Christine Hradsky No Comments

DOL Pitches Auto-Portability Program to Preserve Retirement Savings

Auto-PortabilityThe U.S. Department of Labor (DOL) is advancing a proposal¬†that would enable 401(k) plan sponsors to automatically transfer account balances up to $5,000 of former participants who have left the company. The amounts would be transferred to the 401(k) plan of an employee’s new employer. Assets transferred using this “auto portability” approach would make an intermediate pit stop in an IRA before landing in the former employee’s new employer’s plan. Here’s what you need to know. Read more