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A key provision of the SECURE 2.0 Act took effect on the last day of 2023, increasing the limit on small 401(k) accounts subject to automatic rollovers into safe-harbor IRAs to $7,000 from $5,000.
While a $2,000 increase may not seem like much on the surface, this development will make many more participants across the U.S. retirement system eligible for automatic rollovers if they don’t move and consolidate their 401(k) savings along their professional journeys.
Spencer Williams is CEO of Portability Services Network and Retirement Clearinghouse, a portability solutions provider.
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