Retirement Clearinghouse has come up with a solution it hopes will help plan sponsors locate missing plan participants.
Sponsors bear huge costs, to say nothing of fiduciary liability, maintaining the defined contribution accounts of employees who leave for another company.
An estimated 9.5 million defined contribution plan participants change jobs every year. Many of their 401(k) accounts are simply left behind in former employers' retirement plans, creating "orphaned" accounts that employers have to pay to maintain.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
