Alison Borland | Source | EVP, Wealth Solutions and Strategy, Alight Solutions at Alight Solutions
Alison Borland
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Alight Solutions (https://alight.com/)
EVP, Wealth Solutions and Strategy, Alight Solutions
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Changing jobs? Soon you can transfer 401(k) savings automatically
Automated enrollment and contribution rates are effective ways to encourage workers to build retirement savings. Now a new feature on 401(k) plans will soon help workers who change jobs make it easier to move their account to a new one automatically.
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Sponsors returning to questions about in-plan annuities
One year after the SECURE Act, some sponsors are trying to regain momentum to see if in-plan annuities make sense for their participants.
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Commentary: Auto portability clearing the way for adoption
The portability of 401(k) accounts from job to job remains in the dark ages of paper checks and manual processing.
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Today if the worker does nothing, they either get a check with taxes and penalties withheld or the money goes into a safe harbor IRA — this is for balances of less than $5,000. There, it’s invested in money market or stable value funds.
What happens in the new world with auto portability if the worker does nothing, when they find a new job, the 401(k) automatically follows them. They don’t have to take any action
