Bipartisan Legislation Introduced to Preserve Retirement Savings by Expanding Auto Portability
CHARLOTTE, N.C., June 15, 2022 /PRNewswire/ -- Robert L. Johnson, Founder and Chairman of The RLJ Companies and Chairman of Retirement Clearinghouse, LLC, applauds Senator Tim Scott (R-S.C.) and Senator Sherrod Brown (D-Ohio) for the introduction of the Advancing Auto Portability Act of 2022. The U.S. Senate legislation has the potential to preserve up to $1.5 trillion in retirement savings for the next generation of workers by encouraging auto portability. With auto portability, a participant's 401(k) account can follow them as they change jobs, making it less likely that people prematurely cash-out their savings and improving retirement security.
- The U.S. Senate legislation has the potential to preserve up to $1.5 trillion in retirement savings for the next generation of workers by encouraging auto portability.
- With auto portability, a participant's 401(k) account can follow them as they change jobs, making it less likely that people prematurely cash-out their savings and improving retirement security.
- "Enshrining auto portability in law is a significant milestone in our national effort to bridge America's wealth gap."
- EBRI estimates that the widespread adoption of auto portability would preserve up to $1.5 trillion in additional retirement savings measured in today's dollarsin the U.S. retirement system over a 40-year period.