Auto Portability in the News

Browse the most comprehensive collection of articles in the media that feature auto portability.


Jul
07
2022

Advisers in conversation: Creating lifetime income in retirement

EBN's Stephanie Schomer interviews 401(k) legend Ted Benna, responsible for designing and implementing the first 401(k) savings plan, and Mandy Zatto, co-founder and principal, Strategic Benefits Advisors. When the topic turns to job-changing participants and how to protect their nest egg, both Benna and Zatto find praise for auto portability, for Retirement Clearinghouse, and for the recently-introduced Senate legislation containing provisions that support the new plan feature.

Jul
06
2022

Nevin & Fred: EARN, RISE & SHINE, Auto-Portability & the Way(s) Forward

In their ongoing podcast series featured in NAPA Net, American Retirement Association Chief Content Officer Nevin Adams and ERISA fiduciary expert Fred Reish discuss the latest retirement public policy initiatives to emanate from Washington, DC. In their discussion, Adams and Reish focus extensively on the Senate's Enhancing American Retirement Now (EARN) Act of 2022. The podcast's hosts go in-depth on the bill's auto portability provisions, which they view highly favorably, and Adams supplies listeners with an excellent overview of how auto portability works.

Jul
01
2022

Newly Proposed Legislation Can Help Resolve America’s Retirement-Savings Gaps

Writing in the RCH Consolidation Corner blog, RCH founder, president & CEO Spencer Williams delves into recently-proposed legislation in the U.S. Senate, making the case that its auto portability-related provisions will make a real difference in the retirement security of millions of hardworking Americans. Citing Vanguard's recently-released How America Saves report, Williams notes that the highly-respected annual report "underscored that premature cash-outs of small 401(k) balances continue to threaten retirement readiness for plan participants, especially those who are younger and have less savings." Williams quotes the Vanguard research as concluding that "[a]uto portability services and revisions to minimum balance rules can help decrease cash out rates." Williams goes on to praise the Senate's bipartisan approach to the bill, adding: "[i}f the legislation is signed into law, the retirement-savings gaps in our society can begin to be filled."

Jun
28
2022

Brown, Scott Introduce Bill to Increase Retirement Security

U.S. Senator Sherrod Brown (D-OH) announces on his website (https://brown.senate.gov) that he and U.S. Senator Tim Scott (R-SC) have introduced the bipartisan Advancing Auto-Portability Act of 2022, a bill that would allow a worker’s 401(k) savings account to be automatically rolled over from a previous employer to a new employer. The legislation would cut red tape to help Americans who change jobs frequently to increase retirement savings.

Jun
27
2022

How Auto Portability Can Help Resolve America's Retirement Savings Crisis

Writing in Financial Adviser Magazine, noted private wealth expert Russ Alan Prince interviews Spencer Williams, RCH's founder, president & CEO about the company's new automatic feature, auto portability. The interview provides a clear overview of auto portability, including what it is, benefits to both plans and their participants, where the industry is heading and actionable steps that participants can take to maximize their retirement outcomes.

Jun
23
2022

Can This Bill Protect Retirement Savings for Workers Who Change Jobs?

Writing in SmartAsset, Wola Odeniran reports on the implications of the Advancing Auto-Portability Act of 2022, which was introduced by U.S. Sens. Tim Scott (R-SC) and Sherrod Brown (D-OH). Odeniran notes that the proposed legislation would provide employers with modest financial incentives to adopt auto portability, while individuals would benefit from having a "valuable safety net" to avoid cashout leakage, early withdrawal penalties, or in some cases, forgetting a retirement savings account.

Also featured on AOL.com

Jun
22
2022

SECURE 2.0 Momentum Surges with EARN Act’s Unanimous Committee Approval Today

401k Specialist Managing Editor Brian Anderson covers breaking, retirement-related legislative action in the US Senate, which voted unanimously in the Finance Committee to advance legislation that includes provisions for auto portability. Anderson's piece includes a synopsis of comments by Sen. Ron Wyden (D-OR) on the bill's four major reforms, including auto portability. Regarding auto portability, Anderson quotes Wyden as stating that the EARN Act is going to make portability "a whole lot simpler.”

Jun
22
2022

EARN Act Clears Senate Finance Committee

PLANSPONSOR's John Manganaro reports on the 6/22/22 unanimous approval by Senate Finance Committee of the EARN Act, which includes provisions for auto portability. Manganaro refers to a statement released by Kevin Barry, president of workplace investing at Fidelity Investments, who notes that "[t]he EARN Act will also help facilitate automatic portability between retirement plans through so that individuals’ savings can follow them through job changes.”

Also featured in PlanAdviser

Page:
Top Five Misconceptions About Auto Portability