Retirement Clearinghouse

#AutoPortability Reaches 2.2M Fidelity Participants in Attempt to Limit Cash-Outs PLANADVISER's Natalie Lin reports on the release of Fidelity Investments' Q3 2024 #Retirement Analysis, where the firm summarized key developments in the retirement sector. In the report, Fidelity announces that, as of October 2024, it has signed up over 6,000 plans for auto portability, representing 2.2 million participants. Fidelity's disclosure complements an announcement earlier in the week by the Portability Services Network. Lin quotes Fidelity's Sterling Ingui as stating: “plan sponsors are increasingly beginning to understand the benefits of auto-portability, including increased participant satisfaction, the ability to attract and retain workers, and an expansion of their auto services suite—all at no additional cost to the plan sponsor.” #401k Read the full article: https://hubs.ly/Q02_r0Nn0

Auto Portability: A Potential Game-Changer for Retirement Savings in America 401kTV's Fred Barstein takes stock of the recent announcement by the Portability Services Network (PSN) that it has signed up 15,000 plans representing 5 million participants for the auto portability plan feature. Barstein characterizes #AutoPortability as "a powerful innovation....that has the potential to preserve #retirement savings for millions of American workers, particularly those from minority communities." Barstein closes his analysis by noting that "auto portability is an opportunity to make meaningful, long-term financial impact for employees across diverse backgrounds and dramatically minimize leakage from the nation’s retirement plans." #AutoPortability Watch the video: https://hubs.ly/Q02_ytKQ0

Preparing for Next Round of SECURE 2.0 Provisions PLANADVISER's Alex Ortolani takes stock of "another round of SECURE 2.0 Act of 2022 provisions....set to take effect at the start of the new year" including those affecting #AutoPortability. Ortolani writes: "Another important development in 2025 is allowance for the automatic transfer of #retirement savings from a default individual retirement account to a new employer’s retirement plan. The optional provision is intended to make it easier for employees to keep their savings in an employer-based plan when they switch jobs, with the potential to reduce cash-outs from the tax-advantaged system." Ortolani also notes the recent announcement from the Portability Services Network (PSN) regarding auto portability's adoption by 15,000 plans representing 5 million active participants. #401k Read the full article: https://hubs.ly/Q02_Cmx70

401(k) Real Talk Episode 133: December 11, 2024 WealthManagement.com's Fred Barstein, host of #401k Real Talk, summarizes the #retirement industry's key news of the week, and examines the recent announcement from the Portability Services Network (PSN) that it has signed up 15,000 plan sponsors representing 5 million participants after only 1 year. Barstein states that the announcement represents a "milestone as recordkeepers have finally come together to create a data protocol which could lead to further cooperation in sharing data and facilitating retirement income" while noting that PSN is "looking for more recordkeepers to join." #AutoPortability Watch the video: https://hubs.ly/Q02_ytrh0

Fidelity Highlights #AutoPortability as Way to Combat Cash-Outs in Q3 Report PLANSPONSOR's Natalie Lin reports on the release of Fidelity Investments' Q3 2024 #Retirement Analysis, where the firm summarized key developments in the retirement sector. In the report, Fidelity announces that, as of October 2024, it has signed up over 6,000 plans for auto portability, representing 2.2 million participants. Fidelity's disclosure complements an announcement earlier in the week by the Portability Services Network. Lin quotes Fidelity's Sterling Ingui as stating: “plan sponsors are increasingly beginning to understand the benefits of auto-portability, including increased participant satisfaction, the ability to attract and retain workers, and an expansion of their auto services suite—all at no additional cost to the plan sponsor.” #401k Read the full article: https://hubs.ly/Q02_r5b20 Also featured in PlanAdviser.

Talking Points: The Path of Less Resistance Nevin Adams, writing in Napa Net, discusses the 12/3 announcement by the Portability Services Network (PSN) that, in its first year of operation, has seen #AutoPortability adopted by over 15,000 plans with 5 million active participants. Adams characterizes the announcement as "a big deal" -- where auto portability could deliver $1.6 trillion in benefits over 40 years, including $744 billion for minorities, while praising RCH, "whose long-term patience and commitment made the concept of auto-portability a reality." #401k #retirement Read the full article: https://hubs.ly/Q02_lgq90

#401k - Created Millionaires Surge to New High Napa Net's Ted Godbout reports on the release of Fidelity Investments's Q3 2024 Retirement Analysis, where the firm offers key insights into the #retirement sector. With a strong focus on average savings balances and rates, the study also prominently features Fidelity's year 1 results for the adoption of #AutoPortability, where they've already signed up approximately 6,000 plans representing 2.2 million participants for the new feature. Read the full article: https://hubs.ly/Q02-Xvys0

Record High Number of #401k Millionaires, Average Account Balances at Fidelity 401k Specialist Magazine Editor-in-Chief Brian Anderson reports on Fidelity Investments' newly-released Q3 2024 Retirement Analysis, including Fidelity’s disclosure that, “as of October 2024, more than 6,000 Fidelity plans adopted #AutoPortability, with 2.2 million active participants in the Fidelity network.” #retirement Read the full article: https://hubs.ly/Q02-CWj40

No more lost #401Ks when workers switch jobs: 5M signed up for #AutoPortability 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. Read the full article: https://hubs.ly/Q02-CHLN0

Industry-led effort to minimize #401k cashouts starts to pay off Pensions & Investments’ Defined Contribution reporter Margarida Correia examines the 12/3 announcement by the Portability Services Network, writing that the “industry effort led by six record keepers to make workplace #retirement savings plans more portable and reduce the problem of 401(k) cashouts is paying off.” Correia also cites RCH research figures and quotes PSN Chairman Robert L. Johnson and PSN President & CEO Spencer Williams. #AutoPortability Read the full article: https://hubs.ly/Q02-CGlm0