401(k) plans : protection issues for forced transfers and inactive accounts / Suzanne Abbott, editor.

Format:

Book

Contributor:

Abbott, Suzanne, editor.

Series:

Retirement issues, plans and lifestyles.

Retirement Issues, Plans and Lifestyles

Language:

English

Subjects (All):

401(k) plans.

Pension trusts.

Physical Description:

1 online resource (150 p.)

Place of Publication:

New York, [New York] : Nova Publishers, 2015.

Summary:

Millions of employees change jobs each year and some leave their savings in their former employers' 401(k) plans. If their accounts are small enough and they do not instruct the plan to do otherwise, plans can transfer their savings into an IRA without their consent. The United States Government Accountability Office examined the implications for 401(k) plan participants of being forced out of plans and into these IRAs. This book examines what happens over time to the savings of participants forced out of their plans; the challenges 401(k) plan participants face keeping track of retirement sav

Contents:

401(K) PLANS:PROTECTION ISSUES FOR FORCEDTRANSFERS ANDINACTIVE ACCOUNTS; 401(K) PLANS:PROTECTION ISSUES FOR FORCEDTRANSFERS ANDINACTIVE ACCOUNTS; Library of Congress Cataloging-in-Publication Data; CONTENTS; PREFACE; Chapter 1:401(K) PLANS: GREATER PROTECTIONSNEEDED FOR FORCED TRANSFERS ANDINACTIVE ACCOUNTS; WHY GAO DID THIS STUDY; WHAT GAO RECOMMENDS; WHAT GAO FOUND; ABBREVIATIONS; BACKGROUND; CURRENT LAW AND REGULATIONS ALLOW SPONSORS TOFORCE CERTAIN PARTICIPANTS OUT OF 401(K) PLANS,WHICH CAN RESULT IN REDUCED RETIREMENT INCOME

KEEPING TRACK OF 401(K) PLAN ACCOUNTSCAN BE DIFFICULT BECAUSE OF CHALLENGES WITHCONSOLIDATION, COMMUNICATION, ANDINFORMATION, BUT SSA IS IN A POSITION TO HELPOTHER COUNTRIES HAVE TAKEN ACTIONS TOPROTECT FORCED TRANSFERS AND TRACKRETIREMENT ACCOUNTS; CONCLUSION; MATTERS FOR CONGRESSIONAL CONSIDERATION; RECOMMENDATIONS FOR EXECUTIVE ACTION; AGENCY COMMENTS AND OUR EVALUATION; APPENDIX I: OBJECTIVES, SCOPE, AND METHODOLOGY; APPENDIX II: USE OF FORCED-TRANSFER IRAS; APPENDIX III: PROJECTED OUTCOME OF A 1,000BALANCE LEFT IN A FORCED-TRANSFER IRAFOR 30 YEARS

APPENDIX IV: PROJECTED VESTED RETIREMENTSAVINGS OF A LOW-WAGE 401(K) PLAN PARTICIPANTGIVEN PESSIMISTIC, MODERATE, AND OPTIMISTICASSUMPTIONS (TABLE)APPENDIX V: EXAMPLE NOTIFICATION OF PLAN FORCEDTRANSFERPOLICY; APPENDIX VI: SELECTED REPORTING AND DISCLOSURE REQUIREMENTS AT PARTICIPANTSEPARATION AND CERTAIN PLAN EVENTS (TABLE); APPENDIX VII: RELEVANT FEATURES OF PENSIONSYSTEMS IN THE SIX COUNTRIES SELECTEDFOR THIS REPORT; Chapter 2: LOCATING MISSING AND LOST PARTICIPANTS; ABSTRACT; I. EXECUTIVE SUMMARY; II. RECOMMENDATIONS; III. COUNCIL'S REVIEW OF LOST PARTICIPANT ISSUES

IV. CONCLUDING OBSERVATIONSChapter 3:TESTIMONY OF JOHN A. TURNER,DIRECTOR, PENSION POLICY CENTER.HEARING ON ''LOCATING MISSINGAND LOST PARTICIPANTS''; LOST PENSIONS IN THE UNITED KINGDOM; LOST PENSIONS IN AUSTRALIA; A PROPOSAL FOR THE ULTIMATE DISPOSITION OF LOSTPENSION FUNDS; LESSONS FOR THE UNITED STATES; REFERENCES; INDEX

Notes:

Includes index.

Description based on online resource; title from PDF title page (ebrary, viewed August 20, 2015).

ISBN:

1-63482-599-3