For defined contribution recordkeepers, competition has long been fierce, so it’s extraordinary when industry rivals join forces and align around a common cause.

That alignment around auto portability, embodied in the newly launched Portability Services Network (PSN), was on full display in a 12/8/22 Groom Law Group webinar. The event featured representatives from retirement industry titans and founding PSN members Alight Solutions, Fidelity Investments and the Vanguard Group, joined by Retirement Clearinghouse (RCH).

At a time when terms like “inflation,” “gas prices,” “recession,” and “volatility” dominate chatter about the U.S. economy, plan sponsors and recordkeepers are likely fielding questions and concerns from participants. Every dollar counts when saving for a financially secure retirement, especially with the present volatility in the financial markets. But while investment fund options, asset classes, and fees are important for helping participants weather inflation and save more, there is another way that sponsors and recordkeepers can help participants protect, and increase, their retirement savings in the New Year—facilitate portability.

America’s Leading 401(k) Providers & Retirement Clearinghouse Collaborate to Implement a Nationwide Network for Auto Portability