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Mobile workforce (or job-changing participants) blog posts
Account consolidation time-consuming, expensive for employees
As has happened so many times before, the Baby Boomer generation is once again drawing attention to an unmet need: a seamless way to consolidate their collection of retirement accounts into a single account, which is a necessary step to creating a sturdy retirement plan. Much has been written about how sponsors can improve both their plans' overall health and their participants' retirement outcomes by embracing roll-ins; nonetheless, the account-consolidation process remains time-consuming and expensive for most participants.
Cutting the Gordian Knot: Portability & Small Accounts
Have you ever wondered why so few participants move their old 401(k)s into their current employers' plans? Or why so many participants prematurely cash out their retirement savings accounts, regardless of taxes and penalties? Or why job-changing participants leave their savings behind only to lose track of them as if their assets for retirement belong on some remote desert island away from all their other savings?
Washington Recognizes Need for Retirement Plan Portability Solutions
Clearly, Washington DC is now "getting it" when it comes to retirement plan portability. In November 2015, Senator Patty Murray and other influential members of Congress delivered a letter to Department of Labor Secretary Perez urging action on Auto Portability. Now, we have strong comments from President Obama in his final State Of The Union address on the need for more portable retirement savings.
The checklist you need to manage multiple retirement accounts
In his December 16th, 2015 article in MarketWatch, RCH's CEO Spencer Williams offers a year-end checklist for those retirement savers who have elected to leave qualified retirement savings accounts behind with their former employers.
As 401(k) Cash Out Leakage Grows, So Does Need for Auto Portability
In his December 11th article in BenefitsPro (Addressing the Critical Problem of 401(k) Cash Outs), Nick Thornton draws much-needed attention to the magnitude of the 401(k) cash out leakage issue, due to the frictions associated with account portability when plan participants switch jobs. Thornton's article rightly emphasizes the need for automated portability similar to automatic enrollment and deferral increases - to effectively address the cash out problem.
Boomers: Consolidate Your Retirement Accounts Immediately!
In his 11/16/15 MarketWatch article Boomers need to consolidate retirement accounts immediately RCH President & CEO J. Spencer Williams notes that the baby boomer generation, which is closest to retirement age, stands to benefit the most from consolidating their retirement savings, vs. leaving their accounts behind at former employers.
What To Look For In A Roll-In Service Provider
Warren Cormier, CEO of Boston Research Technologies, recently published a research study that revealed that a large majority of plan participants are receptive to consolidating their retirement savings accounts in their current plans.
What Participants' Distribution Decisions Are Telling Us
That's changing, as Neal Ringquist explains.
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