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Proof Positive: Retirement Savings Portability Works
We’ve long known – through sophisticated models such as EBRI’s Retirement Security Projection Model (RSPM) and the RCH Auto Portability Simulation Model – that retirement savings portability has the potential to significantly reduce cashout leakage and to generate systemic benefits. But models, however sophisticated they may be, can be inherently less convincing than hard, empirical data. In this RCH Consolidation Corner article, Tom Hawkins provides readers with definitive, real-world empirical data proving that portability not only works – it works at scale – and will deliver consistent results over many years and for millions of job-changing participants.
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.”
New Research Shines Light on the Saver’s Match Program
Writing in the RCH Consolidation Corner blog, Tom Hawkins puts two recent Saver’s Match research findings – one from Morningstar and the other from RCH – into perspective. The Morningstar research, authored by industry veteran Jack VanDerhei and Spencer Look, pegs the potential incremental retirement wealth generated by the Saver’s Match at $2.03 trillion. Another research effort, conducted by Retirement Clearinghouse, involves a discrete event simulation model of the Saver’s Match program, simulating specific technologies and operational solutions required to support the program. Together, writes Hawkins, “these two new research efforts…quantify overall Saver’s Match program benefits, and model the potential size, scale and operations of the program.”
In Light of Evolving Regulations, What are Plans Sponsors’ Fiduciary Obligations with Regard to Account Consolidation?
In his latest opinion piece, RCH Founder, President & CEO Spencer Williams discusses the fiduciary obligations of auto portability, "the process powering 401(k) account consolidation" and seeks to assuage lingering fiduciary concerns associated with "proposed regulations....issued on January 29, 2024 by the U.S. Department of Labor (DOL)." Williams contends that the DOL's regulations do not override fiduciary responsibilities as set forth in the DOL's 2018 Advisory Opinion, or contained in "the regulatory framework for automated portability transactions already in the SECURE Act 2.0."
The Huge Potential of the Saver’s Match for Closing the Retirement Savings Gap
There’s a lot of attention focused on the Saver’s Match, the SECURE Act 2.0-enabled program that – starting in the 2027 tax year – will allow qualified individuals who contribute to an IRA or participate in an employer-sponsored retirement plan to receive a 50% federal matching contribution of up to $1,000. In his latest article in the RCH Consolidation Corner blog, RCH President & CEO Spencer Williams breaks down the highly positive impact that the program will have on retirement security, citing research revealing that “the Saver’s Match has the potential to accomplish more than many expected as far as closing the retirement savings gap among Americans.”
The Saver's Match and Auto Portability: A Powerful Combination
Two groundbreaking retirement savings initiatives could be poised to converge, potentially revolutionizing the way Americans save for retirement. The Saver's Match program, set to debut with the 2027 tax year, and auto portability, powered by the Portability Services Network (PSN), present a unique opportunity to address long-standing challenges in the retirement system. By leveraging the strengths of both programs, we can create a more robust and efficient retirement savings ecosystem that benefits millions of American workers.
Two Saver’s Match Resources Now Available
Retirement Clearinghouse (RCH) has launched two new Saver’s Match resources, which offer plan sponsors, plan providers and participants with consolidated information about the Saver’s Match program, as well as a new saver-focused tool – the Saver’s Match Estimator – which will calculate an estimated matching contribution under the program. RCH encourages everyone to use the new tools, and to share them within their network.
Taking Stock of the Saver’s Match: The Promise and The Challenges
Slated to begin operation with the 2027 tax year, the Saver’s Match program is coming more sharply into focus. While research is still ongoing, the picture being revealed is one of massive potential to increase retirement savings and to help close the minority wealth gap. These benefits may not come easily, given the sheer size of the population affected by the Saver’s Match, and the challenges that the program could face in getting up-to-speed. At the Annual iOme Challenge Forum, held on 6/20/24 by the Women’s Institute for a Secure Retirement (WISER), RCH & PSN President and CEO Spencer Williams, along with Morningstar’s Jack VanDerhei, took stock of both the promise and the challenges represented by the Saver’s Match program.
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