Among the problems: promoting so-called "no-fee" IRAs to investors, a practice FINRA warned the securities industry about in July, 2013. The term could mislead investors, who typically pay fees in some way to maintain an account, FINRA said. For example, the costs of a "no-fee" account may be disguised in a higher commission instead of highlighted as a separate charge. Nonetheless, the advertising strategy could lure investors into a rollover that may ultimately be more costly than staying in their employers' plans.

FINRA has not yet pursued any enforcement cases involving retirement plan rollovers, a spokeswoman said.

Pension Woes

FINRA's interest in rollover practices coincides with efforts by some investors to recoup money they say they're owed because of a broker's rollover advice that was not suitable for them.

One case, on behalf of six retirees of the former Niagara Mohawk Power Corp, now a part of National Grid USA, a subsidiary of National Grid Plc, alleges that an ex-broker for LPL Financial LLC advised them to cash in their pensions when they retired and roll the money over into investments that he would manage, according to Joseph Peiffer, a lawyer in New Orleans who is handling the case.

The retirees, who transferred their funds between 2007 and 2009, collectively lost "millions" of dollars when they might instead have locked in monthly pension payments for life, Peiffer said. LPL settled a similar previous case for $390,000, according to a regulatory filing. An LPL spokeswoman declined to comment. A National Grid spokesperson was not immediately available to comment.

The former broker, Jeffrey Cashmore, now runs an investment advisory firm in Williamsville, New York. He said he was unaware of the present case but that he counseled Niagara Mohawk retirees about staying in their plan.

FINRA suspended Cashmore for 30 days in 2012 and fined him $5,000 for allegedly providing misleading materials to customers. Cashmore denied misleading clients and settled with FINRA because he thought the terms would be confidential, he said, adding that he still advises many Niagara Mohawk retirees.

Avoiding Angst

The vast majority of workers are allowed to leave their money in a 401(k) even when they leave a company. It's often a cheaper alternative, but one that many workers don't know is available to them.