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Consolidation Corner Blog
Consolidation Corner is the Retirement Clearinghouse (RCH) blog, and features the latest articles and bylines from our executives, addressing important retirement savings portability topics.
The Playbook for Conducting Diligent Missing Participant Searches
Writing for RCH’s Consolidation
Corner blog, EVP Neal Ringquist coaches plan sponsors on a winning strategy to
address the problem of missing participants. Ringquist offers sponsors a
four-part playbook for success, including: 1) understanding the problem, 2)
taking proactive measures, 3) adopting best search practices and 4) engaging a
search service provider. With participants’ benefits on the line,
sponsors who follow the Ringquist playbook for conducting diligent missing
participant searches will be playing to win.
Safe-Harbor IRAs are Supposed to be Temporary
Writing in RCH's Consolidation Corner blog, RCH President & CEO Spencer Williams observes that safe-harbor IRAs -- created by the EGTRRA-mandated automatic rollover process -- were never intended to be "permanent retirement savings vehicles." Too often, argues Williams, the relief plan sponsors realize from automatic rollovers comes at the expense of participant outcomes -- who experience high levels of cashouts, low investment returns and savings-depleting fees. With the advent of auto portability, participants will spend less time in a safe harbor IRA, and "plan sponsors no longer have to consider trading participant outcomes for administrative convenience."
The Auto Portability Imperative
In the fifth installment of his five-part series on 401(k) cashout leakage, RCH's Tom Hawkins addresses auto portability, a solution that not only makes sound business sense, but delivers a positive societal impact for the corporations adopting it. Citing the recent Statement of Purpose from members of the Business Roundtable, Hawkins believes that as these socially-conscious corporations examine auto portability, they’ll quickly become convinced that auto portability is both a sound business decision, as well as the right thing to do.
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.
Cash-Out Leakage is Still Too High—and Auto Portability can Help
In his latest article, RCH President & CEO Spencer Williams takes on cash-out leakage -- which remains a big problem for the U.S. retirement system. Citing research that examines auto portability in tandem with various legislative proposals to help Americans save more for retirement, Williams makes the case that, with auto portability, millions of participants will no longer find cashing out to be the easiest option when they switch jobs, and will preserve their retirement savings instead.
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 Safe-Harbor IRA: Friend or Foe?
In his latest Consolidation Corner
blog post, RCH President & CEO Spencer Williams draws much-needed attention
to the downside of traditional safe harbor IRAs. While plans can benefit by
practices that remove small-balance accounts, Williams argues that this benefit
may be illusory, as former plan participants will likely cash out or become
“stuck” with multiple accounts that deplete their savings – both scenarios that
could expose sponsors to potential liability. Auto portability, says
Williams, can reverse this dysfunctional dynamic, achieving better outcomes for
plans and participants alike.
An Important Milestone: The DOL Issues Final Prohibited Transaction Exemption for Auto Portability
In his 7/31/19 article in Consolidation Corner, RCH Founder, President & CEO Spencer Williams addresses the latest action by the U.S. Department of Labor (DOL), issuing the final Prohibited Transaction Exemption (PTE) to Retirement Clearinghouse (RCH) for the RCH Auto Portability program, completing the regulatory framework and clearing the way for auto portability’s widespread adoption
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