"Money management firms frequently offer workers misleading and self-serving information about how to handle their retirement savings when they change jobs ... Departing workers are often encouraged to roll their accounts into individual retirement accounts, or IRAs, run by the firms that already manage their retirement money, even when it would be best for employees to keep the money in a 401(k), the GAO investigation concluded. Having workers move their money into IRAs typically allows money management companies to harvest bigger fees for handling the retirement money, the report said."

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