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Leaving your current job for greener pastures, bigger challenges or a more desirable work/life balance is exciting. However, as you tie up loose ends, make sure your employer-sponsored retirement plan is on your checklist. It is essential to understand the distribution options available to you as well as common pitfalls to avoid, such as:
Just make sure you do something. In an era where the workforce is increasingly mobile – people change jobs an average of 12 times throughout their career1 -- workers are, often unwittingly, leaving behind pools of retirement savings when they switch jobs, and the result is adding up to big bucks. The National Association of Unclaimed Property Administrators put the total dollar amount of abandoned accounts at $7.7 billion in 2015.
1 Bureau of Labor Statistics, 2016