PensionBee announced that its Automatic Rollover IRA solution will be available to eligible T. Rowe Price retirement plan clients, allowing them to designate the offering as a force-out provider for small balances below the $7,000 threshold. This move addresses the growing issue of forgotten retirement accounts, with nearly $2 trillion in left-behind 401(k) wealth and over $43 billion projected to sit in Safe Harbor IRAs by 2030. Employers currently force out roughly $5 billion in sub-$7,000 balances annually, often into low-growth, high-fee accounts. T. Rowe Price's Core Market clients can review force-out providers through the portal at no additional cost, and PensionBee's offering will become available to large institutional clients in 2027.
Pensionbee Group PLCPensionBee's Automatic Rollover IRA becomes available on T. Rowe Price platform, expanding distribution.
T. Rowe Price Group IncT. Rowe Price platform expands offering with PensionBee's rollover solution, enhancing client services.
