The adoption of auto-portability for American workers' retirement funds could result in an additional $1.5 trillion in retirement savings—money that is currently leaking out of the system when workers change jobs and cash out of their defined contribution (DC) plans.
This year will mark changes to the retirement savings system, in part due to the new SECURE 2.0 law, that will enable more auto-portability of 401(k) retirement accounts, the Portability Services Network (PSN) and Retirement Clearinghouse (RCH) recently said. The two organizations are part of a public-private partnership to oversee the auto-portability system. The partnership has been working on data sharing and fund transfer capabilities, and includes industry groups such as Alight Solutions, Empower, Fidelity Investments, Principal, TIAA, and Vanguard.
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