The bill would encourage retirement plan participation by giving people penalty-free access to funds in the event of an emergency.
The service is designed for small accounts with less than $5,000.
Educating participants about the importance of remaining committed to retirement savings and of the value of consolidating accounts is a good place to start, experts say.
The proposal creates a mandatory automatic enrollment individual retirement account program for employers that do not offer a retirement plan and employ at least five people.
Already, state-run plans, PEPs and moves to expand access to SIMPLE plans are making a difference, experts say.
The firms say it can replace what has traditionally been a tedious, manual process.
The legislation would require most employers that currently do not offer a retirement plan to offer one.
Retirement industry experts say automatic portability could be the solution to a pervasive problem.
The ratio of the combined 401(k) and IRA balance to the average 401(k) plan balance was 2.48.
Advisers share ideas for advisers to help small business owners and those who are self-employed save for retirement.
Experts see more value for participants to move their money from one 401(k) to another 401(k) than from a 401(k) to an individual retirement account.
Forty-two percent don’t even know it is possible to keep assets in a plan once one leaves an employer.
Withdrawals from IRAs accounted for most of the leakage, according to the GAO.
Because people are living longer, healthier lives, the Wells Fargo Investment Institute has suggested different ways that Millennials, Generation X and Baby Boomers can successfully save for retirement.
Participants who were age 60 or older when they retired were more likely to keep assets in the plan if it permitted installment payments, according to Alight Solutions.