Abandoned 401(k) accounts cause administrative headaches for employers

07/25/2013 | BenefitsPro.com

Nearly half of all U.S. employees leave their retirement accounts when they transition to new companies, and those so-called "orphaned" accounts can create significant costs for the employers left to manage them. Administering the abandoned accounts can cost as much as $525 million annually, estimates Terry Dunne of Millennium Trust.

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