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Auto Portability - Recent Developments
Find the most-recent auto portability media coverage and developments.
Fred Barstein, founder and CEO of The Retirement Adviser University, anchors his ongoing Wealth Management RPA Edge / 401(k) Real Talk video series, and discusses the 11/7/23 launch of auto portability services via the Portability Services Network (PSN). In his comments, Barstein notes the greater, longer-term potential of the PSN network to facilitate portability and to promote financial wellness, stating: “the initial launch, facilitated by the Retirement Clearinghouse is a great beginning – not just for the Portability Services Network, but for the entire DC industry.” Barstein’s commentary on PSN begins at the 3:00 mark.
401k Specialist's Amanda Umpierrez reports on the 11/7/23 announcement from the Portability Services Network (PSN), signaling that the network's auto portability solution is operational and that member recordkeepers will commence rolling out the service to their plan sponsor clients. Umpierrez quotes Retirement Clearinghouse (RCH) and PSN Chairman Robert L. Johnson, who states: "[t]he Portability Services Network is poised to deliver on its core mission to stem the cash-out crisis that harms Black and other under-served and under-saved low-wage workers" including preserving $619 billion in retirement savings for low-wage Black workers and minority communities over the next generation. Johnson also notes the "great interest" expressed thus far by employer plan sponsors.
PlanAdviser's Alex Ortolani covers the 11/7/23 announcement from the Portability Services Network (PSN), writing that the network "is live, as of Wednesday, enabling digital automatic portability of retirement accounts from the country’s six largest recordkeepers." Ortolani notes that three of the six PSN recordkeeper owner members have completed integration of auto portability via the PSN network, and have begun offering the service to their plan sponsor clients. Ortolani goes on to quote Retirement Clearinghouse (RCH) and PSN Chairman Robert L. Johnson, as well as Fidelity's Dave Gray, head of workplace retirement offerings and platforms, on the importance of the development, announced in a PSN press release, which included a joint video announcement from members of the consortium.
NAPA Net's Ted Godbout reports on the 11/7/23 announcement by the Portability Services Network (PSN) that it has "officially launched" and has become "operational 12 months after being announced in 2022." Godbout quotes Retirement Clearinghouse (RCH) and PSN Chairman Robert L. Johnson in the piece, who affirms the mission of PSN to help America's under-served and under-saved workers via the widespread adoption of auto portability. In a video announcement, Johnson and other PSN board members express their support for PSN and invite all recordkeepers to join the industry-led consortium.
PRESS RELEASE: Portability Services Network Launches Nation’s First Solution to Move Workers' Retirement Savings When Changing Jobs
CHARLOTTE, NC—November 7, 2023—The Portability Services Network (PSN) announced the launch of its digital auto portability solution, designed to help tens of millions of under-served and under-saved Americans keep their retirement savings invested and working for them when they change jobs. Having become operational 12 months after being announced in 2022, PSN includes as founding members the nation’s leading workplace retirement plan recordkeepers—Alight Solutions, Empower, Fidelity Investments, Principal, TIAA, and Vanguard—under the leadership of Robert L. Johnson, Chairman of the PSN and Retirement Clearinghouse, LLC.
The 401kWire's Neal Anderson reports on the pending, 10/1/23 "go live" date for auto portability, as delivered by the Portability Services Network, when the "first two recordkeepers are poised to plug their platforms in to the technology." Anderson extensively quotes RCH and PSN president & CEO Spencer Williams, as well as Alight Solutions' Greg Long, head of public policy. In addition to providing his outlook on near-term adoption of the new feature, WIlliams notes that he is "constantly adding to the [RCH] team" to meet the network's future expansion plans, which he projects will accelerate in 2024 and beyond, adding: "[f]or us, the next three to five years will be almost uninterrupted expansion."
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Pensions & Investments Washington reporter Brian Croce covers the official October 2023 "go live" date for auto portability, via the industry-led Portability Services Network, and presents a uniformly positive view of the industry network, as well as the go-forward prospects for auto portability. Croce includes extensive quotes from key representatives of the consortium, including Fidelity's Dave Gray, Alight's Greg Long, Vanguard's Steve Holman, as well as RCH's Spencer Williams and Neal Ringquist. Croce also turns to industry voices, including PSCA's Executive Director Will Hansen and EBRI's Craig Copeland.
The PLANSPONSOR writing team of Natalie Lin and Remy Samuels tackle a big development in the DC recordkeeping world, when on 7/6/23, Principal announced that it was joining with the Portability Services Network (PSN), an industry-led utility dedicated to the adoption of auto portability. The pair writes: "[t]he addition of Principal means the country’s five largest recordkeepers by assets are now part of the network, with Principal joining Fidelity Investments, Empower, Vanguard and Alight Solutions, according to the latest ranking by PLANSPONSOR."