EBRI's Research Establishes Auto Portability as a Leading Public Policy Initiative

Auto Portability - Public Policy

Learn more about retirement savings public policy positions related to Auto Portability.


Jun
04
2024

Robert L. Johnson Talks Auto Portability, Racial Wealth Gap at EBRI Spring Policy Forum

Writing in 401k Specialist, Renée Wilder Guerin, RCH EVP, Public Policy, provides readers with a summary of the May 16th keynote address by Robert L. (Bob) Johnson, Chairman of The RLJ Companies, Retirement Clearinghouse (RCH) and the Portability Services Network (PSN), to the 2024 EBRI Spring Policy Forum, co-hosted by the American Benefits Council. In Johnson’s address, entitled “Helping to narrow the nation’s lingering racial wealth gap” – the legendary Black American entrepreneur gave Forum attendees insight into the businessman’s long, purpose-driven journey to create entrepreneurial solutions to social problems, including his current efforts in the retirement sector, where he’s become laser-focused on leveraging public/private sector solutions that narrow the wealth gap for minorities and women.

May
20
2024

Expanding Retirement Plan Automation

PlanAdviser's Natalie Lin reports on the 5/16/24 EBRI Spring Policy Forum, where an expert panel was convened to discuss how automation features can help underserved communities save for retirement. In that discussion, Jason Jagatic, head of global and workplace thought leadership at Fidelity, pointed to auto portability as "beneficial to underserved communities in particular, as they are often made up of part-time workers who shift employers frequently." Lin added that "Fidelity, along with some of the country’s other largest recordkeepers, is part of the Portability Services Network providing the porting of retirement assets. The services went live among some recordkeepers in November 2023, with others coming online this year and into the future."

Apr
22
2024

Bob Johnson’s Vision for Reshaping Retirement Security

In an interview with WayMaker Journal, Retirement Clearinghouse (RCH) and Portability Services Network (PSN) Chairman Robert L. Johnson "explains how retirement saving works, why it matters, what he is doing to improve the system and how you can benefit." In the Q&A, Johnson delivers a primer on retirement savings, America's mobile workforce and the importance of PSN and auto portability in preserving retirement savings. Johnson also offers his views on the Saver's Match, a federal program that he believes "may be the incentive needed to encourage minorities to....start saving to improve their financial outlook in retirement." Johnson closes the interview with an optimistic outlook on the prospects for success in "closing the retirement savings shortfall in our country."

Apr
04
2024

Corporate Adviser Podcast: Pot for Life around the world

In a podcast featured on UK-based Corporate-Adviser.com, host John Lappin discusses various international solutions for “small pots” (i.e., small balance accounts) that could be applied in the UK. Lappin turns to two AON consultants, who provide a country-by-country rundown on international best practices, with the U.S. and auto portability receiving mention around the 7:30 mark in the podcast. The show's guests also mention a “retirement clearinghouse” that operates the auto portability solution, which they characterize as being innovative, but still in the early phases of implementation.

Mar
25
2024

Changes for Small-Balance Savers

In the March-April 2024 edition of PLANSPONSOR Magazine, Remy Samuels covers developments surrounding small-balance accounts, including the 12/29/23 increase of the mandatory distribution threshold from $5,000 to $7,000, the recent announcement by the Portability Services Network (PSN) of live operations, and the release by Retirement Clearinghouse (RCH) of an updated version of its Auto Portability Simulation (APS). Samuels briefs her readers on all of these developments, and offers a summary of key results from RCH's new APS model.

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Feb
20
2024

401(k) Plans: Additional Federal Actions Would Help Participants Track and Consolidate Their Retirement Savings

On 2/20/24, the Government Accountability Office (GAO) released a paper entitled: 401(k) Plans: Additional Federal Actions Would Help Participants Track and Consolidate Their Retirement Savings. The paper's organizing principle is the difficulty that many Americans have in keeping track of their retirement savings, and posits that better information on terminated accounts (via a "dashboard" style interface), paired with the ability to easily consolidate all balances via a government-operated consolidation mechanism could deliver benefits to retirement savers. Curiously, the GAO report avoids mentioning the problem of cashout leakage, but does make references to auto portability and the efforts of the Portability Services Network (PSN) for balances under $7,000. The GAO's report was subsequently covered by InvestmentNews and Pensions & Investments.

Feb
12
2024

What’s Around the Corner?

Writing in the 'What's Around the Corner?' feature in the Jan-Feb 2024 magazine edition of PLANSPONSOR, Ed McCarthy asks industry experts where we are with key events and trends, and what's likely to emerge in 2024. McCarthy turns to RCH EVP Neal Ringquist for his views, and Ringquist delivers an update on auto portability, reporting progress in 2023 within the Portability Services Network (PSN), with Alight, Fidelity Investments and Vanguard completing their implementations and focusing on onboarding clients. Looking ahead to 2024, Ringquist notes that PSN's focus will be on "expanding the network of plans and recordkeepers" while achieving operational status for Empower, Principal Financial Group and TIAA. Finally, Ringquist notes the impact of "both the auto-portability provision and the mandatory distribution-limit increase to $7,000 under SECURE 2.0" which will lead to plan sponsor reviews of the new features.

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EBRI's Research Establishes Auto Portability as a Leading Public Policy Initiative