Portability Services Network is sending a notice to the retirement industry with the recent addition of Empower to the consortium! Empower has decided to join the Retirement Clearinghouse, LLC (RCH) to assist American workers in improving retirement outcomes.
Fred Barstein with WealthManagement.com RPA Edge identified this story on Portability Services Network as one of the five most important stories of the week!
(Automating the tedious task of transferring retirement plan assets in 401(k), 401(a), 403(b), and 457 accounts should help all involved in the process. It appears to be a Win – Win – Win situation with plan participants, plan sponsors and plan providers working together on the common goal centered around a strong process. The emphasis of Portability Services Network, LLC (PSN), is to aid and assist workers with lower retirement-account balances to seamlessly move assets to a new retirement plan.
Empower President and CEO Edmund F. Murphy III, stated “Advancing auto-portability adoption across the retirement system provides workers with the best chance to harness the power of all the assets they have earned through their workplace savings plans.”
Empower joins the Portability Services Network consortium of recordkeepers that includes Alight, Fidelity and Vanguard.
View this week’s edition of 401(k) Real Talk, with Fred Barstein for more on this.
