Auto Portability in the News
Browse the most comprehensive collection of articles in the media that feature auto portability.
The Truth About Old-School Automatic Rollovers
Writing in 401K Specialist Magazine, RCH’s Tom Hawkins takes on “old-school” automatic rollover programs which produce massive amounts of cashout leakage and strand millions of participants’ balances in safe harbor IRAs. While old-school automatic rollovers have one foot in the past, Hawkins writes: “automatic rollovers that incorporate auto portability are the way of the future, with the industry-led Portability Services Network leading the way forward.” For plan sponsors, contends Hawkins, “auto portability delivers all the plan optimization features of old-school automatic rollover programs but goes one key step further” by automatically rolling-in eligible balances for new plan participants.
The Truth About Old-School Automatic Rollovers
Writing in the Consolidation Corner blog, RCH’s Tom Hawkins takes on “old-school” automatic rollover programs which produce massive amounts of cashout leakage and strand millions of participants’ balances in safe harbor IRAs. While old-school automatic rollovers have one foot in the past, Hawkins writes: “automatic rollovers that incorporate auto portability are the way of the future, with the industry-led Portability Services Network leading the way forward.” For plan sponsors, contends Hawkins, “auto portability delivers all the plan optimization features of old-school automatic rollover programs but goes one key step further” by automatically rolling-in eligible balances for new plan participants.
Alight Releases 2024 Global Impact Report Highlighting ESG Performance and Progress
Alight, Inc. (NYSE: ALIT), a leading cloud-based human capital and technology services provider, today published its 2024 Global Impact Report showcasing the company’s 2023 progress and future plans across its key environmental, social and governance (ESG) focus areas. In the Social Innovation portion of the report, Alight draws attention to their key role in "develop[ing] innovative solutions that address social determinants of health through expanded analytics and spearheaded the launch of the Portability Services Network (PSN) to improve retirement outcomes by promoting auto portability within the U.S. retirement system."
Robert L. Johnson Talks Auto Portability, Racial Wealth Gap at EBRI Spring Policy Forum
Writing in 401k Specialist, , RCH EVP, Public Policy, provides readers with a summary of the May 16th keynote address by Robert L. (Bob) Johnson, Chairman of The RLJ Companies, Retirement Clearinghouse (RCH) and the Portability Services Network (PSN), to the 2024 EBRI Spring Policy Forum, co-hosted by the American Benefits Council. In Johnson’s address, entitled “Helping to narrow the nation’s lingering racial wealth gap” – the legendary Black American entrepreneur gave Forum attendees insight into the businessman’s long, purpose-driven journey to create entrepreneurial solutions to social problems, including his current efforts in the retirement sector, where he’s become laser-focused on leveraging public/private sector solutions that narrow the wealth gap for minorities and women.
Harness the Power of Retirement Savings Consolidation
Consolidation is a powerful force in our world, and when it comes to retirement savings, 401(k) account consolidation is inherently efficient and exerts a protective effect on retirement savings as participants change jobs. Writing in 401k Specialist, RCH's Tom Hawkins offers readers six key facts about retirement savings consolidation, providing ample evidence on the efficacy of consolidation in improving participants’ retirement outcomes.
Robert L. Johnson Gives Keynote Address at 2024 EBRI Spring Policy Forum
On May 16th, Robert L. (Bob) Johnson, Chairman of The RLJ Companies, Retirement Clearinghouse (RCH) and the Portability Services Network (PSN), delivered the keynote address to the 2024 EBRI Spring Policy Forum, co-hosted by the American Benefits Council. In Johnson’s address, entitled “Helping to narrow the nation’s lingering racial wealth gap” – the legendary Black American entrepreneur gave Forum attendees insight into the businessman’s long, purpose-driven journey to create entrepreneurial solutions to social problems, including his current efforts in the retirement sector, where he’s become laser-focused on leveraging public/private sector solutions that narrow the wealth gap for minorities and women.
Expanding Retirement Plan Automation
PlanAdviser's Natalie Lin reports on the 5/16/24 EBRI Spring Policy Forum, where an expert panel was convened to discuss how automation features can help underserved communities save for retirement. In that discussion, Jason Jagatic, head of global and workplace thought leadership at Fidelity, pointed to auto portability as "beneficial to underserved communities in particular, as they are often made up of part-time workers who shift employers frequently." Lin added that "Fidelity, along with some of the country’s other largest recordkeepers, is part of the Portability Services Network providing the porting of retirement assets. The services went live among some recordkeepers in November 2023, with others coming online this year and into the future."
The 5 changes to the 401(k) that could make a big difference to your retirement
Writing in MarketWatch, Alessandra Malito identifies five specific changes that could improve 401(k) retirement savings plans for the better. In the #3 spot, Malito examines the problem of preretirement withdrawals, also known as cashout leakage. Malito frames up the cashout leakage problem, citing research from EBRI and the Savings Preservation Working Group, and closes her analysis by describing the efforts of the Portability Services Group, "a consortium of large 401(k) plan administrators" focused on the widespread adoption of auto portability.
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