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401k consolidation blog posts
Re-Securing the Highest Purpose for a Retirement Savings Lost & Found
In his latest post in RCH’s Consolidation Corner blog, Tom Hawkins takes a deep dive into draft SECURE 2.0 provisions that dramatically expand the purpose, scope and scale of a Retirement Savings Lost & Found. The new provisions, contends Hawkins, would create a massive, government-run repository of micro-balance accounts costing taxpayers millions, while failing to boost retirement security. Hawkins encourages Congress to return to an earlier Lost & Found model, while addressing the broader, small-balance account problem through policies incentivizing the adoption of auto portability.
Leakage and Auto Portability Featured at Senate HELP Committee Hearing
Writing in RCH's Consolidation Corner, RCH EVP Tom Johnson reports on the U.S. Senate’s Committee on Health, Education, Labor and Pensions (HELP) 5/13/21 hearing on retirement security. With testimony from a blue-ribbon panel of witnesses, the hearing had a broad focus, but the topic of retirement savings leakage, and its most-promising solution, auto portability, were prominently featured in testimony by EBRI CEO Lori Lucas, and echoed by other witnesses and Committee members.
Auto Portability is an Easily Quantifiable Solution for Helping Participants Achieve Financial Wellness
In his latest article in RCH’s Consolidation Corner, CEO Spencer Williams addresses the conundrum facing employers, who are committed to promoting their employees’ financial wellness, but also face the grim reality of excessive retirement savings leakage, exacerbated by the COVID-19 pandemic. By adopting auto portability, Williams contends that plan sponsors can “easily quantify their financial wellness efforts” while getting out in front of cashout leakage.
Cracking the Code to True 401(k) Portability
America’s 401(k) system, long plagued by friction, produces $92.4 billion of excessive cash-out leakage annually. In recent years and culminating in 2021, the private sector has finally “cracked the code” and is delivering innovative fintech solutions, combined with education and personal assistance to reduce friction and to enable true 401(k) portability.
Consolidating the Gains from a Program of Retirement Savings Portability
Following on to the 2013 study by Boston Research Group (now Boston Research Technologies), a new study released by Retirement Clearinghouse (RCH) revisits a mega plan sponsor’s ongoing experience with a program of 401(k) retirement savings portability, and finds that not only have the benefits of the original program persisted, they’ve grown, with plan participants continuing to realize significant, measurable benefits.
This One Simple Trick Radically Boosts Financial Wellness!
Writing in RCH's Consolidation Corner, Tom Hawkins offers 401(k) plan sponsors "one simple trick" -- retirement savings portability -- to radically boost their participants' financial wellness. Best of all, writes Hawkins, "adopting a program of retirement savings portability has never been easier" and the measurable benefits accrue not only to participants, but to the plan, the retirement system and even to retirement savings public policy initiatives.
Missing Participants: Five Important Considerations for Plan Sponsors
Writing in RCH's Consolidation Corner, Tom Hawkins offers retirement plan sponsors five important considerations that can help focus their efforts in designing, implementing and administering an effective program of locating missing participants. By staying focused on some key principles, including the adoption of sound search practices and retirement savings portability, plan sponsors can successfully navigate their near-term missing participant problems, while positioning their plan for far fewer problems in the future.
Nudge Theory can Help Sponsors Strengthen Financial Wellness Initiatives
In his latest post on RCH’s Consolidation Corner, President & CEO Spencer Williams examines the potential applicability of “nudge theory” by plan sponsors to promote 401(k) account consolidation and to discourage premature cashouts. Nudges, which are “easy and cheap” interventions, could include simple and subtle messages to participants that Williams asserts “can make a big difference to the retirement preparedness, and overall financial health, of their plan participants.”
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