article, “What Is a Force Out Distribution?” for more information.

Where did my money go?

Most balances were moved into a Vestwell IRA by default, but this may differ depending on your plan. Please contact us directly, and a member of our support team will help you find it.

Should I have received a notice before my money was moved?

Yes. A notice is sent before a balance is moved, giving you 30 days to choose where your money goes. If nobody told you, it may be because the notice never reached you.

Notices go by email if we have a personal or user email address for you, and by first-class mail if we don’t. A reminder follows around day 15 of the 30 days.

We can’t be sure every notice reached you. Notices go to the contact details we have on file, so there are a few reasons you might not have seen yours. For example, if your login email was your work email and you no longer have access to it, or if your mailing address has changed since you last updated it, the notice may not have reached you. If you think you missed a notice:

• Check your spam or junk folder, and any old email address you might have used.
• Update your contact details in your saver portal. Please see our article, “How Do I Change Account Information?” for assistance.

If you want to raise a concern about how you were told, please contact our support team directly.

What do I do if my employment status is incorrect?

Your termination date comes from your employer, not from us. If the record is incorrect, ask your employer to correct it first, then contact us.

If an employer's record was incorrect, we can review your case for a reversal. These reviews can take time. Please keep any emails or letters from your employer confirming your correct status, since those will help us.