00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Americans are losing investment gains when former employers move small 401k balances
00:07into safe harbor IRAs that sit in cash, according to the Wall Street Journal.
00:12Employers can transfer accounts between $1,000 and $7,000 after notifying former workers,
00:18but many people overlook the notices and later discover their savings,
00:22earned little interest, and incurred fees.
00:24These involuntary rollovers are rising under recent law changes,
00:28and researchers say most savers leave the money untouched for years.
00:32Safe Harbor IRAs hold about $28 billion and could reach $43 billion by 2030.
00:38Some companies now offer services to transfer small accounts into new employer plans
00:42to help workers keep track of their savings.
00:45For all things money, visit Benzinga.com.
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