Each year, participants accumulate multiple retirement accounts as they advance in their careers. While saving money in these accounts should be straightforward - you contribute, your employer matches and your money grows, having accounts scattered across previous employers creates complexity.

Today's consolidation methods require extensive paperwork and coordination between providers, adding work for HR teams and creating uncertainty for participants.

Manifest digitizes the process to make retirement account consolidation quick and easy for everyone.

The Challenge of Account Consolidation

When participants start a new role, they must decide whether to transfer, cashout, or leave their accounts there. While keeping multiple accounts might seem easier initially, it often results in higher fees and reduced oversight of retirement savings.

Recent data from Pew Research shows 46% of retirees consolidated their savings into IRAs, while 54% kept their funds in employer plans. Among those approaching retirement, 25% remained unsure about their next steps with their accounts.

Consolidation usually requires participants to handle paper forms, spend time on calls, and follow unclear instructions with weeks of back-and-forth. For HR teams, this means correcting errors, answering repeat questions, and spending valuable time on administration.

Account consolidation helps participants take control of their savings, but when moving accounts becomes too complicated, many delay action or withdraw their funds entirely - losing savings in the process.

How Current Methods Impact HR Teams

HR teams need to focus on onboarding, benefits administration, and supporting participant well-being. The time spent on retirement account paperwork pulls them away.

Current consolidation methods create three main challenges:

  • Multiple forms: Each consolidation requires different forms, signatures, and verification steps. One error means starting over.
  • Limited visibility: HR teams can't track consolidation progress, making it hard to support participants.
  • Repeat questions: Without clear next steps, participants often need multiple explanations about consolidation options.

For companies with regular hiring, these administrative tasks add up quickly, reducing time for retention and engagement initiatives.

What Stops Participants from Consolidating Accounts

Participants face several obstacles when trying to bring their retirement accounts together:

1. Clear information: Many participants need help understanding consolidation options and benefits, leading them to take no action.

2. Multiple steps: Current consolidation methods require coordinating between providers and completing various forms. Without guidance, participants often stop mid-way (89% of people who attempt a transfer today, fail).

3. Competing priorities: With daily expenses to manage, retirement planning often becomes secondary.

4. Fee understanding: Some participants worry about hidden costs, though consolidation typically reduces fees long-term.

Pew's research reveals 55% of retirees chose to stay with their employer-sponsored plans because they liked the investment options. This shows that when participants clearly understand their choices, they make informed decisions. However, today's methods rarely provide this clarity.

How Manifest Solves Account Consolidation Problems

Manifest helps participants and HR teams bring retirement accounts together. Accessible anywhere with just a URL:

1. Quick online completion: Participants consolidate their savings in minutes. The average participant spends 7 minutes to start a consolidation, which is completed in 14 days, compared to the typical 60-day timeline.

2. Account location: Many participants lose track of old retirement account details. Our database lets them find accounts using just their previous employer's name.

3. Clear instructions: We guide participants through each step, helping HR get back-on-track.

4. Reduced HR work: Our automation cuts administrative time and shows real-time consolidation status for participants.

5. Expert help: Our registered financial advisers are always ready to assist and ensure successful consolidations.

Why Account Consolidation Matters

When participants can easily consolidate accounts, everyone gains value:

For participants:

  • One account means simpler savings management
  • Fewer accounts mean reduced fees and better growth opportunities
  • Clear consolidation steps lead to better financial choices

For employers:

  • HR teams gain back valuable time
  • Better participant experience leads to higher plan engagement
  • Fewer leftover accounts reduce compliance requirements and inactive fees

When consolidation becomes clear, participants stay invested rather than cashing out, supporting long-term financial success.

Building Better Retirement Outcomes

Moving retirement savings shouldn't create confusion. While traditional methods slow down consolidation, Manifest gives participants and HR teams a reliable solution.

When participants can easily consolidate retirement accounts, they take action and build stronger financial futures, while HR teams focus on supporting their people.

Contact us today to get set up with consolidation in under an hour.