Reported 2 days ago
A New York City man, Dylan Handy, lost $114,000 from his 401(k) due to a physical check from Paychex being stolen and cashed. Despite following procedures to roll over his retirement savings after a job change, he was not informed about the option for electronic transfers, leading to significant financial loss and ongoing legal battles with Paychex. Research indicates that 43% of people still encounter risks from paper checks in retirement rollovers, highlighting a need for safer, more efficient processes.
Source: YAHOO