News

A $1.2T-AUA RKer Buys into PSN

The 401kWire's Neil Anderson reports on the 2/13/23 announcement from Empower that they are "buying into a new retirement plan industry consortium that focuses on auto-portability" and "boosts PSN to four recordkeepers with 56 million participants, which is more than half of all DC participants." RCH and PSN President & CEO Spencer Williams tells Anderson "it takes critical mass to a new level, we're very happy to have them on board." Looking ahead, Williams notes that PSN is "filling out those board seats nicely. It's a near certainty that our remaining two seats will be filled by our March 31 deadline.

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Auto Portability Consortium Picks up Steam with Newest Member

NAPA Net's Ted Godbout writes about the 2/13/23 announcement from Colorado-based giant Empower that they "will join forces with the Retirement Clearinghouse (RCH), along with Vanguard, Fidelity and Alight, as part of the PSN to accelerate the nationwide adoption of auto-portability to help more American workers improve their retirement outcomes." Godbout highlights statements in the announcement from Empower's Edmund F. Murphy III, RCH-PSN Board Chairman Robert L. Johnson, and RCH-PSN President & CEO Spencer Williams.

The 10 Most Impactful People in the 401(k) Industry

Writing in WealthManagement.com, Fred Barstein, founder & CEO of the The Retirement Advisor University, runs down the list of the 10 "most impactful" people in the 401(k) industry. Spencer Williams, RCH and PSN President & CEO, makes Barstein's short list of "people to watch" -- a designation which follows on the heels of Williams' January 2023 recognition by 401kWire readers as the 13th most influential person in the retirement industry.

Empower joins Fidelity, Vanguard and Alight in Portability Consortium

PLANSPONSOR's Alex Ortani reports on the news that Empower Retirement is the latest recordkeeper to sign on with the Portability Services Network (PSN), an industry-led utility focused on accelerating the nationwide adoption of auto portability. Ortani quotes Empower President & CEO Edmund F. Murphy III from the Monday, 2/13 announcement as well as RCH and PSN President & CEO Spencer Williams, who offers his views on the most recent developments.

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Five Questions With: Rita Assaf

Rita Assaf serves as vice president of retirement and college products for Fidelity Investments, and the Providence Business Journal's Nancy Levin posed five questions to Assaf about recent Fidelity research on retirement savings attitudes and trends among young investors, as well as the impact of the SECURE 2.0 Act. In her responses, Assaf noted that, "as a retirement leader, Fidelity believes auto portability is a critical component to help underserved and under-saved employees achieve financial wellness and longer-term retirement security."

Retirement Savings Update: There’s a New, Easier Option To Move 401(k)s When You Change Jobs

Writing in GOBankingRates and syndicated in other media outlets, reporter Selena Fragassi captures the essential points in a 2/10 New York Times article by Ann Carrns, which highlighted the new, industry-led Portability Services Network (PSN) and its focus on accelerating the nationwide adoption of auto portability. Fraggasi's piece characterizes PSN as a "one-stop portal" for moving small-balance retirement savings forward.

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A New Option for Moving Retirement Savings When Switching Jobs

New York Times 'Your Money' columnist Ann Carrns writes that "[m]oving retirement savings when switching jobs is about to get easier for millions of workers with small balances" -- identifying the driving force as the formation of the new Portability Services Network, launched in October 2022 by "three big 401(k) administrators" in conjunction with Retirement Clearinghouse (RCH). Taking a Q&A approach, Carrns turns to Alight Solutions' Greg Long, Fidelity's Kevin Barry and Vanguard's Steve Holman, as well as RCH & PSN Founder, President & CEO Spencer Williams.

SECURE 2.0 Law Aims to Reconnect You With Your Long-Lost 401(k)

Bloomberg Law reporter Austin Ramsey examines provisions of SECURE 2.0 legislation that helps "reunite millions of Americans with retirement accounts they lost by switching jobs or leaving the workforce." Focusing on auto portability and the retirement savings lost & found registry, Ramsey turns to industry experts, including RCH and PSN President & CEO Spencer Williams, and Fidelity's Sterling Ingui. Williams cites the complementary aspects of these provisions, stating: “Without auto-portability and these other measures, the expanding access provisions of SECURE 2.0 will be sub-optimal. They wouldn't work." Ingui adds that "provisions for auto-portability...reinforce the work and the mission that brought us together to help the minorities, the women, the low-income earners, and young workers" who frequently change jobs and cash out their retirement savings.