Small business retirement plans often accumulate ex-employees that sponsors would prefer to get rid of. ERISA’s auto-rollover safe harbor lets you shutter ex-employees with balances in your plan without the fear of running afoul of your fiduciary responsibilities. Check out the full post at: …(read more)

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401k Auto Rollovers: A Convenient Safe Harbor for Small Business Retirement Plans

As a small business owner, you know that it’s important to offer your employees a retirement plan that will help them save for the future. But what happens when an employee leaves your company? Do you have a plan in place to ensure that their retirement savings are safe and secure?

The answer is yes, and it’s called a 401k auto rollover. A 401k auto rollover is a convenient and safe way to transfer an employee’s retirement savings from one employer-sponsored plan to another. It is especially important for small businesses, which may not have the resources to manage their own retirement plans.

With a 401k auto rollover, the employee’s retirement savings are transferred to another employer-sponsored plan without the need for the employee to take any action. This makes it easy for employees to keep their retirement savings safe and secure, even if they leave your company.

The 401k auto rollover also provides a safe harbor for small business owners. It is a way to ensure that the retirement savings of your employees are not lost or mishandled. With a 401k auto rollover, you can be confident that your employees’ retirement savings are safe and secure.

In addition, a 401k auto rollover can help you save money on administrative costs. By automating the process, you can reduce the time and money spent on managing and transferring your employees’ retirement savings.

Overall, a 401k auto rollover is a convenient and safe way to transfer an employee’s retirement savings from one employer-sponsored plan to another. It is especially important for small businesses, which may not have the resources to manage their own retirement plans. With a 401k auto rollover, you can be confident that your employees’ retirement savings are safe and secure, and you can save money on administrative costs.