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Secure 2.0: Retirement Portability

yogibearbullyogibearbull
edited February 11 in Other Investing
Secure 2.0: Retirement Portability

Secure 2.0 requires retirement plan (401k/403b) portability for small accounts ($1-7K; limit adjusted) into another job's plan or Safe Harbor IRAs (also, Automatic Rollover IRAs). Plan balances under $1K can still be cashed out – those can be rolled over into IRA or spent (paying 10% penalty & taxes). PSN enables auto-portability for fees (5% of balance up to max $30) & its current members include Alight, Vanguard, Fidelity, Empower, TIAA, and Principal.
https://ybbpersonalfinance.proboards.com/thread/567/retirement-portability

Edit/Add: The entire legislation isn't new. But Secure 2.0 changed the limits and provisions that make auto-portability possible.

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