Employers who sponsor retirement plans for their employees can protect themselves from state escheatment laws by updating the language in their plan documents, specifying how "lost" members' money will be used, according to Bryan Cave LLP's Employee Benefits & Executive Compensation Group.

Workers don't stay working for the same employer for their entire careers anymore. Many people quit for other opportunities, leaving their retirement accounts behind.  It's not uncommon for employee benefit plans to accumulate significant sums of money in the accounts of these missing participants.

Many states have escheatment, or unclaimed property, laws that allow them to come in and take over these accounts if the participants or their beneficiaries can't be found.