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Auto Portability - Recent Developments
Find the most-recent auto portability media coverage and developments.
Writing in Yahoo News, reporter Thomas Gnau addresses the bipartisan “Advancing Auto Portability Act of 2022,” introduced by Sens. Sherrod Brown, D-Ohio, and Tim Scott, R-S.C. The legislation, Gnau writes, takes aim at "retirement plan leakage" and "aims to make it easier for workers to take 401K retirement accounts with them to new jobs." The piece quotes Sen. Brown, as well as RCH founder, president & CEO Spencer Williams.
U.S. Senator Sherrod Brown (D-OH) announces on his website (https://brown.senate.gov) that he and U.S. Senator Tim Scott (R-SC) have introduced the bipartisan 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.
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.”
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."
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.