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Auto Portability - Public Policy
Learn more about retirement savings public policy positions related to Auto Portability.
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.”
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.”
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."
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.
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."
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."
Writing in the Consolidation Corner blog, Renee Wilder Guerin, RCH's EVP of Public Policy, offers readers five reasons why a newly proposed U.S. Senate bill addressing auto portability is so important. The Advancing Auto Portability Act of 2022 -- co-sponsored by Senators Tim Scott (R-S.C.) and Sherrod Brown (D-Ohio), would offer tax credits to plan sponsors who implement auto portability, and codify rules for an industrywide auto portability network. The bill is expected to be rolled into the Senate version of the bipartisan Securing a Strong Retirement Act of 2022, which passed the U.S. House of Representatives on March 29 of this year.
PRESS RELEASE: Bipartisan Legislation Introduced to Preserve Retirement Savings by Expanding Auto Portability
CHARLOTTE, N.C.—June 15, 2022—Robert L. Johnson, Founder and Chairman of The RLJ Companies and Chairman of Retirement Clearinghouse, LLC, applauds Senator Tim Scott (R-S.C.) and Senator Sherrod Brown (D-Ohio) for the introduction of the Advancing Auto Portability Act of 2022. The U.S. Senate legislation has the potential to preserve up to $1.5 trillion in retirement savings for the next generation of workers by encouraging auto portability. With auto portability, a participant’s 401(k) account can follow them as they change jobs, making it less likely that people prematurely cash-out their savings and improving retirement security.