(Bloomberg) -- The American retirement system needs a plumber.Everything is built so the pipes don’t connect.

That's how Lew Minsky of the Defined Contribution InstitutionalInvestment Association, a group representing the 401(k) industry describesit.

Workers hop from job to job, collecting 401(k)s andindividual retirement accounts (IRAs)along the way. Rolling those assets into one convenient account canbe a full-time job of its own, since the companies that run 401(k)plans and sell IRAs all use different systems.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.