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Auto Portability in the News
Browse the most comprehensive collection of articles in the media that feature auto portability.
Fox News Senior Political Analyst Juan Williams, prominently featured on live network TV, writes a FoxNews.com opinion piece, where he profiles entrepreneur Robert L. (Bob) Johnson's "better idea" for closing the racial wealth gap -- auto portability. Williams heaps praise upon Johnson and auto portability, which was brought into existence following Johnson's hire of "a veteran retirement industry executive, Spencer Williams, to create the structure for seamless transfer of 401(k) accounts." In the piece, Williams characterizes auto portability as being able "to increase Black wealth through current economic rules instead of placing distant hope in some day seeing reparations."
Also featured in MSN Money
RCH's Tom Hawkins, writing in the Consolidation Corner blog, observes that our nearly 45 year-old defined contribution system may face diminishing returns as it tries to generate future growth, and should focus on quality and efficiency as it simultaneously expands access. Using fitness as an analogy, Hawkins offers a "workout plan" for the DC system, including plugging leakage through increased portability and emergency savings, while fostering increased retirement savings consolidation to avoid an explosion in small accounts. When combined with expanded access initiatives, these measures can dramatically increase Americans' retirement security, over and above expanding access alone.
Writing in 401k Specialist, RCH's Tom Hawkins notes that the issue of 401(k) cashout leakage is "once again in the news, with the publication of an alarming study by academics, as well as new data from Fidelity Investments." Hawkins goes on to cite "compelling real-world data that supports the efficacy of retirement savings portability in dramatically reducing unnecessary cashout leakage" -- representing "a much-needed highway through the ‘danger zone’ of unnecessary cashout leakage, increasing retirement security for millions of job-changing 401(k) participants."
Writing in the Consolidation Corner blog, RCH's Tom Hawkins notes that the issue of 401(k) cashout leakage is "once again in the news, with the publication of an alarming study by academics, as well as new data from Fidelity Investments." Hawkins goes on to cite "compelling real-world data that supports the efficacy of retirement savings portability in dramatically reducing unnecessary cashout leakage" -- representing "a much-needed highway through the ‘danger zone’ of unnecessary cashout leakage, increasing retirement security for millions of job-changing 401(k) participants."
In Broadcast Retirement News' segment #1257, anchor Jeff Snyder interviews Laura Quinsby, Center for Retirement Research, Boston College. The segment focuses on recent developments that will allow terminated participants to better track and consolidate their retirement savings, including the new SECURE 2.0-mandated lost-and-found registry, as well as auto portability. Snyder mentions the formation of the auto portability "consortium" or the Portability Services Network (PSN) as a positive development, while Quinsby opines that one indicator of auto portability's success will be an eventual decline in the number of terminated, vested defined contribution accounts, brought about by account consolidation.
PLANSPONSOR's Remy Samuels examined recent research on 401(k) cashout leakage, published in Marketing Science and the Harvard Business Journal, and turns to co-author John G. Lynch, Jr., who provides his support for both auto portability and the Portability Services Network. Samuels writes that Lynch "encourages more recordkeepers to join the Portability Services Network, which would enable employees with smaller balances to roll over 401(k), 401(a), 403(b) and 457 accounts to a new employer’s plans as they change jobs." Referencing plan sponsors, Lynch also pointedly adds: “if the employer really cares about their employees, they should care about them when they’re on the way out the door as well.”
Writing in WealthManagement.com, Fred Barstein predicts that 401(k) and 403(b) plans must "fundamentally transform into something few could have envisioned just 10 years ago, driven by three societal pressures." Barstein goes on to cite the Portability Services Network (PSN) and auto portability, writing: "firms like the Portability Services Network, the first cooperative industry data exchange, driven in part by SECURE 2.0, offer the real hope of helping people consolidate the plans they accumulate over their careers."
Fred Barstein, in the 55th episode of his recurring 401(k) Real Talk series, addresses the most timely and important developments in the 401(k) industry. As his lead-off topic, Barstein notes the 4/4/23 announcement by TIAA that it is joining the Portability Services Network (PSN). Barstein states: "with 62.6 million workers now in the network, and with other providers expected to join, helping a mobile workforce find and consolidate DC accounts is no longer a pipe dream."
Also: Link to YouTube video cued to Barstein's comments at 00:36