Employers kick former workers out of 401(k) plans to cut costs

03/27/2013 | MarketWatch

A growing number of companies are kicking former workers out of their 401(k) plans if they have small balances in an effort to reduce administrative fees. "It's a barnacles-on-the-bottom-of-the-boat problem," said Spencer Williams, CEO of the Retirement Clearinghouse. Typically these workers' funds will automatically roll over into an IRA.

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