Advancing Auto-Portability Act of 2022

Bill 117 HR 9252, also known as the Advancing Auto-Portability Act of 2022, is a piece of legislation currently being considered by the US Congress. The purpose of this bill is to promote the portability of retirement savings for individuals who change jobs frequently.

The bill aims to address the issue of retirement savings being left behind in old employer-sponsored retirement accounts when individuals switch jobs. This can lead to lost savings and difficulties in managing multiple accounts. The Advancing Auto-Portability Act seeks to streamline the process of transferring retirement savings from one employer-sponsored account to another, making it easier for individuals to consolidate their savings and keep track of their retirement funds.

Key provisions of the bill include establishing a national database of retirement accounts to facilitate the transfer of funds, requiring employers to automatically transfer retirement savings to a new employer-sponsored account when an individual changes jobs, and providing incentives for employers to participate in the auto-portability program. Overall, the Advancing Auto-Portability Act of 2022 aims to improve the efficiency and effectiveness of retirement savings for individuals who frequently change jobs. By promoting portability and consolidation of retirement accounts, the bill seeks to help individuals better manage their savings and ensure a secure retirement.