Proposed Regulation on Retirement Plans and Automatic Portability Transactions

May 15, 2024

The Department of Labor (DOL) released proposed regulations on January 18, 2024 regarding automatic portability transactions for retirement plans when employees change jobs. If these regulations are implemented, they could simplify the process of managing existing retirement plan accounts with a benefit value of $7,000 or less upon job termination. This is great news for employees, as it would make it easier for them to keep track of their retirement plan accounts with a benefit value of $7,000 or less upon job termination.

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