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Auto Portability - Recent Developments
Find the most-recent auto portability media coverage and developments.
Auto portability is a new “automatic” plan feature rapidly gaining acceptance by large defined contribution recordkeepers. While the feature is relatively new, it’s tempting to view auto portability as an “overnight success.” In fact, auto portability has been a long time in the making. In his latest article in 401k Specialist, RCH's Tom Hawkins examines a “brief history” of auto portability, including an embedded video featured on YouTube.
Writing in 401k Specialist Magazine, RCH's Tom Hawkins makes the case that auto portability can wait no longer and cites four key reasons that the new "automatic" feature should be adopted. Hawkins' key reasons include: 1) cashout leakage isn't waiting, 2) the "Great Resignation" is accelerating, 3) policy initiatives that expand access to workplace retirement plans require auto portability to realize their intended benefits, and 4) auto portability is here, now and working.
To mark the 25th anniversary of his tenure, Brian Graff, CEO of the prestigious American Retirement Association (ARA) sat down with 401k Specialist Editor-in-Chief John Sullivan to discuss a range of topics, including the organization's history of effectively influencing retirement legislation. During the interview, the pair turned to the important topic of addressing 401(k) cashout leakage, where Graff voiced his clear view that auto portability represents the best approach to solving the problem.
Fiduciary News' Chris Carosa conducts a wide-ranging interview of RCH President & CEO Spencer Williams, gaining Williams' insights on America's 401(k) system, including how he is solving the problem of 401(k) cashout leakage via the RCH Auto Portability program. In the interview, Carosa covers a range of topics, including Williams' background and formative career experiences, the state of the 401(k) system, and of course, specifics about the RCH Auto Portability program and how it will have a positive impact on participants, plan sponsors and providers.
Writing in 401k Specialist Magazine, RCH's EVP of Public Policy Renee Wilder Guerin breaks down the 10/28/21 hearing held by the Senate Special Committee on Aging -- A Financially Secure Future: Building a Stronger Retirement System for All Americans -- and found it to be highly-focused on solving the problems of cashout leakage, as well as advancing its most promising solution, auto portability. Re-capping key testimony and Q&A from the hearing (including excerpted video), Wilder Guerin concludes that lawmakers are more focused than ever on solving retirement savings problems for under-served and under-saved demographic segments.
Pensions & Investments Washington, DC reporter Brian Croce covers the 10/28/21 hearing by the U.S. Senate Special Committee on Aging. In his analysis, Croce mentions testimony provided by RCH President & CEO Spencer Williams on auto portability, as well as the support expressed for the feature by Ranking Member Sen. Tim Scott (R-SC). Croce writes that Scott also used the hearing to announce the release of a report by his office expressing support for auto portability and other policies.
On 10/28/21 Sen. Tim Scott (R-SC), Ranking Member of the U.S. Special Committee on Aging, released a report entitled The American Dream in our Golden Years: Improving Retirement Security and Building Independence, which addressed the issues, challenges and "solutions for the future to help millions of Americans save for retirement and enjoy their golden years." Scott's paper singled out auto portability as one of those solutions, having "opened the door for millions of Americans to start setting money aside for retirement."
In Wealth Management, noted freelance writer Ed McCarthy examines retirement industry developments he believes are worth monitoring, and notes the 9/21/21 news that Vanguard is "teaming up with Retirement Clearinghouse for auto-portability of small balance 401(k) accounts." McCarthy goes on to cite relevant research into cashout leakage, including Vanguard's own How America Saves 2021, and refers readers to an RCH Auto Portability infographic. With Vanguard's announcement coming on the heels of the 2020 announcement from Alight Solutions, McCarthy states that "the Auto Portability program’s potential reach will extend considerably."