Auto Portability in the News
Browse the most comprehensive collection of articles in the media that feature auto portability.
Assistant Secretary Gomez Explains Upcoming EBSA Priorities
PLANSPONSOR's Paul Mulholland covers the address made by Lisa Gomez, the assistant Secretary of Labor for the Employee Benefits Security Administration, to the National Institute on Retirement Security’s Retirement Policy Conference on Tuesday, 2/28/23. In the address, Mulholland writes that Gomez addressed the DOL's key priorities resulting from passage of the SECURE 2.0 Act of 2022, and that Gomez included references to auto portability.
5 Most Meaningful Provisions of SECURE 2.0
Writing in 401k Specialist, Northern Trust's Lee Freitag offers his take on the five most meaningful provisions included in SECURE 2.0 legislation. Making Freitag's top 5 list is auto portability, which he writes will "provide plan sponsors [with] services to effectuate transfers to the employees' new plan, making it less likely workers will forget about balances left behind when they change jobs."
401(k) Real Talk Episode 48: February 22, 2023
Fred Barstein, in his recurring 401(k) Real Talk series, addresses timely and important developments in the 401(k) industry. Barstein notes the 2/13/23 announcement by Empower, joining the Portability Services Network (PSN). Barstein states: "all told, the group administers a stunning 60.8 million accounts and 118,000 plans," while adding: "the impact should have much more far-reaching effects by establishing an industry-accepted data exchange which could facilitate other participant services."
The Next Step In Helping Americans Save More For Retirement Via Auto Portability
Writing in Financial Adviser Magazine, noted private wealth expert Russ Alan Prince interviews Neal Ringquist, RCH's EVP and Chief Revenue Officer, about recent developments for auto portability, including the formation of the new Portability Services Network. The interview provides a clear overview of auto portability, including what it is, its benefits to participants, plan sponsors & advisers, and the "historic" developments associated with PSN, the industry-led utility formed to accelerate nationwide adoption of the new plan feature.
Advances in Automatic Portability for Retirement Plan Balances
The PNC Insights blog examines the latest advances in auto portability, including recent developments associated with the Portability Services Network (PSN) and enactment of SECURE 2.0 provisions that "pave the way for retirement plans and recordkeepers to offer automatic portability provisions for amounts transferred to a default IRA." The piece quotes Dave Gray, Head of Workplace Retirement Offerings and Platforms at Fidelity and PSN Board Member.
Empower joins group providing portability of retirement savings
InvestmentNews reports on the 2/13/23 announcement from Empower that they are "joining the Portability Services Network, a group of record keepers, including Alight, Fidelity and Vanguard, working to promote auto-portability of defined-contribution plan assets." The piece cites EBRI data on cashout leakage and quotes Robert L. Johnson, chairman of the Portability Services Network and the Retirement Clearinghouse (RCH).
Bridging the Racial Retirement Gap: A Conversation With Spencer Williams
PLANADVISER's Alex Ortolani caught up with RCH and PSN President & CEO Spencer Williams for an update on how Williams believes auto-portability will help bridge the racial retirement gap in the U.S., along with the challenges still ahead to meet that goal. Ortolani chronicles the history of Williams' relationship with entrepreneur and business executive Bob Johnson, a partnership that first began in 2007, when Johnson tapped Williams to lead RolloverSystems -- eventually re-branded as Retirement Clearinghouse. Williams recounts milestones along the path, and provides Ortolani with insight into recent developments.
Auto Portability Consortium Adds Empower
401k Specialist Editor-in-Chief Brian Anderson writes that "[t]he fledgling Portability Services Network added another major recordkeeper this week with the news that Empower has joined the consortium in an effort to help accelerate the nationwide adoption of auto-portability with 401(k) accounts." Anderson notes that "adding Empower will bring approximately 17 million more retirement plan participants in more than 70,000 plans" to PSN, and quotes Empower President & CEO Edmund F. Murphy III and Robert L. Johnson, Chairman of The RLJ Companies and Chairman of Portability Services Network and Retirement Clearinghouse.
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