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Auto Portability - Recent Developments
Find the most-recent auto portability media coverage and developments.
The 401k Wire's Neal Anderson reports on the day's announcement by Vanguard that it plans to introduce RCH's auto portability service for 401(k) sponsor clients and their participants. Anderson also turned to RCH President & CEO Spencer Williams for comment, who stated that "we're extremely happy" with the development, while adding "we don't intend to stop there."
Ginger Szala, executive managing editor of Investment Advisor magazine, updates her readership on the 9/21/21 announcement by Vanguard, which Szala notes "has joined forces with Retirement Clearinghouse to provide an auto-portability service that allows 401(k) participants to have their defined contribution plans automatically roll over when changing jobs."
Pensions & Investments Washington correspondent Brian Croce reports on Vanguard's 9/21/21 announcement that it will introduce RCH's auto portability service for its 401(k) plan sponsor clients and their participants, to launch in mid-2022. Croce notes that RCH's auto portability program "was first piloted in 2017 and in 2019, the Department of Labor granted RCH the ability to expand the program, which is aimed at reducing plan leakage and missing participants."
401k Specialist Managing Editor Brian Anderson reports on the "Great Leap Forward" for RCH Auto Portability represented by the 9/21/21 announcement by Vanguard that it will begin providing plan sponsors with the auto portability solution to simplify small-balance 401k rollovers, expected to launch in mid-2022.
Writing in RCH's Consolidation Corner blog, Executive Vice President Neal Ringquist addresses the 9/21/21 press release by Vanguard that it will engage with RCH to introduce the RCH Auto Portability program to their defined contribution plan sponsor clients in mid-2022. Ringquist supplies readers with important perspective, stating: "Vanguard’s announcement is a major milestone in RCH’s ongoing efforts to deliver seamless, plan-to-plan portability to America’s defined contribution system. RCH Auto Portability has now been embraced by two of America’s top ten defined contribution recordkeepers, collectively serving almost 10 million employees."
PRESS RELEASE - Vanguard and Retirement Clearinghouse to Offer Auto Portability Service to 401(k) Participants
VALLEY FORGE, PA (September 21, 2021)—Vanguard today announced plans to introduce an auto portability service for 401(k) sponsor clients and their participants. The firm has engaged Retirement Clearinghouse, LLC (RCH)—a leading provider of consolidation services for defined contribution plans and an RLJ Companies' majority owned company—to provide plan sponsors with a new portability solution to simplify small-balance 401(k) rollovers, help more employees preserve their retirement savings, and improve their chances of investment success. The service is expected to launch in mid-2022.
401k Specialist's Brian Anderson covers the 7/27/21 announcement from Retirement Clearinghouse (RCH) that the firm has surpassed $10 billion in retirement savings consolidations. The achievement, noted Anderson, "represents a greater than threefold increase in the amount of retirement account transfers completed on behalf of American workers in just six years" and extensively quotes RCH's President & CEO Spencer Williams.
In a 7/20/21 press release, RCH announces that Renee Wilder Guerin, former Director of the Federal Thrift Savings Plan, has joined Retirement Clearinghouse (RCH) as Executive Vice President of Public Policy, with responsibility to drive support for public policy matters aiming to preserve retirement savings and increase retirement security for all Americans. Ms. Wilder Guerin will be taking over the position from Tom Johnson, who is retiring.