News

SECURE 2.0 Momentum Surges with EARN Act’s Unanimous Committee Approval Today

401k Specialist Managing Editor Brian Anderson covers breaking, retirement-related legislative action in the US Senate, which voted unanimously in the Finance Committee to advance legislation that includes provisions for auto portability. Anderson's piece includes a synopsis of comments by Sen. Ron Wyden (D-OR) on the bill's four major reforms, including auto portability. Regarding auto portability, Anderson quotes Wyden as stating that the EARN Act is going to make portability "a whole lot simpler.”

EARN Act Clears Senate Finance Committee

PLANSPONSOR's John Manganaro reports on the 6/22/22 unanimous approval by Senate Finance Committee of the EARN Act, which includes provisions for auto portability. Manganaro refers to a statement released by Kevin Barry, president of workplace investing at Fidelity Investments, who notes that "[t]he EARN Act will also help facilitate automatic portability between retirement plans through so that individuals’ savings can follow them through job changes.”

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The Path(s) of Least Resistance

Writing in NAPA Net, the American Retirement Association's Chief Content Officer Nevin Adams examines the topic of 401(k) consolidation, or rather, the lack of it in our defined contribution system. Noting a litany of ills that result from unconsolidated accounts, Adams points to the recently introduced Advancing Auto Portability Act of 2022, which has the potential to create a new "path of least resistance" for small-balance job changers "that makes it easy for us to do the 'right' thing."

Senate Legislation Calls for Automatic 401(k) Transfers

PLANSPONSOR's DJ Shaw examines the Advancing Auto Portability Act of 2022, introduced on 6/15/22 by Senators Tim Scott, R-South Carolina, and Sherrod Brown, D-Ohio. Referring to Senator Scott's press release, Shaw quotes Senator Scott, Alight Solutions EVP Alison Borland and RCH President & CEO Spencer Williams.

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Senators introduce bipartisan auto-portability bill

P&I Washington, DC reporter Brian Croce covers the bipartisan bill introduced in the Senate by Sens. Tim Scott, R-S.C., and Sherrod Brown, D-Ohio -- the Advancing Auto Portability Act of 2022. Croce highlights the key features of the proposed legislation, quotes Sens. Scott and Brown, and notes that "[t]he bill has earned support from a wide swath of the retirement industry." Croce quotes RCH founder, president and CEO Spencer Williams, who praises the bill's bipartisan sponsors, while characterizing the legislation as "a huge win for America's hardworking retirement-savers."

Bipartisan Bill Backs Auto-Portability

Writing in NAPA Net, ARA Chief Content Officer Nevin Adams briefs readers on the 6/15/22 announcement of the bipartisan Advancing Auto Portability Act of 2022, introduced in the U.S. Senate by Senators Tim Scott (R-SC) and Sherrod Brown (D-OH). Adams notes the primary features of the legislation, mentions the role of Retirement Clearinghouse (RCH) and advises his readership to "stay tuned."

Senators Scott, Brown Introduce Bill to Increase Retirement Security

Today, U.S. Senators Tim Scott (R-S.C.) and Sherrod Brown (D-Ohio) introduced the Advancing Auto-Portability Act of 2022, a bill that would allow a worker’s 401(k) savings account to be automatically rolled over from a previous employer to a new employer. The legislation would cut red tape to help Americans who change jobs frequently to increase retirement savings.

The Worst 401(k) Mistake You Can Make When You Switch Jobs

Bloomberg's Suzanne Woolley examines the increased phenomenon of "job-hopping" which places workers at an increased risk of "making one of the biggest financial mistakes out there" -- cashing out their 401(k) balances. Woolley references the RCH Cashout Calculator and notes that Vanguard's latest How America Saves report references auto portability as a "solution to cashouts that it will offer plan sponsors within a few months." "That could have a big impact" continues Woolley, citing EBRI's $1.5 billion savings projection for auto portability.

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