Labor Department Clears Path For Automatic 401k Transfers

The U.S. Department of Labor issued an Advisory Opinion that will pave the way in making auto portability a reality. Auto portability provides seamless portability for retirement plan participants when they change jobs. Each year, 14.8 million plan participants will change jobs and 31% of those workers will cash out their retirement savings completely within the first year after a job change.

This news is especially good for women who often hold smaller account balances. Learn more about auto portability and the Advisory Opinion and check out this infographic which highlights the importance of preserving small account balances.

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