Auto Portability - Recent Developments
Find the most-recent auto portability media coverage and developments.
The RLJ Companies Founder & Chairman, and RCH majority owner Bob Johnson is interviewed by Black Enterprise's Jeffrey McKinney, discussing the latest developments surrounding RCH Auto Portability's national launch. Citing the many benefits of RCH Auto Portability for minorities, Johnson commends the 7/14/20 announcement by Alight, and adds "there is no reason why the [other] large record keepers should not commence auto portability for the companies whose 401(k) accounts they manage."
The editorial staff of NAPA Net, representing the National Association of Plan Advisors (NAPA), covers the 7/14/20 announcement that Alight Solutions "will make Retirement Clearinghouse’s Auto Portability program available to its client base of 185 DC plan sponsors serving nearly five million employees at the end of this year."
401k Specialist Editor-in-Chief John Sullivan, who has written extensively about auto portability, covers today's announcement that Alight Solutions -- a leading provider of defined contribution / 401(k) plan recordkeeping services -- will spearhead auto portability's launch and offer the RCH service to its clients.
The Wall Street Journal's Anne Tergesen scoops the big story -- that large 401(k) recordkeeper Alight Solutions LLC has disclosed plans to offer RCH's auto portability solution to its clients. The article quotes Alight EVP Alison Borland, who notes "overwhelmingly positive" support among Alight clients for auto portability and goes on to provide insights from RCH President & CEO Spencer Williams, as well as comments by RLJ Companies Founder & Chairman Robert L. Johnson.
PLANSPONSOR's Rebecca Moore covers today's announcement that Alight Solutions will offer the RCH auto portability service to its client base of 185 defined contribution plan sponsors, serving nearly 5 million employees. Moore, who has covered auto portability extensively, quotes Alight's Alison Borland, the RLJ Companies' Bob Johnson and references previous discussions with RCH President & CEO Spencer Williams.
CNBC Senior Personal Finance Correspondent Sharon Epperson follows on to her morning video segment on CNBC with an article addressing today's key developments for auto portability. Epperson quotes Alight EVP Alison Borland, RLJ Companies Founder & Chairman Bob Johnson and the ARA's Nevin Adams in the piece, and cites key research from Alight on cashout leakage from job-changing participants.
James Bacon, writing for the Virginia-based Bacon's Rebellion blog, examines today's announcement that Alight Solutions will offer the RCH auto portability service to its clients, and finds a lot to like. Bacon praises the initiative for its benefits for African-Americans "and for that matter, all Americans" -- citing statistics provided by RCH majority owner Robert L. Johnson. Bacon believes that auto portability fits squarely into a private sector-driven "opportunity agenda" framework that will advance economic gains.
Appearing on CNBC's Squawk Box, RLJ Companies Founder & Chairman Robert L. Johnson and Alight Solutions EVP Alison Borland jointly address breaking news that Alight Solutions will offer the Retirement Clearinghouse (RCH) auto portability service to its 401(k) recordkeeping clients. Borland noted that "client reaction has been overwhelmingly positive" and that "we expect high adoption and we expect this change in the industry to be able to happen much faster than automatic enrollment happened."