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ARTICLE · 08 APRIL 2024

How DOL's Proposed Automatic Portability Regulations Will Affect Defined Contribution Plans

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The U.S. Department of Labor (DOL) recently issued proposed regulations on automatic portability programs. These programs help employees who change jobs consolidate their retirement funds...

United StatesEmployment and HR
Hall Benefits Law
Hall Benefits Law
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The U.S. Department of Labor (DOL) recently issued proposed regulations on automatic portability programs. These programs help employees who change jobs consolidate their retirement funds by automatically transferring IRAs from their former plans to their new employers' plans. For 2024, the minimum automatic IRA transfer amount under an automatic portability program is $7,000.

Under the proposed regulations, a transfer under an automatic portability program would qualify as a prohibited transaction exemption from ERISA as granted by the SECURE 2.0 Act. The proposed regulations also address rules for service providers that charge direct fees to plan sponsors instead of IRA owners.

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