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401(k) account cash-outs remain a potent threat to Americans’ retirement-readiness and by all accounts the DOL agrees, having issued its final Prohibited Transaction Exemption (PTE) for auto portability at the end of July.
Auto portability — the routine, standardized and automated movement of a retirement plan participant’s 401(k) savings account from their former employer’s plan to an active account in their current employer’s plan — has been live for more than two years.
Spencer Williams is CEO of Portability Services Network and Retirement Clearinghouse, a portability solutions provider.
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