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Auto Portability in the News
Browse the most comprehensive collection of articles in the media that feature auto portability.
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.
In PLANSPONSOR's March-April online magazine, reporter Debbie Carlson chronicles the key regulatory developments that have provided employees with greater workplace retirement savings plan access. Carlson devotes a section to auto portability, providing readers with a timeline of key events dating back to 2001, when EGTRRA spawned automatic rollovers, as well as more contemporary developments surrounding the formation of the Portability Services Network (PSN). Carlson turns to RCH executives Spencer Williams and Neal Ringquist, who supply projections for the expansion of PSN's network. Also supporting auto portability's efficacy in stemming cashout leakage is Morningstar's Jack VanDerhei, a respected retirement researcher and formerly of EBRI.
InsuranceNewsNet's Ayo Mseka recaps a recent EBRI webinar, where Mike Shamrell, V.P. of Fidelity’s workplace investing thought leadership, presented cashout leakage data garnered from Fidelity’s defined contribution plans. Shamrell's data included extensive breakdowns of cashout leakage data, including an analysis by generational cohort, where the 'danger zone' was identified as participants between the ages of 30 and 39. According to Mseka, Shamrell cited auto portability as one of several solutions to leakage, which could also serve to "reduce the costs and burden of terminated participants."
Business Insider's Jason Lalljee interviews Yanwen Wang, professor at University of British Columbia, and co-author of a cashout leakage study recently featured in the Harvard Business Review. The study, writes Lalljee: "found nearly half of 162,360 employees who left their jobs between 2014 and 2016 at 28 US companies cashed out of workplace retirement plans like 401(k)s that incentivize saving over time." Lalljee cites Wang as advocating for the adoption of auto portability "in which 401(k)s are automatically moved over to a new employer."
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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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.
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.
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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