Automatic Portability Transaction Regulations

Activity

U.S. Chamber of Commerce filed 1 comment on this docket between Apr 1, 2024 and Apr 1, 2024. 0 other organizations filed here. The comment window closed 851d ago.

What U.S. Chamber of Commerce filed (1)

Abstract

The Department of Labor’s Employee Benefits Security Administration is proposing regulations intended to enhance the security of workers’ retirement savings by providing a regulatory framework for automatic portability transactions. An automatic portability transaction involves a mandatory distributions from a retirement plan of benefits with a value of less than $7,000 to an IRA established on behalf of an individual when the individual leaves a job which are transferred to an eligible plan sponsored by the new employer when individual gets a new job. Automatic portability programs help worker retirement security by protecting against losing retirement savings when employees change jobs.

• U.S. Chamber of CommerceTHIS ORG

  1 filing · confidence 97%