EBRI's Research Establishes Auto Portability as a Leading Public Policy Initiative

Auto Portability - Public Policy

Learn more about retirement savings public policy positions related to Auto Portability.


Oct
05
2022

Creating a more secure financial future for American workers

In an opinion piece for The Hill, U.S. Senators Tim Scott (R-SC), and Sherrod Brown (D-OH) team up to make a convincing bipartisan case for auto portability, which the legislators are seeking to further with the Advancing Auto Portability Act of 2022, provisions of which were subsequently incorporated into a broader Senate bill. Scott and Brown view auto portability as an urgent and necessary remedy to the problem of cashout leakage, writing that auto portability "would solve this [leakage] problem by allowing workers to automatically roll over savings from their previous employer to a new employer." They close with an appeal to fellow legislators, writing: "[w]e encourage our colleagues to support this bipartisan, commonsense legislation that will create a more secure financial future for American workers, and save people precious time and money."

Sep
27
2022

Why DEI and ‘Traditional’ Automatic Rollovers Don’t Mix

When it comes to 401(k) diversity, equity, and inclusion (DEI) initiatives, RCH’s Tom Hawkins observes broad support for expanded access and automatic features, since they “are supportive of increasing participation and asset accumulation across all demographics.” No one, writes Hawkins, points to ‘traditional’ automatic rollovers as facilitating DEI goals, as they “penalize the very demographic segments that DEI initiatives strive to uplift.” Hawkins urges plan sponsors to re-tool ‘traditional’ automatic rollover programs to include education and assistance and to incorporate auto portability – delivering more equitable retirement outcomes for under-saved and under-served participants.

Sep
07
2022

401k Plans: An Ongoing Public-Private Partnership That Works

In observance of National 401(k) Day on Friday, September 9th, RCH's Tom Hawkins takes the opportunity to reflect on the long-running, highly successful public-private collaboration that has fostered the rapid ascendance of America’s 401(k) system. Writing in 401k Specialist Magazine, Hawkins states that "this partnership will continue to drive innovations that will expand and improve the 401k system for millions of Americans – not only helping them to save more but preserving more of their savings for retirement."

Jul
15
2022

401(k) Fees Lower than IRA Alternative

Steff Chalk, 401kTV's Managing Editor, informs readers about new Pew Charitable Trust research that finds 401(k) fees can be lower than IRA fees, often by a wide margin. Chalk links the research findings to auto portability, noting that policymakers could act by "furthering auto portability as a way to transfer assets between retirement plans."

Jul
07
2022

Advisers in conversation: Creating lifetime income in retirement

EBN's Stephanie Schomer interviews 401(k) legend Ted Benna, responsible for designing and implementing the first 401(k) savings plan, and Mandy Zatto, co-founder and principal, Strategic Benefits Advisors. When the topic turns to job-changing participants and how to protect their nest egg, both Benna and Zatto find praise for auto portability, for Retirement Clearinghouse, and for the recently-introduced Senate legislation containing provisions that support the new plan feature.

Jul
06
2022

Nevin & Fred: EARN, RISE & SHINE, Auto-Portability & the Way(s) Forward

In their ongoing podcast series featured in NAPA Net, American Retirement Association Chief Content Officer Nevin Adams and ERISA fiduciary expert Fred Reish discuss the latest retirement public policy initiatives to emanate from Washington, DC. In their discussion, Adams and Reish focus extensively on the Senate's Enhancing American Retirement Now (EARN) Act of 2022. The podcast's hosts go in-depth on the bill's auto portability provisions, which they view highly favorably, and Adams supplies listeners with an excellent overview of how auto portability works.

Jul
01
2022

Newly Proposed Legislation Can Help Resolve America’s Retirement-Savings Gaps

Writing in the RCH Consolidation Corner blog, RCH founder, president & CEO Spencer Williams delves into recently-proposed legislation in the U.S. Senate, making the case that its auto portability-related provisions will make a real difference in the retirement security of millions of hardworking Americans. Citing Vanguard's recently-released How America Saves report, Williams notes that the highly-respected annual report "underscored that premature cash-outs of small 401(k) balances continue to threaten retirement readiness for plan participants, especially those who are younger and have less savings." Williams quotes the Vanguard research as concluding that "[a]uto portability services and revisions to minimum balance rules can help decrease cash out rates." Williams goes on to praise the Senate's bipartisan approach to the bill, adding: "[i}f the legislation is signed into law, the retirement-savings gaps in our society can begin to be filled."

Jun
29
2022

New bill would automatically roll 401ks to new jobs

Writing in Yahoo News, reporter Thomas Gnau addresses the bipartisan “Advancing Auto Portability Act of 2022,” introduced by Sens. Sherrod Brown, D-Ohio, and Tim Scott, R-S.C. The legislation, Gnau writes, takes aim at "retirement plan leakage" and "aims to make it easier for workers to take 401K retirement accounts with them to new jobs." The piece quotes Sen. Brown, as well as RCH founder, president & CEO Spencer Williams.

Also featured in the Dayton Daily News and the Journal-News (Butler County)

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EBRI's Research Establishes Auto Portability as a Leading Public Policy Initiative