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Auto Portability blog posts
401(k) Retirement Savings: More ‘Gone’ Than ‘Forgotten’
Writing in RCH's Consolidation Corner, Tom Hawkins compares & contrasts the issue of ‘forgotten’ 401(k) accounts to its more problematic relative, 401(k) cashout leakage. In the piece, Hawkins takes the position that recent attention given forgotten accounts – via draft SECURE 2.0 legislation and the release of a drama-laden white paper – have created the mistaken impression that there’s a massive problem with forgotten 401(k) accounts, when in fact ‘forgotten’ 401(k) accounts are dwarfed by 401(k) cashout leakage, in terms of both their size and severity.
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.
The Case for Auto Portability Gets Stronger
The case for auto portability, the new 401(k) plan default feature that automatically transfers small-balance retirement savings when participants change jobs, has always been strong. Now, with the April 22nd release of EBRI’s 31st Annual Retirement Confidence Survey (RCS), the case has grown even stronger. with nearly 9 in 10 plan participants expressing their preference for the auto portability feature.
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.
Auto Portability Is, And Always Will Be, A Bipartisan Solution
RCH President & CEO Spencer Williams, writing in Consolidation Corner, addresses the consistent bipartisan support that auto portability has enjoyed in DC. This support, writes Williams, transcends party affiliation, extending across multiple Presidential administrations as well as both legislative branches of the U.S. Congress, and falls squarely in-line with policy initiatives that advance the interests of minority and low-income workers. Williams provides readers with an impressive, years-long list of actions & endorsements that reflect auto portability's broad-based support, which culminated last year with the nationwide rollout of the program.
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.
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