Fidelity Investments, Vanguard, and Alight Solutions have teamed up with Retirement Clearinghouse, LLC (RCH) to create a consortium of workplace retirement plan recordkeepers, Portability Services Network, LLC, to accelerate the nationwide adoption of auto portability.

The idea is that plan participants would have their account balances automatically move to their new retirement plans. The hope is that automating the process of moving 401(k), 401(a), 403(b), and 457 account balances from plan to plan when workers change jobs will help limit cash-outs and preserve trillions of dollars in savings in the U.S. retirement system. More importantly for the providers, it will help them keep more assets.