Encore: The U.S. should have a ‘pension registry’

American workers are extremely mobile, and when they leave their jobs many may not know that they are entitled to vested benefits in a defined benefit plan and others do not specify what should be done with the savings in their 401(k) plan. Balances can be forgotten or lost. To avoid these types of problems, many other countries, such as The Netherlands, Australia, and Denmark, provide consolidated online information for participants on all their workforce retirement accounts, and Belgium began doing the same in 2016. These pension registries, which include information on both active and inactive accounts, are helpful not only to participants, but also to plan administrators who use them to locate missing participants and eliminate outstanding liabilities.

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