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Retirement plan portability blog posts
The Future of Retirement Savings Portability Requires More Than Automation
Writing in the Consolidation Corner blog, RCH’s Tom Hawkins offers his take on the retirement industry’s responses to IRS Notice 2026-49 (Guidance on Section 324 of the SECURE 2.0 Act with Respect to Rollovers), which proposed four model forms and a five-step process designed to facilitate retirement savings portability. Hawkins is encouraged “that a growing number of industry stakeholders recognize that solving these challenges requires a more coordinated infrastructure approach” which he describes as “an important validation of a philosophy that has guided [RCH’s] work for nearly two decades."
PBGC Report Points to a Retirement System Solution that Already Exists
Writing in the Consolidation Corner blog, RCH’s Tom Hawkins draws attention to the Pension Benefit Guaranty Corporation (PBGC)'s recent report to Congress (Feasibility of Expanding PBGC’s Missing Participants Program) which found that converting PBGC's existing program into a national consolidator of small retirement balances would require substantial new systems, resources, and expertise. Importantly, the PBGC report recognizes that private-sector solutions have already emerged to address the problem, indirectly referring to RCH, PSN and auto portability. Consistent with the PBGC’s report, Hawkins concludes: “public policy can support, encourage, and accelerate the development of a comprehensive clearinghouse network that keeps workers connected to their savings throughout their careers.”
The Plumbing Our Country’s Retirement System Needs
Writing in the RCH Consolidation Corner blog, RCH President & CEO Spencer Williams argues that the U.S. retirement system suffers from costly “leaks” because workers frequently change jobs and cash out small retirement balances rather than keep their savings invested. Using a plumbing analogy, Williams explains that the industry has evolved from basic “one-to-one” transfers to more sophisticated “one-to-many” platforms, but to truly preserve retirement savings it needs a “many-to-many” clearinghouse that allows assets to move seamlessly among plans through shared technology and reciprocal connections. Williams contends that this infrastructure is increasingly important as retirement savings vehicles become more diverse and as public policy initiatives such as the Saver’s Match are implemented. He points to Auto Portability, enabled by the Portability Services Network (PSN), as proof that a true clearinghouse model can operate successfully at scale, helping keep savings in the retirement system, reduce account fragmentation, and improve long-term retirement outcomes.
The Plan Advisor Case for Auto Portability
In the fourth of a four-part series, Steve Holman, Senior Vice President of Portability Services Network (PSN) Strategy and Development, lays out a compelling case for why retirement plan advisors should be all-in for PSN Auto Portability. In his article, Holman opens by observing that auto portability “strengthens advisors’ value by increasing plan assets and expanding opportunities for wealth management” and proceeds to build on that foundation. “The bottom line” for plan advisors, concludes Holman “is auto portability is not a threat, it’s a growth engine for plan advisors – driving asset retention, increasing AUM, and expanding long-term client opportunities.”
Plan Churn: The Hidden Threat to a Mobile Workforce’s Retirement Savings
Writing in Consolidation Corner, RCH’s Tom Hawkins examines the phenomenon of “plan churn” – which he defines as the ongoing incidence of plan terminations and changes in plan recordkeepers. When combined with a highly mobile workforce, plan churn can create a “perfect storm” that magnifies the risk of cashout leakage as well as the problem of left-behind accounts. Plan churn, asserts Hawkins, can be best addressed by automated account consolidation, as identified in Retirement Clearinghouse’s vision of a digital clearinghouse model for the defined contribution system.
The Recordkeeper Case for Auto Portability
Writing in the RCH Consolidation Corner Blog, Steve Holman, SVP of PSN Strategy & Development, lays out the case for auto portability from the perspective of defined contribution recordkeepers. Holman identifies four important reasons why auto portability is beneficial, including 1) delivering a positive ROI, 2) differentiating their value proposition, 3) industry collaboration & reciprocity and 4) strengthening the DC system by addressing the small account problem at scale. “Auto portability” concludes Holman, “is not simply an operational enhancement – it is a foundational capability for the future of defined contribution plans.”
Busting Five Key Myths About Auto Portability
Writing in the RCH Consolidation Corner blog, Senior Vice President of Portability Services Network (PSN) Strategy and Development Steve Holman separates fact from fiction by examining five persistent "myths" concerning auto portability. Following his truth-telling, Holman observes that "the continued need to debunk myths about auto portability is actually a sign of how far the solution has come" and that "the conversation has shifted from whether auto portability can work to how quickly adoption will continue to grow."
America250: How the Retirement Services Industry can Make Good on the Promise in the Declaration of Independence
Linking America's 250th birthday celebration, the American Dream and achieving a financially secure retirement, RCH and PSN CEO Spencer Williams emphasizes the importance of protecting small-balance retirement savings when workers change jobs. As Williams observes: "making money is only half the battle to a secure retirement – saving money is the other half" -- and appeals to the retirement industry to "renew our commitment to helping Americans preserve their retirement savings, in order to increase the income they can enjoy after retiring."
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