Misleading Advice Is Rampant on 401(k) Rollovers, GAO FindsBy
When you leave a job, you have to figure out what to do with any retirement savings you may have built up in your employer-sponsored 401(k) plan. Most people don’t know, but there are often four options: staying in the old 401(k) plan, rolling into a 401(k) plan sponsored by your new employer, rolling into an Individual Retirement Account, or cashing out. A new report by the Government Accountability Office finds that 401(k) plan administrators, which are often big money managers or insurers, aggressively pushed workers to roll over into their own IRAs products, regardless of a customer’s individual circumstances.
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