Geoffrey Sanzenbacher

You have many different competing.

It's so fascinating.

Firms, right.

Yeah, it's very fragmented.

And I don't think they have a lot of incentive to change this.

I think if they had a lot of incentive to change this, it would be changed.

Right, right.

I'm guessing that like not having to do this is just cheaper than having to do it for a firm.

So like that if they had to make it very easy to transfer money from one account to another, they'd be always doing that.

And that could be...

I mean, just to give you a sense of that, like if a account is less than $1,000, the company does have the ability to automatically get rid of it or roll it over because they hate having small accounts.

It could have happened with your account.

I mean, they would have to send you a check or put it somewhere.

Right.

They can't just get rid of it, but like, but they are allowed for very small accounts to get it off their books because it's costly for them.

I think who's most disadvantaged by it are lower income workers who move around a lot.

You know, if you look at like age and income and job mobility, you know, the people who lose out are people who move jobs at any point.

And younger people move jobs more.

And really importantly, I think lower income people move jobs more.

Now, lower income people often don't have access to a 401k at all.