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Mobile workforce (or job-changing participants) blog posts
The Surprising Migratory Patterns of Job-Changing Participants
In his latest Consolidation Corner article, RCH President & CEO Spencer Williams utilizes EBRI data to examine the migratory patterns of job-changing participants. Looking specifically at the size of their former employers' plans (expressed in terms of numbers of participants) compared to the size of their most-recent active plan, Williams finds that the vast majority (82.98%) of these participants go to an employer with a plan equal in size, or larger than, their former employer’s plan. Only 17.02% of participants go to employers with smaller plans, and a mere 1.9% leave employers with large plans to go to an employer with a small plan (less than 100 participants). This data, says Williams, should significantly allay industry concerns that the adoption of auto portability for small balances could result in harmful participant outcomes.
The Most Promising Policies to Reduce 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 fourth article in the series, Hawkins addresses policies with the most promise to reduce the 401(k) cashout leakage problem.
The Magnitude of the 401(k) Cashout Leakage Problem
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 third article in the series, Hawkins examines the magnitude of the 401(k) cashout leakage problem, sharing new statistics recently supplied by EBRI, and offering some interesting comparisons so the reader can fully-grasp the enormity of the problem.
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.
Spotlight on Cashout Leakage: The Fundamentals
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 first article, Hawkins addresses the fundamentals of cashout leakage -- defining it, clearing up common sources of confusion, and identifying why the problem continues to persist.
Tax Day is Coming—Encourage Millennial Participants to Incubate Saver’s Credits
With Tax Day (April 15) just around the corner, RCH's Spencer Williams advises plans and their participants to take advantage of the Saver's Credit, a tax credit that rewards eligible IRA and plan contributions. Nurturing these contributions not only promotes savings, says Williams, but also makes participants less-likely to cash out their 401(k) balances as they change jobs. Turning to Millennials, Williams addresses the Financial Independence, Retire Early (FIRE) movement, cites the latest research from EBRI indicating that Millennials' retirement prospects are significantly improved by auto portability, and provides several illustrations to make the point.
Auto Portability is Like Bacon—It Makes Everything Better
In his monthly column in Consolidation Corner, RCH President & CEO Spencer Williams explains to readers why auto portability is like bacon -- by making everything better for all parties in America’s retirement system.
Is Your Missing-Participant Program a Ford Model T or 2018 BMW?
In today’s day and age, what is considered a state-of-the-art program today could easily become obsolete tomorrow, rendering a plan’s missing participant program vulnerable to fiduciary liability.
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