Auto Portability in the News

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


Oct
28
2021

Sen. Tim Scott Releases Report on Retirement Security and Features Auto Portability

On 10/28/21 Sen. Tim Scott (R-SC), Ranking Member of the U.S. Special Committee on Aging, released a report entitled The American Dream in our Golden Years: Improving Retirement Security and Building Independence, which addressed the issues, challenges and "solutions for the future to help millions of Americans save for retirement and enjoy their golden years." Scott's paper singled out auto portability as one of those solutions, having "opened the door for millions of Americans to start setting money aside for retirement."

Oct
28
2021

Americans Doing “Quite Well” Saving For Retirement Says Senate Aging Committee Lead Republican

Forbes' reporter Ted Knutson covers a new report released by Sen. Tim Scott's office, which examines a range of retirement security topics, and addresses the problem of cashout leakage. In the report, Knutson notes Sen. Scott's support for auto portability, and references the recent U.S. Senate Special Committee hearing.

Oct
28
2021

Here’s how Congress wants to combat early withdrawals from retirement accounts

Writing for MarketWatch, retirement reporter Alessandro Malito covers the 10/28/21 U.S. Senate Special Committee on Aging's hearing for “A Financially Secure Future: Building a Stronger Retirement System for All Americans” which focused on the problem of early withdrawals (leakage) and how solutions such as auto portability can help. Malito reported on comments provided by Ranking Member Sen. Tim Scott (R-SC) on cashout leakage and his support for auto portability, as well as Committee testimony provided by RCH President & CEO Spencer Williams, directly quoting his testimony: “we need to make it super easy because every time someone changes jobs, they’re faced with a decision, particularly at the low end.”

Oct
26
2021

Breaking down two recent announcements by Vanguard and BlackRock

In Wealth Management, noted freelance writer Ed McCarthy examines retirement industry developments he believes are worth monitoring, and notes the 9/21/21 news that Vanguard is "teaming up with Retirement Clearinghouse for auto-portability of small balance 401(k) accounts." McCarthy goes on to cite relevant research into cashout leakage, including Vanguard's own How America Saves 2021, and refers readers to an RCH Auto Portability infographic. With Vanguard's announcement coming on the heels of the 2020 announcement from Alight Solutions, McCarthy states that "the Auto Portability program’s potential reach will extend considerably."

Oct
21
2021

Michael Kreps of Groom Law: Cool Things You Might Not Know

In her ongoing Thought Leadership series, Lisa Massena of Massena Associates interviews Groom Law Group's retirement public policy expert Michael Kreps to identify next level, breaking policy matters that industry followers should be paying attention to. During the 1-on-1 conversation, Kreps singles out auto portability as "a really cool thing" that he believes "is the most important thing that is happening right now." Auto portability, explains Kreps, addresses a "lack of infrastructure" that preserves retirement savings and results in having "money follow you from plan A to your new plan B."

Oct
04
2021

Vanguard moves to automatically transfer small 401(k) balances

Writing in MarketWatch, Alicia Munnell, Director of the Center for Retirement Research at Boston College celebrates the news that Vanguard will offer RCH Auto Portability to their plan sponsor clients and participants, stating: "[t]his is a win for Vanguard and its customers, for Retirement Clearinghouse, which has been working on this project for many years, and for the retirement system as a whole" -- adding "[t]his initiative should dramatically reduce leakages and increase 401(k) balances." An astute observer of trends in the retirement sector, Munnell recounts the history of auto portability, from inception to regulatory approvals to its present state, where recordkeepers are now confidently adopting the financial technology. Munnell closes her piece writing: "it is lovely to see a win for the 401(k) system."

Also featured by TD Ameritrade and Morningstar

Sep
30
2021

Top 5 Misconceptions About 401k Auto-Portability

Auto portability is a new “automatic” plan feature that is rapidly gaining acceptance by large defined contribution recordkeepers serving almost 10 million participants. While the feature is relatively new, it has received a great deal of attention in the media and has also been the beneficiary of definitive regulatory guidance, promulgated by the Department of Labor (DOL). Despite this, significant misconceptions persist about auto portability, and the top five are presented in 401k Specialist Magazine by RCH's Tom Hawkins, including a link to a short video.

Sep
29
2021

The Top Five Misconceptions About Auto Portability

Auto portability is a new “automatic” plan feature that is rapidly gaining acceptance by large defined contribution recordkeepers serving almost 10 million participants. While the feature is relatively new, it has received a great deal of attention in the media and has also been the beneficiary of definitive regulatory guidance, promulgated by the Department of Labor (DOL). Despite this, significant misconceptions persist about auto portability. The top five misconceptions are presented here, which includes a link to a short video.

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Top Five Misconceptions About Auto Portability