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401k consolidation blog posts
If Timothy Leary Were a 401(k) Plan Sponsor
In the 1960’s, counter-culture guru Timothy Leary urged a generation to “turn on, tune in and drop out.” If Leary were still around and sponsoring a 401(k) plan, he might urge participants to “save up, move on and cash out.” While that sounds contradictory and profoundly ill-advised, it’s exactly what 5 million job-changing 401(k) participants do in the 1st year following separation. In his latest Consolidation Corner blog post, RCH's Tom Hawkins explores the reasons for so many cashouts, and how – with viable solutions now available – plan sponsors should fully-embrace seamless plan-to-plan portability.
From Tired to Inspired: A Roadmap for 401(k) Roll-Ins
In his latest article in RCH's Consolidation Corner, RCH's Tom Hawkins walks readers through a "roadmap" for the progression of 401(k) roll-ins from ‘tired’ to ‘wired’ and finally, to the ‘inspired’ state that will eventually characterize 401(k) plan-to-plan portability. The article also includes a video providing viewers with the key points made in the article.
The Tragicomedy of Cashout Leakage
In his 8/11/20 article in RCH’s Consolidation Corner, RCH’s Tom Hawkins characterizes the phenomenon of cashout leakage as a “tragicomedy” – incorporating aspects of both a tragedy and a comedy, but ultimately delivering a happy ending. While cashout leakage represents an ongoing tragedy, the term itself is goofy, and tough to take seriously, asserts Hawkins. However, recent events indicate that the widespread adoption of auto portability will finally deliver a happy ending to the problem.
How to Mitigate COVID-19’s Potentially Catastrophic Impact on Americans’ Retirement Readiness
Writing in RCH's Consolidation Corner blog, RCH President & CEO Spencer Williams addresses the urgent need to mitigate the impact of COVID-19 on Americans' retirement readiness. Williams observes that the surge in pandemic-driven unemployment, the relaxed restrictions on withdrawals, along with a pre-existing propensity to cash out -- spells trouble for retirement security. To help address the growing threat, Williams urges sponsors and recordkeepers to adopt auto portability, which he states will "discourage participants from cashing out, but also eliminate the need for automatic cash-outs."
Closing the Coming COVID-19 Retirement Savings Gap
Writing in Consolidation Corner, RCH’s Tom Hawkins foresees the emergence of a COVID-19 retirement savings gap, driven by unprecedented levels of terminated participants and relaxed penalties on withdrawals. To address the problem, Hawkins calls upon the private sector to embrace solutions that will begin to close the gap, stem cashout leakage and deliver ongoing benefits that will extend well beyond the current crisis.
Alight Solutions to Lead Nationwide Launch of Auto Portability
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.
COVID-19 Pandemic Demonstrates the Need for Institutionalized Portability
Writing in Consolidation Corner, RCH President & CEO Spencer Williams examines the disruptive effects of the COVID-19 pandemic on America's retirement savers, and makes a persuasive case for the systemic, institutional adoption of auto portability as a means to help rebuild and to preserve retirement savings over the long-term. In the near-term, Williams observes that reduced participant mobility make this an opportune time for sponsors to update participant addresses.
A Financial Wellness Program You Can Actually Measure
In his latest Consolidation Corner article, RCH President & CEO Spencer Williams examines the current state of financial wellness programs, and the challenges plan sponsors face in quantifying their benefits. Facilitating retirement savings portability, writes Williams -- whether through auto portability for small balances or an assisted roll-in program for larger balances -- can overcome this challenge by offering sponsors a financial wellness initiative that preserves participants' retirement savings and is easily quantifiable.
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