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Losing track of an old k is an ongoing matter as workers change jobs with increased frequency Particular former employees unknowingly pay thousands of dollars in fees when they leave a position but don t take their retirement savings with them With more Americans job hopping in the wake of the Great Resignation the liability of forgetting a k plan with a previous employer has jumped latest studies show As of there were million left-behind k accounts holding roughly trillion in assets up from two years earlier according to the latest details by Capitalize a fintech firm Nearly half of employees leave money in their old plans during work transitions according to a summary from Vanguard However that can come at a cost More from Personal Finance Average k balances drop amid arena swingsThe average k savings rate hit a record highOn-time debt payments aren t a magic fix for your credit outcome For starters of workers are unaware that they are paying k fees at all a survey by the U S Administration Accountability Office unveiled In the bulk cases k fees which can include administrative institution costs and fees for assets management are relatively low depending on the plan provider But there could be additional fees on k accounts left behind from previous jobs that come with an extra bite Fees on forgotten k s Former employees who don t take their k with them could be charged an additional fee to maintain those accounts according to Romi Savova CEO of PensionBee an online retirement provider If you leave it with the employer the employer could force the record keeping costs on to you she stated According to PensionBee s analysis a monthly nonemployee maintenance fee on top of other costs can add up to nearly in lost retirement funds over time Not only does the monthly fee eat into the principal but workers also lose the compound increase that would have accumulated on the balance the assessment unveiled Fees on those forgotten k s can be particularly devastating for long-term savers explained Gil Baumgarten founder and CEO of Segment Wealth Management in Houston That doesn t necessarily mean it pays to move your balance he disclosed There are two sides to every story he mentioned Lost k s can be problematic but rolling into a IRA could come with other costs What to do with your old k When workers switch jobs they may be able to move the funds to a new employer-sponsored plan or roll their old k funds into an individual retirement account which plenty of people do But IRAs typically have higher capital fees than k s and those rollovers can also cost workers thousands of dollars over decades according to another analysis by The Pew Charitable Trusts a nonprofit research organization Collectively workers who roll money into IRAs could pay billion in extra fees over a hypothetical retirement period of years Pew estimated Another option is to cash out an old k which is generally considered the least desirable option because of the hefty tax penalty Even so Vanguard determined of workers do that How to find a forgotten k While leaving your retirement savings in your former employer s plan is often the simplest option the exposure of losing track of an old plan has been growing Now of all k plan assets are left behind or forgotten according to the most of current facts from Capitalize up from two years prior However thanks to Secure a slew of measures affecting retirement savers the Department of Labor created the retirement savings lost and exposed database to help workers find old retirement plans Ultimately it can t really be lost Baumgarten stated Every one of these companies has a responsibility to provide statements Often exclusively updating your contact information can help reconnect you with these records he advised You can also use your Social Guard number to track down funds through the National Registry of Unclaimed Retirement Benefits a private-sector database In a group of large k plan administrators launched the Portability Services Structure That consortium works with defined contributor plan rollover specialist Retirement Clearinghouse on auto portability or the automatic transfer of small-balance k s Depending on the plan employees with up to could have their savings automatically transferred into a workplace retirement account with their new employer when they change jobs The goal is to consolidate and maintain those retirement savings accounts rather than cashing them out or jeopardy losing track of them during employment transitions according to Mike Shamrell vice president of thought leadership at Fidelity Investments the nation s largest provider of k plans and a member of the Portability Services Structure Subscribe to CNBC on YouTube