Public Partners with Capitalize to Streamline 401(k) Rollovers

The partnership is aiming to allow members to consolidate retirement savings more easily. 

Public will integrate Capitalize’s Rollover API, enabling users to transfer legacy 401(k) accounts into Individual Retirement Accounts (IRAs) directly on its platform.

The company explained that the partnership also seeks to address the growing issue of unclaimed retirement funds. 

They note that an estimated $1.65 trillion in assets remain left behind in old 401(k) accounts, with 54% of Americans struggling to locate their legacy retirement savings. 

Research suggests that only 22% of savers can complete a rollover without assistance, while 42% report that the process takes over two months.

“Many of our members have left behind 401(k)s at former employers, and we know they want to consolidate them at Public,” said Stephen Sikes, COO of Public. “We view Capitalize’s Rollover API as a no-brainer solution that helps our members roll over in a simple, user-friendly way.”

By utilising Capitalize’s technology, Public believes it has changed what was traditionally a complicated, time-consuming process into a streamlined digital experience. 

Members will now be able to locate old 401(k)s and submit rollover requests entirely within the Public platform.

“We’re very excited to partner with Public and help its members take control of their retirement savings,” said Gaurav Sharma, CEO and Co-Founder of Capitalize.

The company concluded that the new offering will be available to U.S. Public members in the coming weeks.