2016 Advisory Council Report on Participant Plan Transfers and Account Consolidation

This document is about an ERISA Advisory Council report that examines the challenges faced by plan participants when trying to transfer retirement savings from one employer plan to another or consolidate multiple accounts. The report provides recommendations to the Department of Labor on ways to improve the transfer and consolidation process, including developing data and technology standards, sample communications, clarifying regulations, and collaborating with Treasury. The goal is to facilitate lifetime plan participation and reduce plan leakage.