Your Financial Future:
Auto-portability Will Help Workers Avoid Cashing Out of Retirement Accounts
The U.S. Department of Labor (DOL) has paved the way for widespread adoption of an auto-portability program. Auto portability is the automated movement of a worker's retirement account from a former employer's retirement plan to their new plan. Developed by Retirement Clearinghouse, auto portability is designed to curb cash out leakage and dramatically improve outcomes for plan participants.