 The Department of Labor's database, which is still under development, is anticipated to allow individuals to search for lost retirement savings using their birth dates, names, and social security numbers. If they do, they will learn where the money is and who to speak with to have access to it. They can then arrange for the transfer of the funds. Finding and contacting plan sponsors is made a great deal simpler by a searchable online database. For the time being, folks must locate and get in touch with the Human Resources Division of a business they've worked for or the administrator of the plan to inquire about their 401k funds. In the event that the business underwent a merger, declared bankruptcy, changed its name, or relocated, that process may be challenging. Employers can also utilize the database to discover former workers who have forgotten their passwords and notify them. Employers across the nation are ready to pay retirees benefits each year, but they are unable to do so because the retirees' former coworkers' identities or residences have changed. What can people do today because the database isn't expected to launch until 2025? There isn't much one can do to locate their retirement assets outside looking up the phone number of their old employer or the current plan administrator. The so-called auto-portability program, which Vanguard and Fidelity intend to introduce later this year, will enable them to track out the owners of lost plans worth less than $5,000 that they manage and instantly transfer the cash to those owners. The Portability Services Network was established by Vanguard, Fidelity, Alight Solutions, and Retirement Clearinghouse. As additional plan administrators are added to the network, more people will be located and instantly reunited with their misplaced monies. Alight's program has already begun, but it is still quite modest. However, the three businesses will together retain data for nearly 40% of retirement accounts in America if Fidelity and Vanguard merge. What is the process of auto-portability? Vanguard will regularly look for you if it discovers that you have an account that has been forgotten in its records. It will let you know if it locates you. Vanguard will eventually transfer the funds to your current 401k in the allocations you've selected for that account if you don't direct them on what to do with them. This only applies to balances under $5,000. The nationwide lost and found database will benefit customers who have larger lost accounts or pension plans rather than 401k funds. What are your opinions on this? Post your thoughts in the comment section.