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Auto Portability in the News
Browse the most comprehensive collection of articles in the media that feature auto portability.
$1.3 trillion sits in forgotten 401(k)s. Here's how advisors can help clients reclaim their money
Financial Planning reporter Dan Shaw examines the problem that "forgotten 401(k)s" can create for advisors, who sometimes spend an incessant amount of time on the phone, tracking down clients' balances. Shaw reports that "Fidelity, Vanguard and Alight Solutions announced in October that they were working together with the online account portability service Retirement Clearinghouse to ensure retirement money can be transferred easily when employees switch jobs." Shaw also notes that "the companies work with 48,000 employer-sponsored plans, holding money from 48.3 million workers."
Auto-Portability Receives Bipartisan Backing with House Bill
401k Specialist's Amanda Umpierrez examines HR 9252, auto portability legislation recently introduced to the House of Representatives by Reps. Brad Schneider (D-IL) and Ron Estes (R-KS). Umpierrez turns to Renee Wilder-Guerin, RCH's EVP, Public Policy, who states: “[w]e hope that it indicates that not only do we have support for auto-portability on the Senate side, but we have support on the House, and that increases the chances of auto-portability language being included in SECURE 2.0.”
Auto-Portability Secures Bipartisan Backing in the House
NAPA Net reporter Ted Godbout analyzes the recently-introduced Advancing Auto-Portability Act of 2022 (H.R. 9252), which was proposed Oct. 28 by Reps. Brad Schneider (D-IL) and Ron Estes (R-KS), who are both members of the House Ways and Means Committee, where the legislation was referred. As Godbout points out, this companion bill to the previously-introduced Senate proposal of the same name means that auto portability legislative proposals enjoy both bicameral as well as bipartisan support.
Also featured in ASPPA Net
401(k) auto-portability bill floated in House
P&I DC reporter Brian Croce covers HR 9252 (Advancing Auto-Portability Act of 2022), introduced October 28th by Rep. Brad Schneider, D-Ill., and Rep. Ron Estes, R-Kan. The bill, writes Croce, "is a companion bill to legislation with the same name introduced in June by Sens. Tim Scott, R-S.C., and Sherrod Brown, D-Ohio, that's aimed at reducing plan leakage."
New Legislation for Reducing Premature Retirement Savings Cashouts
Insurica, a large multi-state insurance broker, writes about pending auto portability legislation in their blog, noting the Advancing Auto-Portability Act of 2022, which was originally introduced into the Senate by Senators Tim Scott (R-S.C.) and Sherrod Brown (D-OH), with a companion bill recently introduced into the House. The blog's author points out that the bill "aims to encourage the adoption of auto portability programs" and "would incentivize employers who adopt auto portability with a tax credit of $500 if they offer this option to their employees."
New House Bill Allows Automatic 401(k) Rollovers
ThinkAdvisor's Melanie Waddell reports on the recent introduction of HR 9252, which codifies auto portability, the seamless transfer of retirement accounts from employer to employer. The House bill was co-sponsored by Rep. Ron Estes (R-KS) and Rep. Brad Schneider (D-IL), and Waddell turns to Groom Law Group expert Steve Saxon to weigh in on the proposed legislation. The bill, says Saxon: “reduces [DC plan] leakage by making it easy for an individual to manage all their retirement assets in one place.” Waddell reports that the House bill is a companion version of legislation previously introduced into the U.S. Senate, and writes that "the bills may be included in the Secure Act 2.0 retirement legislation that’s expected to pass during the lame-duck session of Congress."
Large providers team up for auto portability
Writing in JD Supra, The Rosembaum Law Firm's Ary Rosenbaum observes that "Fidelity Investments, Vanguard, and Alight Solutions have teamed up with Retirement Clearinghouse, LLC (RCH) to create a consortium of workplace retirement plan recordkeepers, Portability Services Network, LLC, to accelerate the nationwide adoption of auto portability.
House Bill Seeks Automatic Rollover Of Retirement Accounts
Writing in the legal publication Law360, reporter Jared Serre notes that the introduction of a bill (HR 9252) in the U.S. House of Representatives "would allow for the automatic rollover of savings from 401(k) accounts from one employer to another after a job change is made." The bill, which complements provisions previously introduced in U.S. Senate legislation, was co-sponsored by Rep. Ron Estes (R-KS) and Rep. Brad Schneider (D-IL).