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‘Forgotten’ Accounts: Forget Hyperbole, Here’s a Solution
In the wake of industry media outlets’ reporting on research estimating there are 31.9 million “forgotten” 401(k) accounts totaling about $2.1 trillion in assets, NAPA Net posted two sober-minded takes on the matter, contending there’s no justification for broadly labeling these accounts as “forgotten” while also observing that the figures “serve as a proxy for a lack of efficient account portability." Following NAPA Net’s lead, RCH’s Tom Hawkins, writing in the RCH Consolidation Corner blog, evaluates three potential solutions to enable broad portability, zeroing in on an “affirmative consent-based automatic transfer process, applying to all balances not covered by auto portability and supporting IRA rollovers, plan-to-plan roll-ins, as well as those who choose to stay in-plan.”
A Trifecta of Solutions to Close America’s Retirement-Savings Gap
RCH President & CEO Spencer Williams addresses a “trifecta” of retirement savings public policy solutions – Trump Accounts, the Saver’s Match and Auto Portability – which he characterizes as “transformational” initiatives, which “taken together, have the potential to incentivize retirement-saving opportunities for small-balance plan participants, thus significantly shrinking the existing wealth gap.” Williams cites the trillions in benefits associated with the three initiatives which “can, finally, resolve our country’s wealth gap over time.”
RCH Consolidation Corner Channel Ep. 20 - Empirical Data Proves Portability Works
Welcome to yet another edition of the RCH Consolidation Corner Channel, our 20th episode thus far. We continue to provide you, the listener, with audio content that explores key issues in the preservation and consolidation of retirement savings. In this episode, we take a look at some very compelling real-world studies that prove that programs promoting retirement savings portability – and specifically auto portability – work extremely effectively to dramatically reduce cashout leakage. We hope you’ll find the audio enjoyable and informative.
Auto Portability: Meeting the Needs AND Wants of Participants
When American workers change jobs, the fate of their retirement savings is often left hanging in the balance – especially for those with accounts less than $7,000. But today, with the continuing adoption of auto portability via the Portability Services Network, the story is changing. Auto portability is now beginning to address the most pressing needs of small-balance participants: reducing cashout leakage, automating consolidation, and making the preservation of retirement savings the default, “easiest choice” – while also closely aligning with what participants want, as revealed in multiple, authoritative surveys.
The Triple Crown to Unlock Retirement Security for All
In his 8/15/25 Consolidation Corner blog post, RCH’s Tom Hawkins writes about the “Triple Crown” of retirement security – three retirement savings public policy initiatives that are “poised to finally close” the retirement savings wealth gap. Each of the three initiatives – Auto Portability, the Saver’s Match and Trump Accounts – all share common features, targeting small-balance savers, delivering enormous public policy benefits and are made both efficient and effective by incorporating proven financial technology. Issuing a call-to-action for plan providers and plan sponsors, Hawkins writes: “now is the time to act” adding “every year spent in ‘wait and see’ mode means millions miss out, and the retirement gap grows.”
Why Preserving Small Balances Matters (and How Auto Portability Helps)
The preservation of small-balance 401(k) accounts – particularly those under $7,000 and subject to 401(k) plans’ automatic rollover provisions – represents an important challenge for America’s retirement system. In his 6/26/25 article in RCH's Consolidation Corner blog, Tom Hawkins examines four compelling arguments for the importance of preserving small balances, while demonstrating how auto portability, as delivered by the Portability Services Network (PSN), can help achieve this goal.
Come On In, The Water’s Fine
RCH’s Tom Hawkins, writing in the Consolidation Corner blog, shares his perspective on a recent public position taken by PensionBee, who drew attention to the “participant-unfriendly nature of some safe harbor IRAs” and suggested that “plan sponsors may risk breaching their fiduciary duty to plan participants by utilizing them.” Hawkins generally agrees but notes that the firm “didn’t go far enough” and offers readers with three areas of additional concerns that support this view. The piece concludes by offering plan sponsors with tips and resources to avail themselves of, should they wish to “take a hard look at their automatic rollover programs.”
Beyond Missing: Targeting Unresponsive Participants in Retirement Plans
Writing in the RCH Consolidation Corner blog, Tom Hawkins examines the phenomenon of ‘unresponsive’ participants, which he defines as participants “for whom a plan has correct contact information, but who fail to respond to plan communications.” This sub-set of missing participants presents plan sponsors with unique challenges, because “the challenge is not finding them – it’s engaging them.” Hawkins continues by identifying six major drivers of unresponsive participants, while offering plan sponsors six best practices to minimize them.
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