By Allison Bell
Pension policy specialists have explained why you might care about “portability” — one of the little-discussed, complicated-sounding provisions in the major retirement bills now in play in Congress.
The explanation boils down to this: The current lack of portability could be extremely mean to clients who start out in a 401(k) plan with a lifetime benefits annuitization option.
A team at the Georgetown University Center for Retirement Initiatives and a team at Willis Towers Watson have included the explanation in a look at the retirement income options available in 401(k) plans and other defined contribution retirement plans, such as 457 plans.
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Lack of 401(k) Annuitization Portability Is Mean: Pension Policy Specialists