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Paths to Salvage Participants’ Retirement Savings
With a higher percentage of full-time workers leaving their jobs, experts suggest plan sponsors and plan advisers educate employees about self-funded retirement programs.
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More American workers are leaving their jobs for better opportunities in a post-pandemic world, and experts are telling them to take their defined contribution (DC) retirement plan savings with them, too.
According to the Bureau of Labor Statistics (BLS), about 4 million workers quit their jobs in April alone, a rate about 24% higher than before the pandemic and a phenomenon labor experts are calling “The Great Resignation.” Some retirement industry experts warn that mass job separations could lead to potential damages to retirement savings, which are generally accrued through employer-sponsored retirement benefits.