Spencer Williams

The Advancing Auto Portability Act of 2022 would encourage the widespread adoption of auto portability.

Harnessing auto portability ensures plan participants receive all their retirement savings, and can also reduce fiduciary liability for sponsors.

Tech solutions can help prevent plan participants who are quitting their jobs from forgetting about the 401(k) savings accounts they leave behind.

More than 15 years after the landmark legislation was passed into law, we now understand the challenges of workforce mobility — but we also know how to respond to them.

How can ongoing legislation support a more equitable future and retirement — for all Americans?

It’s not just about having retirement savings — it’s about accessing, consolidating, and planning.

14.8 million participants switch employers every year — and 33% of workers have stranded a 401(k) savings account in a former employer’s plan at least once.

When employees change jobs, auto portability can help avoid risky and premature cash outs.

The pandemic-driven migration out of big cities could lead to more missing participants, and going forward, more small, stranded retirement accounts.

Regardless of the political party that occupies the White House, bipartisan support for auto portability as a solution for helping more Americans, and especially minorities, increase their savings for retirement will remain strong.