The move to expand auto portability for retirement plans took another step forward last week, when the Department of Labor proposed rules to implement a portion of the SECURE 2.0 Act, rules that would clarify the legality of fees associated with auto portability for defined contribution (DC) accounts.
The SECURE 2.0 Act made it easier for employers and employees to handle the movement of retirement funds as they move from one job to another. The Jan. 18 announcement said the new rules would allow automatic portability providers to receive fees for executing automatic portability transactions for certain IRA distributions.
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