Menu

May
21
2024

Robert L. Johnson Gives Keynote Address at 2024 EBRI Spring Policy Forum

On May 16th, Robert L. (Bob) Johnson, Chairman of The RLJ Companies, Retirement Clearinghouse (RCH) and the Portability Services Network (PSN), delivered the keynote address to the 2024 EBRI Spring Policy Forum, co-hosted by the American Benefits Council. In Johnson’s address, entitled “Helping to narrow the nation’s lingering racial wealth gap” – the legendary Black American entrepreneur gave Forum attendees insight into the businessman’s long, purpose-driven journey to create entrepreneurial solutions to social problems, including his current efforts in the retirement sector, where he’s become laser-focused on leveraging public/private sector solutions that narrow the wealth gap for minorities and women.

Read More
Jan
11
2024

Four Retirement Initiatives Vital to Closing the Racial Wealth Gap

Writing in the RCH Consolidation Corner blog, Tom Hawkins examines four retirement initiatives that could help in closing America's racial wealth gap. Leading off the article, Hawkins cites U.S. Treasury research identifying a significant racial wealth gap that has remained essentially unchanged over the past 20 years. In the retirement space, Hawkins identifies expanded access, auto portability, emergency savings and the Saver's Match as key initiatives that will make significant contributions to closing the gap, provided that retirement plan sponsors fully embrace and support them.

Read More
Aug
30
2023

Focus Shifts to Plan Sponsors as Portability Network Set to Go Live

Writing in the Consolidation Corner blog, RCH's Tom Hawkins describes the coming "shift" that will occur when the Portability Services Network (PSN) goes live at the beginning of the fourth quarter of 2023. Describing PSN's network-building achievements to date as "nothing short of phenomenal", Hawkins adds that "integration had proceeded apace" and that "plan sponsors will take center stage as they begin to adopt auto portability and witness its tangible results." Plan sponsor adoption will accelerate as auto portability demonstrates its obvious benefits to plans, to participants and to society at large, where adoption will eventually serve as a "positive indicator of a socially responsible enterprise."

Read More
Mar
10
2023

A Renaissance for Auto Enrollment

Writing in the RCH Consolidation Corner blog, Tom Hawkins examines the past, present and potential future of automatic enrollment, the popular 401(k) plan feature that has made great strides since 2007, but has faced headwinds in achieving adoption in high-turnover enterprises. Now, thanks to a SECURE 2.0 mandate for new plans, along with the retirement industry's embrace of auto portability, auto enrollment may soon undergo a "renaissance" and enter its final phase of growth, delivering disproportionate benefits to under-saved and under-served workers, including minorities, women and those with lower incomes.

Read More
Jan
13
2023

The Big Shift Towards Auto Portability

RCH's Tom Hawkins, writing in the Consolidation Corner blog, asks readers if they've noticed the recent "big shift" towards auto portability. Hawkins writes: "[f]or those accustomed to a glacial pace of change in the world of retirement, you could be forgiven if you’ve missed two very recent, tectonic shifts toward the system-wide adoption of auto portability" occurring in rapid succession in the fourth quarter of 2022. The formation of the Portability Services Network (PSN) in October, quickly followed by SECURE 2.0 legislation that included important auto portability provisions, were both "unprecedented actions" which will continue to reverberate in the retirement industry. "The 'big shift'", Hawkins concludes, "won't be completed overnight, but it's already well underway, and will proceed with a pace that could take many more by surprise."

Read More
Jan
04
2023

A No-Brainer Benefit that Advisors can Bring to Plan-Sponsor Clients

Writing in the RCH Consolidation Corner blog, Spencer Williams, CEO of Portability Services Network (PSN) and Retirement Clearinghouse (RCH), makes a compelling case for plan advisers to help facilitate the roll-out of auto portability to the plan sponsors and participants they serve. Williams cites two recent headline-grabbing events -- the passage of SECURE 2.0, which incorporates provisions for auto portability, and the October 2022 formation of PSN to function as an industry utility for transferring balances from plan-to-plan. As both participants and plan sponsors stand to realize tremendous benefits from the adoption of auto portability, it "presents an easy opportunity for financial advisors and wealth managers to demonstrate value for their clients—and grow their practices."

Read More
Dec
20
2022

2022: A Most Consequential Year for Retirement Savings Portability

Last year at this time, Retirement Clearinghouse (RCH) predicted that 2022 would be a pivotal year for retirement savings portability. It turns out we were right, but we confess to being pleasantly surprised at just how consequential (and positive) the year has been, and it’s not over yet. Writing in the Consolidation Corner blog, RCH's Tom Hawkins provides a rundown of key events during 2022 that have helped to positively shape the future of retirement savings portability.

Read More
Dec
13
2022

Webinar Showcases Extraordinary Industry Alignment on Auto Portability

For defined contribution recordkeepers, competition has long been fierce, so it’s extraordinary when industry rivals join forces and align around a common cause. That alignment around auto portability, embodied in the newly launched Portability Services Network (PSN), was on full display in a 12/8/22 Groom Law Group webinar. The event featured representatives from retirement industry titans and founding PSN members Alight Solutions, Fidelity Investments and the Vanguard Group, joined by Retirement Clearinghouse (RCH).

Read More
Page: