Many individuals have worked for different companies throughout the years and may have had a 401(k) plan worth a small amount of money when they left. Some people lose track of these accounts over the years or find that their plan was transferred to another administrator. Sometimes, in such a case, the administrator may not be able to locate the plan. Unfortunately, there is no central repository for missing 401(k) funds to date.
After four years of planning, federal regulators of the U.S. Labor Department proposed rules that would strengthen the protection of those investing their retirement money. The new rules would require that brokers owe a stronger fiduciary duty to their clients. Currently, the rules are vague and use ambiguous language, allowing brokers to skirt around the guidelines and in many instances, put their own investment interests first.