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Auto Portability in the News
Browse the most comprehensive collection of articles in the media that feature auto portability.
Writing in Employee Benefit News, Spencer Williams, CEO of Portability Services Network (PSN) and Retirement Clearinghouse (RCH), makes a compelling case for plan advisers to help facilitate the roll-out of auto portability to the plan sponsors and participants they serve. Williams cites two recent headline-grabbing events -- the passage of SECURE 2.0, which incorporates provisions for auto portability, and the October 2022 formation of PSN to function as an industry utility for transferring balances from plan-to-plan. As both participants and plan sponsors stand to realize tremendous benefits from the adoption of auto portability, it "presents an easy opportunity for financial advisors" who will be "able to demonstrate value for their clients – and, in the process, grow their practices."
P&I reporter Courtney Degen briefs readers on the Department of Labor's 2023 priorities, as articulated on Tuesday, 2/28/23 by Lisa Gomez, assistant secretary of labor for EBSA, and which Degen indicates will "include implementing SECURE 2.0 and its new ESG rule, while aiming to improve communication with plan participants and beneficiaries." Degen writes that "[t]he retirement security package, which Congress passed in late December, directs the Labor Department to help implement various provisions, including one that codifies the auto-portability process into law."
PLANSPONSOR's Paul Mulholland covers the address made by Lisa Gomez, the assistant Secretary of Labor for the Employee Benefits Security Administration, to the National Institute on Retirement Security’s Retirement Policy Conference on Tuesday, 2/28/23. In the address, Mulholland writes that Gomez addressed the DOL's key priorities resulting from passage of the SECURE 2.0 Act of 2022, and that Gomez included references to auto portability.
Writing in 401k Specialist, Northern Trust's Lee Freitag offers his take on the five most meaningful provisions included in SECURE 2.0 legislation. Making Freitag's top 5 list is auto portability, which he writes will "provide plan sponsors [with] services to effectuate transfers to the employees' new plan, making it less likely workers will forget about balances left behind when they change jobs."
Fred Barstein, in his recurring 401(k) Real Talk series, addresses timely and important developments in the 401(k) industry. Barstein notes the 2/13/23 announcement by Empower, joining the Portability Services Network (PSN). Barstein states: "all told, the group administers a stunning 60.8 million accounts and 118,000 plans," while adding: "the impact should have much more far-reaching effects by establishing an industry-accepted data exchange which could facilitate other participant services."
Writing in Financial Adviser Magazine, noted private wealth expert Russ Alan Prince interviews Neal Ringquist, RCH's EVP and Chief Revenue Officer, about recent developments for auto portability, including the formation of the new Portability Services Network. The interview provides a clear overview of auto portability, including what it is, its benefits to participants, plan sponsors & advisers, and the "historic" developments associated with PSN, the industry-led utility formed to accelerate nationwide adoption of the new plan feature.
The PNC Insights blog examines the latest advances in auto portability, including recent developments associated with the Portability Services Network (PSN) and enactment of SECURE 2.0 provisions that "pave the way for retirement plans and recordkeepers to offer automatic portability provisions for amounts transferred to a default IRA." The piece quotes Dave Gray, Head of Workplace Retirement Offerings and Platforms at Fidelity and PSN Board Member.
InvestmentNews reports on the 2/13/23 announcement from Empower that they are "joining the Portability Services Network, a group of record keepers, including Alight, Fidelity and Vanguard, working to promote auto-portability of defined-contribution plan assets." The piece cites EBRI data on cashout leakage and quotes Robert L. Johnson, chairman of the Portability Services Network and the Retirement Clearinghouse (RCH).