General Question

Menekali's avatar

How do I find out how much is in my 401k?

Asked by Menekali (187points) October 24th, 2009 from iPhone

Always wondered heh.

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4 Answers

dpworkin's avatar

Don’t you get statements? How is it invested? Write the fund operator, or whatever it is, and tell them you want quarterly (if not monthly) statements of account.

laureth's avatar

We check ours online at my house. Husband (the one who manages them) makes adjustments in the distribution every paycheck. I would just go wherever you go to manage yours and… oh wait, never mind.

Just do what @pdworkin says. Good luck with this, and with your future retirement. ;)

jaytkay's avatar

Ask the payroll department of your company. There’s a good chance you can manage the 401K online.

srmorgan's avatar

You should be receiving, at bare minimum, a quarterly statement showing an opening balance, all transactions and ending balance for all investments in your individual 401k account.
Your employer is using either a fiduciary company like a bank or mutual fund outfit or a third-party administrator, a private contractor hired by the plan to manage the assets, to administer your account. You should have that quarterly statement given to you at work or mailed directly to your home. You should talk to payroll or HR to verify who is managing the account and to find out how the statements are administered.

Many companies have on-line access and daily updates to your 401k account, but some older plans that have not been modified in the last five years (hard to believe with all of the compliance requirements) may only be valuing your account monthly or quarterly.

Every year your plan must give you what is called a summary plan document (SPD). The SPD contains the key features of the plan and would inform you who is administering the plan. This is distributed free of charge. Every year you are entitled to a copy of the annual financial results of the entire plan too.

Check with HR as soon as you can.

SRM

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