Portability Services Network is a new concept for the retirement plan industry. And it is poised to make a big impact on plan sponsors and plan participants.
The joint venture aims to facilitate transferability and consolidation of accounts while fueling the convergence of wealth and retirement at work.
The Portability Services Network is a joint venture established by Retirement Clearing House in a collaboration with Fidelity, Alight and Vanguard. Spencer Williams, CEO and president of RCH, has indicated that there are additional 401(k) industry stalwarts who are planning to join the collaboration.