New Auto Portability Solution Has Launched
America’s leading 401(k) providers have come together to launch the Portability Services Network
The introduction of Portability Services Network (PSN) creates a solution to automatically move workers’ low-balance workplace retirement savings when they change jobs. This allows money to remain invested in the retirement system where it has the potential to grow instead of being cashed out. This is impactful savings for American workers, particularly minorities, women, lower income, and younger workers who disproportionately cash out their accounts.
More about PSN
PSN is a consortium of leading 401(k) providers that have come together to accelerate nationwide adoption of auto portability to help America’s under-served and under-saved workers improve their retirement outcomes.
Check out this short video (2:40) to hear from the leaders of PSN and the truly historic, industry first, achievement for the retirement industry. To learn more about how you can easily adopt Auto Portability for your organization, please contact your Fidelity Managing Director.