EBSA Floats Simplifying 401(k) Transition Upon Job Change

Law360 (November 8, 2018, 2:59 PM EST) -- The Employee Benefits Security Administration has introduced a proposal intended to allow workers to seamlessly transfer their retirement savings from one 401(k) plan to another when they change jobs.

When leaving their old jobs, workers would see their 401(k) savings moved to an individual retirement account until they started their new jobs, at which point the savings would automatically transfer to the new 401(k) plan, EBSA said Wednesday.

The so-called auto portability program "seeks to improve asset allocations by consolidating small retirement savings accounts, eliminate duplicative fees for small retirement savings accounts and reduce leakage of retirement savings," the agency said...

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