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DOL Program to Reunite $1.65 Trillion of 401(k) Assets with Plan Participants Is Long, Long Overdue
RIABiz
[Opinion] Dec. 16, 2024 "Federal regulators are finally addressing an unconscionable fiduciary breach by the U.S. pension system -- the failure to track $1.65 trillion saved by workers, mostly in orphan 401(k) accounts. The [DOL] is launching a database for employees to find old 401(k) plans -- and reclaim them -- something the law prevented until passage of the 2022 SECURE 2.0 Act.... [L]ost 401(k) accounts are not just a fiduciary issue -- it is clearly in a client's best interest to gain access to lost investments -- but also a business opportunity." MORE >> |
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