401(k) Plans: Policy Changes Could Reduce the Long-term Effects of Leakage on Workers’ Retirement Savings
GAO was asked to analyze (1) the incidence, amount, and relative significance of the different forms of 401(k) leakage; (2) how plans inform participants about hardship withdrawal provisions, loan provisions, and options at job separation, including the short- and long-term costs of each; and (3) how various policies may affect the incidence of leakage.
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A pension plan is a retirement plan that is sponsored by an employer for the purpose of providing retirement income to employees. The most common type of pension plans is a defined benefit plan. Most defined benefit plans provide retirees with guaranteed lifetime payments.