Easier Retirement Savings Transfers When Changing Jobs
New rules aim to make it easier to automatically move your retirement savings between employer plans when you change jobs. The goal is to reduce instances where people cash out these savings, losing part of their future retirement income. Companies facilitating these transfers must follow strict rules, and employers will receive a tax incentive for participating.
Key points
Your retirement savings can be automatically transferred to your new employer's plan unless you choose to opt out.
Companies handling automatic transfers must act in your best interest, inform you about fees, and provide an opt-out option.
Employers who adopt automatic portability arrangements may receive a one-time $500 tax credit.
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