'Billions of dollars get left behind': The 401(k) industry now has a 'lost and found' for your old retirement accounts
JGI | Jamie Grill | Blend Images | Getty 401(k) plans hold a whopping $7.7 trillion in retirement savings. But cash-outs of small accounts pull billions from the system each year and can harm investors' chances of a secure retirement, research shows. A trio of the industry's largest 401(k) administrators — Fidelity Investments, Vanguard Group and Alight Solutions — have teamed up to change that. related investing news Beware these stocks with floating rate debt loads lurking on their balance sheet Carmen Reinicke 2 hours ago Along with Retirement Clearinghouse, they created a consortium — Portability Services Network, LLC — to automatically reconnect workers with old 401(k) accounts they may have lost or left behind after leaving a job. The partnership, which the companies call a first of its kind for the industry, is meant to address what they see as a structural flaw in the current retirement system. More from Personal Finance: How to invest heading into a recession American...