Media Coverage

Millions lose out as job changes trigger involuntary 401(k) rollovers

Seeking Alpha's Rob Williams reports on the problems encountered by small-balance, job-changing participants who are involuntarily forced-out of their former employer's 401(k) plan and into safe harbor IRAs. Drawing upon the 11/15/25 article on the same topic by Anne Tergesen in the Wall Street Journal, Williams refers to comments by RCH & PSN CEO Spencer Williams, who leads the effort dedicated to reforming the longstanding practice through auto portability, which automatically moves these small-balance retirement balances forward.

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Forgotten 401(k) Accounts Are Costing Americans Billions in Lost Investment Gains

The Wall Street Journal's Anne Tergesen takes on the topic of left-behind 401(k) savings and the participant outcomes that occur when small-balance accounts are forced out in safe harbor IRAs, where they can languish in an environment characterized by high fees and sub-optimal investments. Tergesen turns to RCH and Portability Services Network (PSN) CEO Spencer Williams, along with Fiona Grieg of Vanguard (an owner-member of PSN), who provide their views on the problem, while Tergesen goes on to describe auto portability's emerging role in moving these balances forward within the 401(k) system.

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RCH Consolidation Corner Channel Ep. 21 - Portability: The Real Story of 'Forgotten' 401(k) Accounts

Welcome to the 21st edition of the RCH Consolidation Corner Channel, where we provide you with audio content that explores key issues in the preservation and consolidation of retirement savings. In this episode, we take a look at what’s really driving the problem with so-called ‘forgotten’ 401(k) accounts – a lack of retirement savings portability – and we examine three potential solutions to address the problem. We hope you’ll find the audio enjoyable and informative.

‘Forgotten’ Accounts: Forget Hyperbole, Here’s a Solution

In the wake of media hyperbole surrounding the issue of so-called 'forgotten' 401(k) accounts, RCH’s Tom Hawkins, writing in 401k Specialist, 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.”

Universal Automatic Portability: A Close Look

Writing in ASPPA Net, American Retirement Association's Paul Mulholland identifies the absence of universal auto portability as one of the "primary obstacles to consistent retirement saving" and "is especially obnoxious because it undermines the security of those who have access to a plan and are actually saving." Mulholland chronicles the woes of safe harbor IRAs, when used as final resting places for participants' forced-out balances, and turns to RCH's Neal Ringquist and Groom Law Group's Michael Kreps for their views on the Portability Services Network and auto portability.

Auto Portability: Adoption Figures Soar; Thought Leaders Want More

RCH’s Tom Hawkins, writing in RCH’s Consolidation Corner, recounts an extraordinary month of October for auto portability, with “with plan sponsor adoption surging and industry thought leaders increasingly recognizing the promise of auto portability in finally solving longstanding 401(k) system portability issues.” This level of interest and support for auto portability indicates that “the shift is on” and auto portability “is now clearly winning the day.”

Episode 81: Portability Services Network Update with Neal Ringquist

In episode 81 of CAPTRUST's Revamping Retirement podcast, hosts Audrey Wheat and Peter Ruffel welcome back Neal Ringquist, EVP & Chief Revenue Officer of Retirement Clearinghouse, for a deep dive into auto portability and the Portability Services Network (PSN). Neal explains how auto portability enables seamless retirement balance transfers between employers, backed by regulatory support and a consortium of major recordkeepers. The conversation highlights key adoption metrics—over 21,000 plan sponsors enrolled and 16,700 completed transactions—and explores future applications like the Saver’s Match. The episode also clears up common misconceptions and encourages plan sponsors to engage in expanding PSN’s impact.

Safe Harbor IRAs Are Failing Participants: Report

Paul Mulholland, writing in PSCA.org, examines new research released by PensionBee that is critical of safe harbor IRAs, typically used as vehicles to house small 401(k) balances (<$7000) forced out during an automatic rollover process. While the research calls for safe harbor IRA reform, Mulholland turns to RCH EVP Neal Ringquist, who explains that reforming safe harbors is inadequate, because the automatic rollover process "leads to high participant cash outs,” and “that’s why auto portability is a better solution.”