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CUNA Mutual Group Employees: Don’t Let Forgotten 401(k) and Pension Accounts Drain Your Retirement

'CUNA Mutual Group employees should recognize that forgotten 401(k) accounts are not just numbers left behind—they represent real retirement dollars that can be reclaimed and consolidated to bolster their financial future.' – Michael Corgiat, a representative of The Retirement Group, a division of Wealth Enhancement.

'CUNA Mutual Group employees who leave old 401(k) accounts unattended risk higher fees and missed opportunities, which is why it's wise to track and consolidate these balances into a more organized retirement portfolio.' – Brent Wolf, a representative of The Retirement Group, a division of Wealth Enhancement.

In this article, we will discuss:

Why so many retirement accounts are forgotten and the risks involved.
The financial costs of leaving accounts unattended and how to locate old 401(k)s or pensions.
The options available for handling old accounts and why consolidation may matter.

The $2 Trillion Oversight in Retirement Savings: Forgotten 401(k) Accounts

The aim of retirement savings is to deliver a reliable base for the future. Yet one surprising trend continues to grow: trillions of dollars locked in 401(k) accounts that have been forgotten or left behind. According to recent research, there are about 31.9 million forgotten or left-behind 401(k) accounts, collectively holding roughly $2.1 trillion in assets. ¹ That number is up 30% since just two years ago, and has almost doubled over the past decade. ¹

On average, a forgotten 401(k) account holds about $66,691. ¹ So how do these accounts get forgotten? After leaving a job, many workers leave their 401(k) assets inside their previous employer's retirement plan. For those who move on from CUNA Mutual Group or other large employers, letting these balances rest unattended can incur long-term opportunity costs.

Why Retirement Accounts Get Forgotten

It might seem far-fetched to lose track of retirement money, but greater job mobility has made it much more common. Workers shift roles or employers more often today than in the past, and each change introduces a decision point on how to handle retirement balances. Some leave assets with previous employers; others roll them into IRAs or into new employer plans.

It’s not always problematic to leave funds in an older plan. But without regular attention, complications may arise. Many employers cease covering plan administrative costs when an employee departs, which can slowly erode the account. Maintaining multiple accounts can also result in higher overall management fees, less oversight over retirement assets, and missed growth potential. For those with long tenures, especially in large corporations, forgotten accounts often consequently silently diminish in value.

The Cost of Inattention

When accounts are left unmanaged, investment choices made years ago may no longer match your situation or current market conditions. Portfolios set long ago might underperform relative to better-aligned allocations today. Over time, fees, a lack of rebalancing, and outdated allocation strategies can shrink balances.

Federal regulators are aware of the problem. Tools like the Retirement Savings Lost and Found Database ² have been launched to help workers trace and reclaim forgotten retirement account balances. This applies to all workers, including those exiting major corporations, since even meticulous savers may inadvertently leave funds behind.

How to Locate Forgotten 401(k)s and Pensions

Tracing down old retirement accounts may require using multiple resources:

1. Unclaimed Retirement Benefits National Registry – Search by Social Security number for unclaimed balances.
2. Pension Benefit Guaranty Corporation (PBGC) – Tracks discontinued pension plans and missing participants.
3. Former Employer or HR Departments – Companies or their successors may retain records.
4. Historical Records – W-2s, benefit statements, or plan summaries often contain clues.
5. Department of Labor’s Form 5500 Database – Lists plan administrators and contact information.
6. State Retirement Boards – For public-sector pension plans.
7. U.S. Department of Labor Help Line – Offers guidance on ERISA-regulated plans.

For employees who have changed divisions, sites, or roles within large firms, these steps help consolidate scattered retirement holdings.

Your Options for Old Accounts

When departing from a job, most workers face four main choices for handling their 401(k):

Move it to a new employer’s retirement plan — consolidates balances and keeps tax treatment intact.
Rollover into an IRA — gives broader investment flexibility, often at lower cost.
Cash it out — comes with taxes and penalties, reducing long-term results.
Leave it with the old employer’s plan — keeps the account open, but no new contributions or employer matches apply, and fees may escalate.

For those nearing retirement, making a considered choice can determine whether past balances continue contributing or quietly decline.

Why Consolidation Matters

Many financial advisors recommend combining accounts when feasible. Consolidation reduces administrative burdens, simplifies oversight, and aligns portfolios more consistently. Having multiple accounts across former employers increases complexity—especially during required minimum distribution (RMD) years.

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To further complicate matters, research suggests that inactive accounts often lag in performance, facing higher fees and fewer investment options. ¹ For someone with a long CUNA Mutual Group career plus various other roles, consolidation can help maintain coherence across retirement holdings.

The Modern Rollover Advantage

Historically, rollovers involved paperwork, delays, and mailed checks. Today, electronic direct rollovers can transfer funds from one retirement plan to another—or into an IRA—without triggering taxes or penalties. That streamlines the process dramatically.

This means professionals leaving large firms no longer need to dread the complexity of combining accounts. With modern rollover tools, managing retirement assets is more accessible than ever.

The Bigger Picture

Forgotten accounts reflect how job changes and corporate shifts complicate retirement planning. Nationally, more than $2.1 trillion sits in dormant accounts, and neglecting them may cost individuals hundreds of thousands of dollars over their careers. ¹

CUNA Mutual Group employees may risk underutilizing retirement balances if they omit to manage legacy accounts. But with available tools, consolidation, and ongoing oversight, those dormant assets can once again contribute meaningfully to retirement readiness.

Final Thoughts

The trillions in neglected 401(k)s highlight a significant gap in retirement planning. While retaining assets in a prior employer’s plan is permissible, it often comes with higher costs and less visibility. Fortunately, resources—like government registries and streamlined rollovers—make it easier to recover and consolidate past accounts.

For CUNA Mutual Group employees, the takeaway is simple: don’t let forgotten balances slip away. With attention and action, those legacy accounts can become active components in a more cohesive retirement approach.

Sources:

1. Capitalize Money, Inc. ' The True Cost of Forgotten 401(k) Accounts ,' Sept. 30, 2025.

2. U.S. Department of Labor, Employee Benefits Security Administration. Retirement Savings Lost and Found Database . 18 Nov. 2024.

What are the key differences between defined benefit plans and defined contribution plans offered by CUNA Mutual Group, and how might these differences affect my retirement benefits? As an employee of CUNA Mutual Group, understanding the nuances of defined benefit plans versus defined contribution plans is critical for effective retirement planning. Defined benefit plans typically promise a specific payout at retirement based on factors such as salary history and duration of employment. In contrast, defined contribution plans, like 401(k) plans, depend more on employee contributions and investment performance. Given the volatility in investment returns and changing employment patterns, employees might find themselves at a crossroad between predictable retirement income versus self-directed savings and investment risks. It's vital to explore how these plans could impact long-term financial security at retirement.

A defined benefit plan at CUNA Mutual Group offers predictable retirement payouts, typically based on salary history and years of service, ensuring employees a guaranteed income in retirement. In contrast, defined contribution plans, such as a 401(k), rely heavily on individual contributions and investment performance. Employees may face risks with defined contribution plans due to market volatility but benefit from greater control over their retirement savings. Depending on your financial situation and retirement goals, these differences can impact how secure your future income will be, either through guaranteed payouts or potential growth in investments.

How are pension costs determined in a defined benefit plan at CUNA Mutual Group, and what factors can influence these costs over time? The cost structure of a defined benefit plan at CUNA Mutual Group is predicated on various components, including service costs, interest costs, expected returns on assets, and amortization of gains and losses. Understanding these factors helps in managing potential burden changes on the organization's budget and employees' retirement expectations. For instance, factors such as fluctuating interest rates can significantly alter the present value of future liabilities, affecting the costs that CUNA Mutual Group bears. Employees should be versed in these aspects to contextualize their retirement benefits.

Pension costs at CUNA Mutual Group are influenced by factors such as service cost (new benefit accruals), interest cost (growth on past benefits), expected return on plan assets, and the amortization of gains or losses. Changes in these factors, like fluctuations in interest rates or salary adjustments, can affect the overall cost of the plan. Employees should be aware of how these variables impact their future pension benefits and how changes to the company's funding strategy could alter expectations.

What strategies can CUNA Mutual Group adopt to manage the costs and benefits of its defined benefit plan without drastically impacting employees' retirement security? CUNA Mutual Group faces the challenge of balancing cost management for its defined benefit plan while also ensuring that employees have adequate retirement benefits. Options like freezing benefit accruals, amending contribution formulas, or shifting to defined contribution plans can be explored. However, such strategies must be handled delicately to avoid significant disruptions to employees' retirement planning. Understanding employee concerns and the potential ramifications of these strategies is crucial to formulating a balanced approach.

CUNA Mutual Group can adopt strategies such as freezing benefit accruals, transitioning to cash balance designs, or reducing benefit formulas to manage costs. These strategies may lower expenses but must be carefully balanced to avoid significantly affecting employees' long-term retirement benefits. Clear communication about potential changes and their impact on retirement income is crucial for employees to adjust their retirement planning.

In what ways could regulatory changes influence the CUNA Mutual Group's pension plan design and its offerings to employees after retirement? Regulatory bodies frequently revise guidelines that govern employee benefit plans, potentially impacting how CUNA Mutual Group structures its pension offerings. For instance, changes to tax policies or pension funding requirements could affect administrative decisions regarding contribution levels or payout structures for defined benefit plans. It is imperative for employees to stay apprised of these regulations so they can understand any changes that might occur in their future benefits and what steps CUNA Mutual Group might take to adapt to new compliance needs.

Regulatory changes, such as adjustments in pension funding requirements or tax policies, can have a substantial impact on CUNA Mutual Group’s pension plan design. Changes in laws may require adjustments to benefit levels, contribution structures, or funding strategies. Employees should monitor such regulatory shifts to understand how they could influence future pension payouts and retirement strategies.

Could you explain the process employees at CUNA Mutual Group would need to undertake to access their retirement benefits upon leaving the company? For employees transitioning from CUNA Mutual Group to other ventures, itâ€™s essential to understand the process involved in accessing retirement benefits. This process may involve determining eligibility for pension payouts, selecting between lump-sum distributions or annuitized payments, and understanding how past contribution levels affect final benefits. Employees are encouraged to seek guidance from the HR department or pension plan administrators to navigate this process thoroughly.

When leaving CUNA Mutual Group, employees need to assess their eligibility for pension benefits, choose between lump-sum payouts or annuities, and understand how their years of service and contributions affect the final payout. It's advisable to consult with HR or a plan administrator to navigate the options and ensure that the benefits are accessed appropriately.

What tools and resources does CUNA Mutual Group provide to assist employees in planning for retirement effectively? CUNA Mutual Group offers various resources designed to support employees in their retirement planning journey. These might include access to financial planning tools, informational webinars about defined benefit and contribution options, or one-on-one consultations with benefits specialists. Employees should actively participate in these offerings as a means of optimizing their retirement readiness and ensuring they are leveraging all available benefits to the fullest extent.

CUNA Mutual Group offers several resources for retirement planning, such as access to financial planning tools, retirement webinars, and consultations with benefits specialists. These resources are designed to help employees make informed decisions about their defined benefit and defined contribution options, ensuring they optimize their retirement strategies.

How does the CUNA Mutual Group approach the issue of pension funding, and what implications does this have for current and future employees? The funding strategy for the pension plan at CUNA Mutual Group has significant implications for the benefits that employees can expect. A well-funded pension plan can provide assurance for employees about the stability and security of their retirement income. Conversely, fluctuations in the funding status could lead the organization to consider changes in benefit formulas or contribution strategies. Employees should be aware of how funding levels could affect their future benefits and the overall health of the pension plan.

CUNA Mutual Group’s pension funding strategy is critical to maintaining the stability of retirement benefits. A well-funded plan assures employees of predictable payouts, while underfunded plans may lead to changes in benefit formulas or contributions. Employees should stay informed about the funding status, as it could affect the future security of their pension income.

What should employees at CUNA Mutual Group know about the potential risks and benefits associated with their defined benefit plan? Employees should have a clear understanding of the inherent risks and benefits linked to CUNA Mutual Group's defined benefit plan. While these plans offer predictable retirement income, they are subject to various risks such as underfunding issues, market volatility, and regulatory changes. This understanding equips employees with knowledge about their eventual retirement income and helps them plan strategically alongside their professional developments or transitions within their careers.

Employees need to understand that defined benefit plans at CUNA Mutual Group provide predictable retirement income but come with risks such as underfunding, economic fluctuations, and regulatory changes. By staying informed about these risks, employees can better plan for their financial security in retirement, potentially supplementing their pension with other savings strategies.

What happens to my retirement benefits if CUNA Mutual Group decides to freeze its defined benefit plan? The implications of freezing a defined benefit plan at CUNA Mutual Group would be substantial for employees. Understanding the details surrounding such a freeze, including whether it would impact future accruals or merely limit new benefits for incoming participants, is crucial. Employees should consider consulting HR for comprehensive information regarding their specific situations and how a freeze could influence their expected retirement payouts.

If CUNA Mutual Group freezes its defined benefit plan, employees may no longer accrue new benefits, though they retain previously earned benefits. A freeze could impact future retirement income, particularly for employees nearing retirement, as they could miss out on years of service accruals or salary increases factored into their final benefit calculation.

How can employees contact CUNA Mutual Group to inquire further about their retirement benefits and related services? To learn more about retirement benefits, employees should reach out directly to CUNA Mutual Groupâ€™s HR department or designated pension plan administrators. The organization provides channels such as in-person meetings, phone consultations, and online resources which are specifically structured to assist employees with inquiries related to their retirement benefits and participant obligations. Employees can also explore dedicated web portals for additional information and updates on their pension plans.

Employees can contact CUNA Mutual Group directly through their retirement solutions division at 1-800-356-2644 or visit the website at CUNA Mutual Retirement Solutions for more information about retirement planning services and personalized assistance with their retirement benefits.

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For more information you can reach the plan administrator for CUNA Mutual Group at 5910 Mineral Point Rd Madison, WI 53705; or by calling them at (608) 238-5851.