A provision in President Biden’s new legislation aims to keep workers from cashing out their 401(k) when they move from one job to another, building on a similar effort launched last year by the private sector.
The legislation paves the way for employer retirement plans to provide automatic portability services, so funds can be transferred seamlessly into a new employer plan unless the worker opts out. It also increases the limit for automatic rollovers from $5,000 to $7,000. That follows a…
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