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The Economic Growth and Tax Relief Reconciliation Act of 2001 gives plan sponsors the power to move some small accounts out of their plans, which relieves sponsors of the administrative burdens associated with these accounts.
That legislation enables sponsors to automatically roll terminated accounts with less than $5,000 into safe-harbor IRAs. In addition, they can automatically cash out accounts belonging to former employees that have balances of under $1,000.
Spencer Williams is CEO of Portability Services Network and Retirement Clearinghouse, a portability solutions provider.
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