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Auto Portability - Recent Developments
Find the most-recent auto portability media coverage and developments.
Why TIAA is Teaming Up With Four Other RKers
The 401kWire's Neil Anderson interviews TIAA spokesperson Lizzie Anderson, who explains why TIAA elected to join the Portability Services Network as the fifth recordkeeping member. Anderson placed the move in the context of closing the retirement savings gap, and indicated that "this industry consortium enabling auto portability is an important step toward helping more Americans hold on to their money during their professional journeys." Anderson also cited EBRI and RCH data indicating the prevalence of job-changing and the lack of seamless plan-to-plan savings portability as key factors driving the need for auto portability.
Secure 2.0 Creates an Important Opportunity to Improve Retirement Savings Portability
Writing for Georgetown University's Center for Retirement Initiatives (CRI), retirement and investment expert Catherine Reilly assesses the impact of recent policy reforms, including the passage of the SECURE 2.0 Act in December 2022, which "provide an opportunity to significantly improve retirement savings portability to the benefit of participants, employers, and retirement plan providers." Reilly notes the pitfalls facing retirement savers trying to build wealth, including the difficulties in consolidating multiple retirement savings accounts, which increases the prevalence of cashing out. Reilly notes the formation of the industry-led Portability Services Network, along with provisions of SECURE 2.0 that provide a safe harbor for adopting auto portability, and concludes with a call-to-action, writing: "Now is the time for the U.S. to get it done. Facilitating portability and account consolidation are two of the most important ways to boost retirement savings and enhance the effectiveness of current and future policy reforms."
Corporate Roundup: TIAA and RCH Consortium, Upwise and Savi Collaboration
Writing in the weekly Corporate Roundup feature for 401k Specialist, Amanda Umpierrez recaps the 4/4/23 announcement from TIAA that it is joining the Portability Services Network (PSN), an industry-led consortium of recordkeepers formed to accelerate the adoption of auto portability. Umpierrez includes quotes from Thasunda Brown Duckett, president & CEO of TIAA, as well as RLJ Companies, PSN and RCH Chairman Robert L. Johnson.
TIAA Joins Auto-Portability Network
Ignites' Alfred Wilkinson reports on the 4/4/23 announcement from TIAA that they have joined the Portability Services Network (PSN) -- an industry-led utility dedicated to accelerating the adoption of auto portability. TIAA is the 5th large recordkeeper to announce their status, joining Alight, Empower, Fidelity and Vanguard. Wilkinson quotes TIAA president and CEO Thasunda Brown Duckett, while noting that PSN "now represents approximately 62.6 million workers across more than 139,000 employer-sponsored retirement plans."
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TIAA Joins Major Recordkeepers in Portability Services Network
PLANSPONSOR's Noah Zuss examines the 4/4/23 announcement from TIAA that it is joining the Portability Services Network (PSN), which Zuss characterizes as a "growing movement started by Retirement Clearinghouse LLC, with Alight Solutions, Empower and Fidelity already on board." Zuss quotes TIAA's president and CEO Thasunda Brown Duckett, while providing readers with a "brief history" of the auto portability initiative.
TIAA Ties Up with Auto-Portability Platform
NAPA Net's staff covers breaking news that "TIAA has joined Retirement Clearinghouse, LLC (RCH) alongside Empower, Fidelity, Vanguard and Alight linking up with the Portability Services Network, LLC (PSN)." NAPA Net's article reference's TIAA's press release, and also notes the inclusion of provisions for auto portability in the recently enacted SECURE 2.0 Act of 2022.
RCH Brings a 5th RKer Into PSN
The 401kWire's Neal Anderson covers the day's announcement that TIAA, "a giant recordkeeper in the 403(b)" sector, has become the fifth large recordkeeper to join PSN, an industry-led utility that is dedicated to the adoption of auto portability. In his piece, Anderson quotes Thasunda Brown Duckett, president and CEO of TIAA.
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TIAA joins retirement plan portability network
InvestmentNews' Gregg Greenberg reports on the 4/4/23 announcement that TIAA is joining the Portability Services Network (PSN), "a group that aims to help America’s under-saved, minority and low-income workers improve their retirement outcomes" by accelerating the nationwide adoption of auto portability. Greenberg notes the affiliation of PSN with Retirement Clearinghouse (RCH) and quotes Thasunda Brown Duckett, president and CEO of TIAA.
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