News

TIAA Joins Auto-Portability Network

Ignites' Alfred Wilkinson reports on the 4/4/23 announcement from TIAA that they have joined the Portability Services Network (PSN) -- an industry-led utility dedicated to accelerating the adoption of auto portability. TIAA is the 5th large recordkeeper to announce their status, joining Alight, Empower, Fidelity and Vanguard. Wilkinson quotes TIAA president and CEO Thasunda Brown Duckett, while noting that PSN "now represents approximately 62.6 million workers across more than 139,000 employer-sponsored retirement plans."

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TIAA Joins Major Recordkeepers in Portability Services Network

PLANSPONSOR's Noah Zuss examines the 4/4/23 announcement from TIAA that it is joining the Portability Services Network (PSN), which Zuss characterizes as a "growing movement started by Retirement Clearinghouse LLC, with Alight Solutions, Empower and Fidelity already on board." Zuss quotes TIAA's president and CEO Thasunda Brown Duckett, while providing readers with a "brief history" of the auto portability initiative.

TIAA Ties Up with Auto-Portability Platform

NAPA Net's staff covers breaking news that "TIAA has joined Retirement Clearinghouse, LLC (RCH) alongside Empower, Fidelity, Vanguard and Alight linking up with the Portability Services Network, LLC (PSN)." NAPA Net's article reference's TIAA's press release, and also notes the inclusion of provisions for auto portability in the recently enacted SECURE 2.0 Act of 2022.

RCH Brings a 5th RKer Into PSN

The 401kWire's Neal Anderson covers the day's announcement that TIAA, "a giant recordkeeper in the 403(b)" sector, has become the fifth large recordkeeper to join PSN, an industry-led utility that is dedicated to the adoption of auto portability. In his piece, Anderson quotes Thasunda Brown Duckett, president and CEO of TIAA.

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TIAA joins retirement plan portability network

InvestmentNews' Gregg Greenberg reports on the 4/4/23 announcement that TIAA is joining the Portability Services Network (PSN), "a group that aims to help America’s under-saved, minority and low-income workers improve their retirement outcomes" by accelerating the nationwide adoption of auto portability. Greenberg notes the affiliation of PSN with Retirement Clearinghouse (RCH) and quotes Thasunda Brown Duckett, president and CEO of TIAA.

Also featured in The Conservative Investor Daily

Are IRAs in the Best Interest of Workers and Retirees?

Writing in Wealth Management, Fred Barstein analyzes the "accepted wisdom" of rolling over defined contribution balances into IRAs. In the piece, Barstein references auto portability and the Portability Services Network, opining that the "data exchange consortium of major providers including Fidelity, Vanguard, Alight and Empower led by the Retirement Clearinghouse, is currently focused on enabling plan-to-plan low balance account transfers, which could eventually be used to create a 'universal' DC plan."

Ask the Expert – SECURE 2.0 Act: Auto Portability

In the March-April edition of the Employee Benefit Plan Review, Katrina Berishaj and Megan Stamm collaborate to perform an extensive legal analysis of the provisions for auto portability included in the recent SECURE 2.0 Act. Their analysis dives deep into the detail of those provisions, including the primary processes and fiduciary responsibilities that are encompassed by the legislation.

Video: Alight's Greg Long Addresses Auto Portability at DCIIA Forum

Taking part in a SECURE 2.0 panel at the 3/8/23 DCIIA Innovation Forum, Alight Solutions' Greg Long took the opportunity to inform and educate attendees about auto portability and the new Portability Services Network. Long offered a primer on auto portability -- how it addresses long-standing portability and cashout leakage issues within America's defined contribution system -- and how the formation of the new Portability Services Network will rapidly advance the availability and adoption of the new feature. Long's comments begin at the 21:25 mark.