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Auto Portability blog posts
Enhance Auto Enrollment with Auto Portability
The Pension Protection Act of 2006 created a safe harbor for retirement plan sponsors to automatically enroll employees in their plans. This provision was designed to help plan sponsors and participants over the long term, and it has but it also unintentionally fueled a surge in small accounts, hurting both constituencies. Auto Portability is a solution that promises to address the problems associated with automatic enrollment. The benefits are huge -- particularly for high-turnover industries.
Reduce Plan Fees by Increasing Account Balances
Plan costs can be lowered by increasing average balances, and average balances can be increased through auto portability, says RCH President & CEO Spencer Williams.
Why Dump Mandatory Distributions in a Landfill When You Can Recycle?
Mandatory distributions of small 401(k) accounts when participants separate from service provide many benefits for plan sponsors, including lower administrative costs and higher average account balances.
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