Retirement Clearinghouse has come up with a solution it hopes will help plan sponsors locate missing plan participants.
Sponsors bear huge costs, to say nothing of fiduciary liability, maintaining the defined contribution accounts of employees who leave for another company.
An estimated 9.5 million defined contribution plan participants change jobs every year. Many of their 401(k) accounts are simply left behind in former employers' retirement plans, creating "orphaned" accounts that employers have to pay to maintain.
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