Portability Services Network Launches Nation's First Solution to Move Workers' Retirement Savings When Changing Jobs
CHARLOTTE, N.C., Nov. 7, 2023 /PRNewswire/ -- The Portability Services Network (PSN) announced the launch of its digital auto portability solution, designed to help tens of millions of under-served and under-saved Americans keep their retirement savings invested and working for them when they change jobs. Having become operational 12 months after being announced in 2022, PSN includes as founding members the nation's leading workplace retirement plan recordkeepers—Alight Solutions, Empower, Fidelity Investments, Principal, TIAA, and Vanguard—under the leadership of Robert L. Johnson, Chairman of the PSN and Retirement Clearinghouse, LLC.
- Retirement Clearinghouse, Leading Workplace Retirement Plan Providers, and Employers Across the Country Collaborate to Increase Savings for Lower-Wage Workers Through Auto Portability
Portability Services Network Chairman Robert L. Johnson Encourages Employers to Join
CHARLOTTE, N.C., Nov. 7, 2023 /PRNewswire/ -- The Portability Services Network (PSN) announced the launch of its digital auto portability solution, designed to help tens of millions of under-served and under-saved Americans keep their retirement savings invested and working for them when they change jobs. - "The Portability Services Network is poised to deliver on its core mission to stem the cash-out crisis that harms Black and other under-served and under-saved low-wage workers," said Robert L. Johnson, Chairman of PSN and Retirement Clearinghouse, LLC.
- So far, we have seen great interest from employers—and we encourage all plan sponsors to learn about how this solution can help their employees greatly improve their retirement security."
- To learn more, view a video here of leaders of Portability Services Network sharing their commitment to help improve American workers retirement savings situations and outcomes.