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Robert L. Johnson, Majority Owner of Retirement Clearinghouse, Secures Endorsement of Two Civil Rights Organizations for Auto Portability
Robert L. Johnson, Founder and Chairman of The RLJ Companies and majority owner of Retirement Clearinghouse (RCH), has secured endorsements for auto portability from two premier civil rights organizations – the National Urban League, and the National Association for the Advancement of Colored People (NAACP) – both with over a century of experience advocating for solutions that address the inequities and economic challenges experienced by Black Americans and by other communities of color. Renée Wilder Guerin, RCH Executive Vice President, Public Policy, summarizes these major developments in RCH's Consolidation Corner.
Refundable Saver’s Tax Credits Would Significantly Reduce Retirement Savings Shortfall—Especially for Minorities
Writing in RCH's Consolidation Corner, RCH President & CEO Spencer Williams examines pending retirement savings legislation, and focuses upon the benefits of a refundable saver's credit, which would be directly deposited into taxpayers' 401(k) and IRA accounts. Taking his analysis a step further, Williams considers the infrastructure required to transfer these funds to savers, and identifies considerable synergies with the existing technology that supports auto portability.
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.
Video: Is Auto Portability the Next 401(k) ‘ESG’ Initiative?
The 401(k) cashout leakage crisis has significant, negative societal consequences -- impacting all Americans, but affecting minorities, women and lower-income segments the most. 401(k) plan sponsors, already familiar with Environmental, Social & Governance (ESG) initiatives, could finally be waking up and taking action to solve the cashout leakage problem, within the framework of corporate social responsibility. Plan-to-plan portability -- specifically auto portability -- is the most promising solution, and could become the next 401(k) ESG initiative.
How Socially Responsible Corporations Will Solve the 401(k) Cashout Crisis
Writing in the Consolidation Corner blog, RCH's Tom Hawkins makes the case that socially conscious private-sector corporations will soon solve the nation's 401(k) cashout leakage crisis by fully-embracing plan-to-plan portability, including auto portability. Three key developments drive Hawkins' conclusions, including 1) a growing understanding of the problem and its societal impacts, 2) access to a viable solution and 3) clear acknowledgment of a responsibility to act for the benefit of society. Hawkins further notes that this view is being echoed in retirement research & public policy circles.
How Sponsors Can Help Minorities Save More for Retirement
In his latest byline in the Consolidation Corner blog, RCH President & CEO Spencer Williams addresses the cashout leakage crisis, which disproportionately affects minorities, including African-Americans and Hispanics. Auto portability, says Williams, can make all the difference in solving the crisis, but requires that "sponsors themselves, as well as their recordkeepers, take the next step by implementing....auto portability" -- an action which he characterizes as being completely consistent with a recent public statement by the Business Roundtable, and endorsed by 181 CEOs of the nation's largest corporations.
The Demographics of 401(k) Cashout Leakage
In his five-part series in Consolidation Corner, RCH's Tom
Hawkins sheds light on the problem of cashout leakage, a silent crisis that
unnecessarily robs millions of Americans of their retirement security. In his
second article in the series, Hawkins examines the demographics of 401(k)
cashout leakage, identifying those segments of the population most impacted by
the problem, as well as those who stand to benefit the most from a solution.
Pairing 401(k) Savings Preservation and Expanded Access for America’s Minorities
In this article, RCH's Spencer Williams and Tom Hawkins address an important retirement public policy question: How would a pairing of auto portability with open multiple employer plans (or “open MEPs”) impact the retirement savings of America’s minorities, and particularly, African-Americans?
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