Auto portability adoption is gaining momentum, with over 15,000 defined contribution plans and approximately 5 million participants joining the Portability Services Network in its first year, 401K Specialist reports. This initiative aims to enhance retirement savings, particularly for minority and women savers, by addressing systemic frictions in the U.S. retirement system. The Portability Services Network, supported by major recordkeepers, has facilitated numerous transactions to consolidate retirement savings, potentially preserving $1.6 trillion over 40 years.
Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.