Auto Portability - Recent Developments

Find the most-recent auto portability media coverage and developments.


Aug
09
2022

3 Ways 401k Plan Sponsors Can Boost Participant Awareness

Writing in 401k Specialist, RCH's Tom Hawkins draws attention to National Financial Awareness Day, which falls on August 14th. In his piece, Hawkins offers plan sponsors 3 steps they can take to increase financial awareness. Plan sponsors who follow these steps, asserts Hawkins, "won’t simply produce more awareness in the minds of their participants, they’ll generate quantifiable results, coming in the form of decreased cashouts, higher levels of consolidation and average plan balances, as well as a lower incidence of missing participants."

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.

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)

Jun
28
2022

Brown, Scott Introduce Bill to Increase Retirement Security

U.S. Senator Sherrod Brown (D-OH) announces on his website (https://brown.senate.gov) that he and U.S. Senator Tim Scott (R-SC) have introduced the bipartisan Advancing Auto-Portability Act of 2022, a bill that would allow a worker’s 401(k) savings account to be automatically rolled over from a previous employer to a new employer. The legislation would cut red tape to help Americans who change jobs frequently to increase retirement savings.

Jun
22
2022

SECURE 2.0 Momentum Surges with EARN Act’s Unanimous Committee Approval Today

401k Specialist Managing Editor Brian Anderson covers breaking, retirement-related legislative action in the US Senate, which voted unanimously in the Finance Committee to advance legislation that includes provisions for auto portability. Anderson's piece includes a synopsis of comments by Sen. Ron Wyden (D-OR) on the bill's four major reforms, including auto portability. Regarding auto portability, Anderson quotes Wyden as stating that the EARN Act is going to make portability "a whole lot simpler.”

Jun
22
2022

EARN Act Clears Senate Finance Committee

PLANSPONSOR's John Manganaro reports on the 6/22/22 unanimous approval by Senate Finance Committee of the EARN Act, which includes provisions for auto portability. Manganaro refers to a statement released by Kevin Barry, president of workplace investing at Fidelity Investments, who notes that "[t]he EARN Act will also help facilitate automatic portability between retirement plans through so that individuals’ savings can follow them through job changes.”

Also featured in PlanAdviser

Jun
16
2022

Senate Legislation Calls for Automatic 401(k) Transfers

PLANSPONSOR's DJ Shaw examines the Advancing Auto Portability Act of 2022, introduced on 6/15/22 by Senators Tim Scott, R-South Carolina, and Sherrod Brown, D-Ohio. Referring to Senator Scott's press release, Shaw quotes Senator Scott, Alight Solutions EVP Alison Borland and RCH President & CEO Spencer Williams.

Also featured in PlanAdviser

Jun
16
2022

Senators introduce bipartisan auto-portability bill

P&I Washington, DC reporter Brian Croce covers the bipartisan bill introduced in the Senate by Sens. Tim Scott, R-S.C., and Sherrod Brown, D-Ohio -- the Advancing Auto Portability Act of 2022. Croce highlights the key features of the proposed legislation, quotes Sens. Scott and Brown, and notes that "[t]he bill has earned support from a wide swath of the retirement industry." Croce quotes RCH founder, president and CEO Spencer Williams, who praises the bill's bipartisan sponsors, while characterizing the legislation as "a huge win for America's hardworking retirement-savers."

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A Brief History of Auto Portability