Media Coverage

Auto Portability Consortium Reaches Major Milestone

Writing for NAPA Net, Ted Godbout highlights key elements of the Portability Services Network's 12/3 announcement on year 1 plan sponsor adoption. Godbout details plan sponsor adoption statistics, including over 15,000 plans representing 5 million participants, figures that he characterizes as a "major milestone."

This Network Will Soon Connect 5MM Participants

The 401kWire's Selma Khennisi reports on the 12/3 announcement from the Portability Services Network, which offers an update on key year 1 developments, including the network's onboarding of approximately 15,000 plan sponsors representing 5 million participants. Khennisi quotes PSN & RCH Chairman Robert L. Johnson, who congratulates PSN members on the accomplishment, which PSN & RCH President and CEO Spencer Williams further characterizes as "an incredible response."

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1 Year in, PSN Covers 15,000 Retirement Plans

PlanAdviser's Alex Ortolani reports on the 12/3 announcement from the Portability Services Network (PSN) that, one year into operation, over 15,000 plan sponsors representing 5 million participants have elected to adopt auto portability. Ortolani notes that the results represent the efforts of 3 member recordkeepers who have gone live in 2024, with 2 more anticipated to go live in 2025.

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Auto Portability Adoption Surges with Portability Services Network Launch

Writing in 401k Specialist, Editor-in-Chief Brian Anderson covers the 12/3 announcement from the Portability Services Network (PSN) that, in its first year of operation, over 15,000 plan sponsors representing 5 million participants have elected to adopt auto portability. Anderson quotes Robert L. Johnson, Chairman of PSN and Retirement Clearinghouse (RCH), as well as Spencer Williams, who serves as President & CEO of PSN and RCH.

PSN Auto Portability Signs Up 15,000 Plans in Year One

Retirement Clearinghouse (RCH) and Portability Services Network (PSN) Executive Vice President Neal Ringquist recaps breaking news of the day, where a press release issued by PSN announces that, in its first year of operation, more than 15,000 plans representing approximately 5 million participants have signed up for PSN auto portability. Ringquist's provides readers with a link to the full press release, links to more information about PSN auto portability, as well as to RCH's other portability services.

The Retirement Industry 2024

Writing in the November-December 2024 edition of PLANSPONSOR Magazine, Beth Braverman examines "the biggest trends and innovations of 2024" and quickly focuses on the progress made this year by auto portability, as delivered by the Portability Services Network (PSN). Braverman quotes research by RCH estimating that auto portability could preserve $1.6 trillion in retirement wealth, and showcases interim adoption statistics from September 2024 indicating that the PSN network "had signed up more than 6,000 plans, representing over 2.2 million active participants."

Treasury, IRS Advised for Simplicity, Public Push on Saver’s Match

PLANSPONSOR's Alex Ortolani takes stock of the most impactful responses provided to the US Treasury and IRS request for comment (RFC) regarding how to best implement the Saver’s Match program. Ortolani summarizes key feedback from industry groups, and features the response supplied by Retirement Clearinghouse and Portability Services Network President & CEO Spencer Williams. Ortolani writes: "Retirement Clearinghouse, which oversees the Portability Services Network of recordkeepers, made the case that the piping for its portability network could be used for the Saver’s Match for both in- and out-of-network recordkeepers."

7 Things Retirees Can Be Thankful for This Year

Kate Stalter, who serves as an investment advisory industry expert for U.S. News & World Report, identifies the top 7 things that retirees can be thankful for this year. In her all-star lineup, she identifies 401(k) auto portability for special gratitude, and turns to Said Israilov, CFP and wealth advisor, who states: "[m]ajor record keepers like Fidelity and Vanguard have been implementing this technology to address a significant issue" in the form of excessive cashout leakage, adding "in 2025, more employers are expected to adopt this feature in their retirement plans, making it easier for workers to maintain and grow their retirement savings as they change jobs."

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