Ep. 62 Have You Fertilized, Watered, Pruned Your 401(K)

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Play, download and edit the free video Ep. 62 Have You Fertilized, Watered, Pruned Your 401(K) Plan.

Katherine and Christopher have a quick conversation about why it's important for advisors to help their clients remember to water, fertilize, and prune their plans. Okay, maybe we're going to far with the metaphor. But too many plan sponsors start their plan and think of it as one and done. It's not. The company changes and grows, as well as the economy changes, our research has shown that plan sponsors are really looking for education and help in maintaining their plan. A good advisor/TPA combination can help plan sponsors do that with frequent maintenance.

Washington Update by Kristina Kananen:

The Retirement Savings Lost and Found Act of 2021 introduced on May 21.
Not the first time this bill has been introduced
Elizabeth Warren and Steve Daines first introduced the bill in 2016
Reintroduced it in each Congress since.
30% of employees leave their retirement account with a previous employer
Between 2004 and 2014 separated employees left 16 million accounts with less than $5,000 or less with an aggregate value of $8.5 billion.
Bill would not require any additional reporting by plan sponsors
It would also make it easier for plan sponsors to move small accounts into target date funds instead of Money market funds

Would require plan sponsors to send lost, uncashed checks of less than $1,000 to the Office of Retirement Savings Lost and Found so participants can find the money
Secure Act 2.0 has a lost and found database which is awaiting approval by the House
Rob Portman and Ben Cardin introduced the Retirement Security and Savings Act of 2021 on 5/21.
Something is expected to be enacted for lost retirement funds

#erisa #401k #401kroth #roth401k #washingtonupdate #HunterBenefits #HBCG

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