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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.
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.
Pairing 401(k) Savings Preservation and Expanded Access for America’s Minorities
In this article, RCH's Spencer Williams and Tom Hawkins address an important retirement public policy question: How would a pairing of auto portability with open multiple employer plans (or “open MEPs”) impact the retirement savings of America’s minorities, and particularly, African-Americans?
Three Unique 401(k) "Hacks" for National 401(k) Day
In observance of National 401(k) Day, RCH's Tom Hawkins examines three unique 401(k) "hacks" that can save participants time & money, while putting them more squarely on the path to financial wellness.
Don’t Become a 401(k) DIY Horror Story
In his latest article in Consolidation Corner, RCH EVP Spencer Pringle offers job-changing 401(k) participants important tips on how to avoid becoming a 401(k) DIY “horror story.” Pringle examines three DIY scenarios for participants to avoid, including cashing out, stranding a 401(k) balance at a previous employer and finally, attempting a DIY roll-in.
A Tale of Two 401(k) Balance Segments
RCH's Tom Hawkins reveals new research that predicts 401(k) participant outcomes following
separation for two balance segments – those above & below $15,000. Using logic developed in the Auto Portability Simulation to track & tally
participant outcomes 8 years following separation, the results reveal a startling contrast between
the two segments – with participants in the over-$15,000
segment experiencing far-superior outcomes to those in the under-$15,000
segment. To address the disparities, Hawkins advocates for a new “automatic” in the form of auto portability.
The Next Big Advancement for the 401(k)
In November, we will celebrate an important milestone in the history of the 401(k)—the 40th anniversary of the enactment of the Revenue Act of 1978, which added Section 401(k) to the Internal Revenue Code. Section 401(k) allowed employees to defer compensation without being taxed, and gradually popularized the concept of the employer-sponsored defined contribution plan.
401(k) Truth Bomb: Missing Participants are Bad, 401(k) Cashouts Are Worse
It may surprise many to learn that there’s another problem that’s orders-of-magnitude worse, which silently devastates millions of Americans’ prospects for a timely or comfortable retirement every year. I’m referring to 401(k) cashouts, and it’s time we took serious action to address them head-on.
Regulators and Policy Advocates Focus on Retirement Savings Portability
The most important portability development on the horizon is the DOL’s auto portability Advisory Opinion, which will provide guidance for plan sponsors on the automatic roll-in of small account balances previously forced-out into safe harbor IRAs.
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