Auto Portability in the News
Browse the most comprehensive collection of articles in the media that feature auto portability.
Writing in MarketWatch, Alicia Munnell, Director of the Center for Retirement Research at Boston College celebrates the news that Vanguard will offer RCH Auto Portability to their plan sponsor clients and participants, stating: "[t]his is a win for Vanguard and its customers, for Retirement Clearinghouse, which has been working on this project for many years, and for the retirement system as a whole" -- adding "[t]his initiative should dramatically reduce leakages and increase 401(k) balances." An astute observer of trends in the retirement sector, Munnell recounts the history of auto portability, from inception to regulatory approvals to its present state, where recordkeepers are now confidently adopting the financial technology. Munnell closes her piece writing: "it is lovely to see a win for the 401(k) system."
Auto portability is a new “automatic” plan feature that is rapidly gaining acceptance by large defined contribution recordkeepers serving almost 10 million participants. While the feature is relatively new, it has received a great deal of attention in the media and has also been the beneficiary of definitive regulatory guidance, promulgated by the Department of Labor (DOL). Despite this, significant misconceptions persist about auto portability, and the top five are presented in 401k Specialist Magazine by RCH's Tom Hawkins, including a link to a short video.
Auto portability is a new “automatic” plan feature that is rapidly gaining acceptance by large defined contribution recordkeepers serving almost 10 million participants. While the feature is relatively new, it has received a great deal of attention in the media and has also been the beneficiary of definitive regulatory guidance, promulgated by the Department of Labor (DOL). Despite this, significant misconceptions persist about auto portability. The top five misconceptions are presented here, which includes a link to a short video.
Writing for 401kTV.com, Steff Chalk, Executive Director of The Retirement Advisor University (TRAU), notes the recent 9/21/21 announcement by Vanguard and states that "[a]uto portability is gaining ground because of its benefits — the ability to proactively impact cash-out leakage, missing participants and abandoned 401(k) accounts. While the Vanguard/RCH auto portability solution is relatively new, it has the potential to help move the industry forward while simplifying plan administration and improving compliance."
RIABiz's Lisa Shidler conducts an in-depth examination of the important ramifications of the Vanguard Group's 9/21/21 announcement that it will offer the RCH auto portability solution to its clients and their participants. Shidler reaches out to a host of industry experts for their views, which are uniformly supportive of auto portability, and states that other recordkeepers, such as Fidelity "may yet see the wisdom" in adopting the feature. Shidler also extensively quotes RCH President & CEO Spencer Williams for the piece.
Greg Long, industry thought leader and head of Alight Solutions' head of Public Policy & Defined Contribution Public Sector, takes to LinkedIn to provide his viewpoint on auto portability. Citing another major recordkeeper's announcement that it's joining the RCH auto portability network, Long takes stock of that positive development, and uses it to advocate for making auto portability "the standard for all small, terminated accounts."
Yahoo Finance's Mike Obel takes stock of portability measures that could remove roadblocks for Americans "to take along their retirement funds more easily throughout their careers." Obel cites both draft legislation in Congress, as well as Vanguard's 9/21/21 announcement of plans to work with Retirement Clearinghouse on auto portability, which is expected to launch in mid-2022.
Also featured in SmartAsset.com
The Editorial Staff of the Retirement Income Journal reports on the 9/21/21 announcement by Vanguard that it will offer the RCH Auto Portability solution to its plan sponsor clients and their participants, targeting the mid-2022 timeframe. The article describes key elements of the announcement, and echoes remarks by RCH President & CEO Spencer Williams by stating that "[t]he deal with Vanguard marks a great leap forward."