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Auto Portability - Public Policy
Learn more about retirement savings public policy positions related to Auto Portability.
For defined contribution recordkeepers, competition has long been fierce, so it’s extraordinary when industry rivals join forces and align around a common cause. That alignment around auto portability, embodied in the newly launched Portability Services Network (PSN), was on full display in a 12/8/22 Groom Law Group webinar. The event featured representatives from retirement industry titans and founding PSN members Alight Solutions, Fidelity Investments and the Vanguard Group, joined by Retirement Clearinghouse (RCH) EVP Neal Ringquist. Watch a video replay of the webinar and read a summary of the event.
This Automatic 401(k) Rollover Legislation Could Protect Your Nest Egg And Help You Find Lost Retirement Money
Personal finance expert Brian J. O'Connor, writing in SmartAsset, examines new 401(k) rollover legislation -- the Advancing Auto-Portability Act of 2022 (H.R. 9252) -- introduced Oct. 28, 2022 by Rep. Brad Schneider (D-Illinois) – that "would create incentives for plan managers to automatically move the 401(k) account of workers changing jobs from the former employer’s plan to the new employer’s plan." O'Connor goes inside the legislation, notes its companion legislation in the Senate, and links the bills to recent actions by "Fidelity Investments, Vanguard Group and Alight Solutions – three of the largest 401(k) administrators – to create Portability Services Network, a consortium working with Retirement Clearinghouse to reconnect workers with old 401(k)s."
401k Specialist's Amanda Umpierrez examines HR 9252, auto portability legislation recently introduced to the House of Representatives by Reps. Brad Schneider (D-IL) and Ron Estes (R-KS). Umpierrez turns to Renee Wilder-Guerin, RCH's EVP, Public Policy, who states: “[w]e hope that it indicates that not only do we have support for auto-portability on the Senate side, but we have support on the House, and that increases the chances of auto-portability language being included in SECURE 2.0.”
NAPA Net reporter Ted Godbout analyzes the recently-introduced Advancing Auto-Portability Act of 2022 (H.R. 9252), which was proposed Oct. 28 by Reps. Brad Schneider (D-IL) and Ron Estes (R-KS), who are both members of the House Ways and Means Committee, where the legislation was referred. As Godbout points out, this companion bill to the previously-introduced Senate proposal of the same name means that auto portability legislative proposals enjoy both bicameral as well as bipartisan support.
Also featured in ASPPA Net
P&I DC reporter Brian Croce covers HR 9252 (Advancing Auto-Portability Act of 2022), introduced October 28th by Rep. Brad Schneider, D-Ill., and Rep. Ron Estes, R-Kan. The bill, writes Croce, "is a companion bill to legislation with the same name introduced in June by Sens. Tim Scott, R-S.C., and Sherrod Brown, D-Ohio, that's aimed at reducing plan leakage."
Insurica, a large multi-state insurance broker, writes about pending auto portability legislation in their blog, noting the Advancing Auto-Portability Act of 2022, which was originally introduced into the Senate by Senators Tim Scott (R-S.C.) and Sherrod Brown (D-OH), with a companion bill recently introduced into the House. The blog's author points out that the bill "aims to encourage the adoption of auto portability programs" and "would incentivize employers who adopt auto portability with a tax credit of $500 if they offer this option to their employees."
ThinkAdvisor's Melanie Waddell reports on the recent introduction of HR 9252, which codifies auto portability, the seamless transfer of retirement accounts from employer to employer. The House bill was co-sponsored by Rep. Ron Estes (R-KS) and Rep. Brad Schneider (D-IL), and Waddell turns to Groom Law Group expert Steve Saxon to weigh in on the proposed legislation. The bill, says Saxon: “reduces [DC plan] leakage by making it easy for an individual to manage all their retirement assets in one place.” Waddell reports that the House bill is a companion version of legislation previously introduced into the U.S. Senate, and writes that "the bills may be included in the Secure Act 2.0 retirement legislation that’s expected to pass during the lame-duck session of Congress."
Writing in the legal publication Law360, reporter Jared Serre notes that the introduction of a bill (HR 9252) in the U.S. House of Representatives "would allow for the automatic rollover of savings from 401(k) accounts from one employer to another after a job change is made." The bill, which complements provisions previously introduced in U.S. Senate legislation, was co-sponsored by Rep. Ron Estes (R-KS) and Rep. Brad Schneider (D-IL).