Changing jobs can come with a mountain of administrative work for both HR and the employee, leaving important tasks like retirement plan rollovers to fall through the cracks.
That’s why The Mom Project, a digital talent marketplace for professional women, and fintech company Capitalize have teamed up to help the organization’s talent base of more than 500,000 women find and consolidate their retirement accounts.
“One of the things that can often get in the way of
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The partnership between The Mom Project and Capitalize is meant to help female employees who have changed jobs — or who have left the workforce due to maternal or other caregiving needs — track down their old 401(k) and
“Unfortunately many of us will do the wrong thing with our assets at that point of job change,” Sharma says. “About five million Americans will just cash out their 401(k) when they change jobs and another three million Americans will just leave that 401(k) behind. It's often the path of least resistance, but the problem is that you can very quickly end up with three or four different 401(k)s just floating around.”
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All of the talent within the Mom Project network will have free access to Capitalize’s suite of offerings, including 401(k) rollover and consolidation, as well as its concierge services to help with
“It’s so important for mothers to be in control of their retirement planning and to feel empowered when doing so, every step of the way," Allison Robinson, founder and CEO of The Mom Project, said in a release. “We are thrilled to be working with Capitalize, because through this partnership, mothers will now have access to the extra resources needed in order to pave the way for a financially successful future for both themselves and their families.”