The Portability Services Network (PSN) Mission
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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.