Feds Standardize Process for ‘Abandoned’ 401(k) Plans

Each year, an average of 1,650 sponsors of 401(k) plans abandon their plans, often because the employer goes out of business or merges with another. When that happened, the U.S. Labor typically petitioned the courts to take control of the plan and distribute the 401(k) assets to employees. But new Labor Department rules streamline that process ...