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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 USA Today and syndicated in other media affiliates, Medora Lee examines the issue of "leaving money behind" in employer-sponsored retirement savings plans. Lee focuses on the potential solutions resulting from SECURE 2.0 legislation, including the creation of a national lost & found registry, as well as the codification of auto portability. Lee turns to Alight Solutions' Greg Long and Vanguard's David Stinnett, both representing firms who joined forces with Fidelity and Retirement Clearinghouse (RCH) to form the Portability Services Network (PSN), created to accelerate the adoption of auto portability. Lee closes her piece by describing how auto portability works.
Also featured in Yahoo! Money
In an interview featured on Yahoo! Finance, Kerry Hannon is interviewed by Dave Briggs and Seana Smith, providing her take on how elements of the recently passed SECURE 2.0 legislation will help serve to minimize 401(k) cashouts. Hannon first addresses the problem of 401(k) cashouts, uses an illustration generated using Retirement Clearinghouse's Cashout Calculator. Hannon goes on to describe elements of auto portability that have been incorporated into SECURE 2.0, noting that "the new law really jumpstarts this, which will help people hang on to that money, keep it invested in their retirement plans."
Writing in the RCH Consolidation Corner blog, Spencer Williams, CEO of Portability Services Network (PSN) and Retirement Clearinghouse (RCH), makes a compelling case for plan advisers to help facilitate the roll-out of auto portability to the plan sponsors and participants they serve. Williams cites two recent headline-grabbing events -- the passage of SECURE 2.0, which incorporates provisions for auto portability, and the October 2022 formation of PSN to function as an industry utility for transferring balances from plan-to-plan. As both participants and plan sponsors stand to realize tremendous benefits from the adoption of auto portability, it "presents an easy opportunity for financial advisors and wealth managers to demonstrate value for their clients—and grow their practices."
In a 12/28/22 press release, Robert L. Johnson, founder of The RLJ Companies and Chairman of Portability Services Network (PSN) and Retirement Clearinghouse (RCH), lauded Congress and others for their role in the passage of SECURE 2.0 legislation, which included provisions for auto portability. "I am pleased that this Congress codified auto portability and thereby recognized the value and importance this plan feature delivers to address the retirement security needs of so many underserved Americans," said Johnson. "I am particularly grateful to Senators Tim Scott (R-SC) and Sherrod Brown (D-OH) for their support in advancing auto portability through this Congress. I also want to thank Marc Morial, President & CEO of the National Urban League and Derrick Johnson, President & CEO of the NAACP for their leadership and being early, vocal supporters of auto portability."
Writing in TheStreet.com, Ariana Ottrando reports on a retirement security roundtable hosted by The Harkin Institute and the U.S. Department of Labor. In session two, which featured the DOL's Kathleen Kennedy Townsend and Groom Law Group's Michael Kreps, the discussion turned to the lack of portability in America's defined contribution system. Both Kennedy Townsend and Kreps addressed this issue, with Kreps citing the recent advent of the Portability Services Network, where "three of the largest service providers in the country" in conjunction with Retirement Clearinghouse (RCH), embraced auto portability.
Last year at this time, Retirement Clearinghouse (RCH) predicted that 2022 would be a pivotal year for retirement savings portability. It turns out we were right, but we confess to being pleasantly surprised at just how consequential (and positive) the year has been, and it’s not over yet. Writing in 401k Specialist, RCH's Tom Hawkins provides a rundown of key events during 2022 that have helped to positively shape the future of retirement savings portability.
Writing in Employee Benefit News, and taking his cue from the 10/5/22 announcement of the industry-led utility (Portability Services Network) to accelerate the nationwide adoption of auto portability, RCH President & CEO Spencer Williams encourages plan sponsors resolve to adopt auto portability in the New Year, for both their participants and for the health of their plans. Williams writes: "[a]s we look ahead to the New Year, plan sponsors can resolve to help their participants increase their retirement savings—and increase key metrics such as average account balance—by adopting auto portability."
Last year at this time, Retirement Clearinghouse (RCH) predicted that 2022 would be a pivotal year for retirement savings portability. It turns out we were right, but we confess to being pleasantly surprised at just how consequential (and positive) the year has been, and it’s not over yet. Writing in the Consolidation Corner blog, RCH's Tom Hawkins provides a rundown of key events during 2022 that have helped to positively shape the future of retirement savings portability.