The Retirement Savings for Americans Act, which would offer a federally-run program, is supported by National Economic Council but the American Retirement Association worries that many small employers would close their 401(k)s.

Sen. Bill Cassidy, R-La., said the Senate Health, Education, Labor and Pensions Committee should also increase gig worker access to portable benefits.

Industry leaders share their thoughts and concerns about RTO policies and how it will affect their 2025.

For employees, portable plans mean they own their retirement savings from day one, eliminating the need for complex rollovers when changing jobs. For employers, these plans remove the administrative burden and high costs.