Our Mission
The Portability Services Network (PSN) Mission
PSN is an industry consortium, whose sole purpose is mitigating cash-out leakage and preserving over a trillion dollars in additional savings in the U.S. retirement system.
Leading workplace retirement plan recordkeepers (Alight, Empower, Fidelity, Principal, TIAA and Vanguard) along with Retirement Clearinghouse (RCH), have collaborated to create PSN to accelerate the adoption of auto portability – the automatic transfer of small balance workplace retirement accounts (under $5,000, increasing to $7,000 effective 12/31/23) as workers shift employers -- to help America’s under-served and under-saved workers -- especially minorities, women and low-income workers -- improve their retirement outcomes.
PSN was established to turn RCH’s current auto portability network into an industry-owned utility to lower the cost of auto portability to the participant, and to ensure appropriate stewardship and governance of the utility by the recordkeepers. To do this, a separate company, Portability Services Network (PSN), was created that is jointly owned by the recordkeepers and RCH. RCH will provide the auto portability service to PSN through a services agreement.
