News

No more lost 401(k)s when workers switch jobs: 5M signed up for auto portability in 2024

BenefitsPro’s Lynn Cavanaugh examines the recent announcement by the Portability Services Network that “[m]ore than 15,000 retirement plans, representing approximately 5 million participants, have signed up for auto portability.” Cavanaugh quotes PSN Chairman Robert L. Johnson, as well as PSN’s President & CEO Spencer Williams.

Number of 401(k) ‘millionaires’ just jumped by 9.5%

CNN’s Jeanne Sahadi covers Fidelity Investments’ release of their Q3 2024 retirement report, and features Fidelity “cure for cashing out” – where the firm notes “that 6,000 of the 26,000 401(k)s for which it serves as record keeper now have an auto-portability feature.”The piece also references RCH research that projects auto portability, as delivered by the Portability Services Network, “could preserve an estimated $1.6 trillion in additional retirement savings over 40 years, including $744 billion for 98 million minority job-changers.”

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Fidelity Releases Q3 2024 Retirement Analysis

Fidelity Investments has released their latest quarterly retirement analysis, with the firm providing insightful statistics on retirement savings, as observed in their corporate defined contribution retirement plan business, as well as 16.2 million IRA accounts. In the analysis, Fidelity spotlights the problem of cashing out and draws attention to the 6000+ Fidelity plans with 2.2 million participants who have adopted auto portability, through October 2024.

Auto Portability Consortium Reaches Major Milestone

Writing for NAPA Net, Ted Godbout highlights key elements of the Portability Services Network's 12/3 announcement on year 1 plan sponsor adoption. Godbout details plan sponsor adoption statistics, including over 15,000 plans representing 5 million participants, figures that he characterizes as a "major milestone."

This Network Will Soon Connect 5MM Participants

The 401kWire's Selma Khennisi reports on the 12/3 announcement from the Portability Services Network, which offers an update on key year 1 developments, including the network's onboarding of approximately 15,000 plan sponsors representing 5 million participants. Khennisi quotes PSN & RCH Chairman Robert L. Johnson, who congratulates PSN members on the accomplishment, which PSN & RCH President and CEO Spencer Williams further characterizes as "an incredible response."

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1 Year in, PSN Covers 15,000 Retirement Plans

PlanAdviser's Alex Ortolani reports on the 12/3 announcement from the Portability Services Network (PSN) that, one year into operation, over 15,000 plan sponsors representing 5 million participants have elected to adopt auto portability. Ortolani notes that the results represent the efforts of 3 member recordkeepers who have gone live in 2024, with 2 more anticipated to go live in 2025.

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Auto Portability Adoption Surges with Portability Services Network Launch

Writing in 401k Specialist, Editor-in-Chief Brian Anderson covers the 12/3 announcement from the Portability Services Network (PSN) that, in its first year of operation, over 15,000 plan sponsors representing 5 million participants have elected to adopt auto portability. Anderson quotes Robert L. Johnson, Chairman of PSN and Retirement Clearinghouse (RCH), as well as Spencer Williams, who serves as President & CEO of PSN and RCH.

The Retirement Industry 2024

Writing in the November-December 2024 edition of PLANSPONSOR Magazine, Beth Braverman examines "the biggest trends and innovations of 2024" and quickly focuses on the progress made this year by auto portability, as delivered by the Portability Services Network (PSN). Braverman quotes research by RCH estimating that auto portability could preserve $1.6 trillion in retirement wealth, and showcases interim adoption statistics from September 2024 indicating that the PSN network "had signed up more than 6,000 plans, representing over 2.2 million active participants."