Spencer Williams
CEOSpencer Williams is CEO of Portability Services Network and Retirement Clearinghouse, a portability solutions provider.
Spencer Williams is CEO of Portability Services Network and Retirement Clearinghouse, a portability solutions provider.
If auto portability is broadly adopted across the U.S. over the course of 40 years, an additional estimated $1.5 trillion in savings will be preserved.
A more thoughtful approach to saving will help participants who rely on the defined contribution model stretch their dollars into life after work.
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.