Auto Portability - Public Policy
Learn more about retirement savings public policy positions related to Auto Portability.
With "Rothification" in the rear-view mirror in 2017, retirement savings policymakers have begun turning their attention to other, more-promising initiatives in 2018 -- namely, auto portability and missing participants.
Two retirement savings public policy initiatives – auto portability and the problem of missing participants – are very likely to see significant progress in 2018. Both initiatives enjoy strong bipartisan support, promise to streamline and strengthen America’s defined contribution system, and will preserve the retirement savings of millions of Americans by ensuring that their savings move forward when they change jobs.
In his 1/8/18 article in the Journal of Accountancy, Lou Carlozo examines auto portability, which has the potential to "impact the retirement plans of millions for the better." Carlozo details the progress auto portability is making with the Department of Labor, referencing the July 2017 letter from Senate Republicans. Carlozo extensively quotes RCH President & CEO Spencer Williams, as well as other industry experts, on the positive outlook for auto portability and its potential for solving the 401(k) "leakage" problem.
Great all by itself, auto portability also makes other retirement savings public policy initiatives a lot better.
The American Benefits Council delivered a letter to the Department of Labor (DoL), urging the DoL to act on the problem of unresponsive or missing participants.
PLANSPONSOR's Rebecca Moore reports on the letter from US Senator Tim Scott, urging Labor Secretary Alexander Acosta to provide guidance on auto portability "as soon as possible."
Robert L. Johnson applauds U.S. Senator Tim Scott (R-SC) and ten Republican U.S. Senators for their letter urging U.S. Department of Labor Secretary R. Alexander Acosta to increase retirement savings opportunities for minority and working class Americans