Media Coverage

Auto Portability Adoption Surges with Portability Services Network Launch

Writing in 401k Specialist, Editor-in-Chief Brian Anderson covers the 12/3 announcement from the Portability Services Network (PSN) that, in its first year of operation, over 15,000 plan sponsors representing 5 million participants have elected to adopt auto portability. Anderson quotes Robert L. Johnson, Chairman of PSN and Retirement Clearinghouse (RCH), as well as Spencer Williams, who serves as President & CEO of PSN and RCH.

PSN Auto Portability Signs Up 15,000 Plans in Year One

Retirement Clearinghouse (RCH) and Portability Services Network (PSN) Executive Vice President Neal Ringquist recaps breaking news of the day, where a press release issued by PSN announces that, in its first year of operation, more than 15,000 plans representing approximately 5 million participants have signed up for PSN auto portability. Ringquist's provides readers with a link to the full press release, links to more information about PSN auto portability, as well as to RCH's other portability services.

The Retirement Industry 2024

Writing in the November-December 2024 edition of PLANSPONSOR Magazine, Beth Braverman examines "the biggest trends and innovations of 2024" and quickly focuses on the progress made this year by auto portability, as delivered by the Portability Services Network (PSN). Braverman quotes research by RCH estimating that auto portability could preserve $1.6 trillion in retirement wealth, and showcases interim adoption statistics from September 2024 indicating that the PSN network "had signed up more than 6,000 plans, representing over 2.2 million active participants."

Treasury, IRS Advised for Simplicity, Public Push on Saver’s Match

PLANSPONSOR's Alex Ortolani takes stock of the most impactful responses provided to the US Treasury and IRS request for comment (RFC) regarding how to best implement the Saver’s Match program. Ortolani summarizes key feedback from industry groups, and features the response supplied by Retirement Clearinghouse and Portability Services Network President & CEO Spencer Williams. Ortolani writes: "Retirement Clearinghouse, which oversees the Portability Services Network of recordkeepers, made the case that the piping for its portability network could be used for the Saver’s Match for both in- and out-of-network recordkeepers."

7 Things Retirees Can Be Thankful for This Year

Kate Stalter, who serves as an investment advisory industry expert for U.S. News & World Report, identifies the top 7 things that retirees can be thankful for this year. In her all-star lineup, she identifies 401(k) auto portability for special gratitude, and turns to Said Israilov, CFP and wealth advisor, who states: "[m]ajor record keepers like Fidelity and Vanguard have been implementing this technology to address a significant issue" in the form of excessive cashout leakage, adding "in 2025, more employers are expected to adopt this feature in their retirement plans, making it easier for workers to maintain and grow their retirement savings as they change jobs."

Also featured in MSN

Dressing Up Traditional Automatic Rollovers

Writing in the Consolidation Corner blog, RCH’s Tom Hawkins describes learning about the existence of so-called “world-class” automatic rollover IRA services which lay claim to unspecified, premium features. In his article, Hawkins characterizes them as “old-school, traditional automatic rollover IRAs” which place participants in high-fee, safe harbor IRA “landfills” where their small balances languish. What’s needed, writes Hawkins, is “not faux fancy features – it’s a low-fee, transitional safe harbor IRA that preserves small-balance retirement savings for only as long as they can be consolidated into a current-employer’s plan or into another IRA.”

Is It Time to End the 401(k)?

Writing in Think Advisor, Melanie Waddell addresses the controversial stance taken by academic Shlomo Benartzi, who blasts the 401(k) system's lack of portability, pointing to the Australian model as worthy of consideration for replacing 401(k) plans. Other industry observers are not too keen on Benartzi's idea, including Nevin Adams, who cites the Portability Services Network's embrace of auto portability, which "already connect[s] a half dozen of the nation's leading recordkeepers to facilitate exactly the type of job-to-job plan transfer Benartzi seems to think only a centralized government pool could accomplish."

Et tu, Shlomo?

Nevin Adams, writing in NAPA Net, takes on a leading behavioral science academic, Shlomo Benartzi, for his advocacy of "creating big government-run pools of retirement savings — where ALL retirement savings would be put." As a viable alternative to this "truly scary idea" Adams cites auto portability, noting that it's "an emerging capability — via networks like the Portability Services Network that already connect a half dozen of the nation’s leading recordkeepers to facilitate exactly the type of job-to-job plan transfer Benartzi seems to think only a centralized government pool could accomplish."