(Bloomberg) -- The American retirement system needs a plumber. Everything is built so the pipes don’t connect.

That's how Lew Minsky of the Defined Contribution Institutional Investment Association, a group representing the 401(k) industry describes it.

Workers hop from job to job, collecting 401(k)s and individual retirement accounts (IRAs) along the way. Rolling those assets into one convenient account can be a full-time job of its own, since the companies that run 401(k) plans and sell IRAs all use different systems.

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