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Here’s Why Employers Can Force Abolish Small 401(k) Accounts When a Worker Leaves

Tom Werner | Digital vision | Getty Images

If you left behind a small 401(k) plan account at a former job, there’s a good chance your former employer withdrew those funds from the plan. And that decision could hurt your long-term retirement savings, experts say.

Current law allows employers to “wind down” 401(k) accounts of $5,000 or less if their owners leave the company, perhaps for another job or due to layoff. Smaller balances (less than $1,000) can be cashed out while the remainder can be transferred to an individual retirement account.

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