During the past several years, much progress has been made to simplify the process of enabling defined contribution plan participants to transfer their savings from one plan to another when they change jobs. These strides have been made thanks to an ongoing partnership between the private and public sectors, and between Democrats and Republicans in Congress.
In November 2023, we saw the launch of the Portability Services Network (PSN), with our nation’s leading retirement plan record-keepers – Alight Solutions, Empower, Fidelity Investments, Principal, TIAA and Vanguard – on board as founding members. The PSN makes the digital auto portability solution a reality for helping Americans keep their retirement savings invested in the system and working for them.
