This morning, Fidelity Investments, Vanguard and Alight Solutions revealed a new partnership and collaboration with Retirement Clearinghouse LLC aimed at creating a "consortium" of workplace retirement plan recordkeepers, dubbed the Portability Services Network.
The goal of the new network, according to a statement published by the four firms, is to accelerate the nationwide adoption of automatic portability for workplace retirement accounts such as 401(k)s.
The firms hope the portability partnership will help underserved and under-saved workers improve their retirement outcomes.
