By Neal Ringquist, Executive Vice President, Chief Sales Officer
In a press release issued Tuesday, July 14th, Retirement Clearinghouse (RCH) announced that Alight Solutions will lead the nationwide launch of the RCH Auto Portability program.
Alight, a leading next level human capital and business solutions provider, announced that they will offer the RCH Auto Portability solution to its client base of 185 defined contribution plan sponsors serving nearly five million employees at the end of this year. Importantly, the announcement also identified three Alight clients who, among others, are already supportive of auto portability.
The announcement included statements from RLJ Companies Founder & Chairman Robert L. Johnson, Alight Solutions Executive Vice President Alison Borland, and RCH President & CEO Spencer Williams, addressing auto portability’s myriad of benefits, as well as the importance of Alight Solutions’ leadership role in kicking off auto portability’s widespread adoption.
By day’s end, media reaction to the announcement was uniformly positive, and included video segments on CNBC, a feature article in The Wall Street Journal, and coverage by industry press.
- Wall Street Journal: Automatic 401(k) Transfers Gain Traction (Anne Tergesen)
- CNBC: How Retirement Clearinghouse is helping employees save for retirement(Featuring Alight Solutions' Alison Borland, The RLJ Companies' Robert L. Johnson and CNBC Squawk Box co-anchor Joe Kernen)
- CNBC: Changing jobs? Soon you can transfer 401(k) savings automatically (Sharon Epperson, CNBC Senior Personal Finance Correspondent)
- PLANSPONSOR: Alight to Offer Auto-Portability Solution to DC Plan Clients(Rebecca Moore)
- 401k Specialist: 401k Auto Portability Goes Public in Nationwide Rollout(John Sullivan)
It’s difficult to understate the importance of today’s announcement, since it effectively puts the nation’s defined contribution system on a path towards widespread adoption of auto portability, a plan feature that could preserve up to $2 trillion in retirement savings, according to EBRI.