Fust Charles Chambers on Facebook Fust Charles Chambers on LinkedIn Fust Charles Chambers on Twitter

DOL Pitches Auto-Portability Program to Preserve Retirement Savings

Thursday, December 13, 2018
Share

The 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