retirement plan401(k)retirement savings portability
Missing participants are bad
Missing participantssponsorssurvey
|401(k) cashouts are MUCH worse
1. Missing participants have preserved their retirement savings, whileparticipants cashing out have not.2. Far morecashouts occur than participants who go missing.
- 6 million will eventually cash out. Incredibly, that's41% of the total.
- 2.1 million participants, or 14.5% of job-changers, willremain in their former employer's plan. 11.3% of these, orabout 243,000, will have stale addresses and be consideredmissing.
3. Most 401(k)cashouts are completely unnecessary.
Portability: A “two-fer” solution?
EBRITom Hawkins is Vice President of Sales andMarketing at Retirement Clearinghouse.
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