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Auto Portability in the News
Browse the most comprehensive collection of articles in the media that feature auto portability.
What happens when participants change jobs? The next big 401(k) issue to hit Washington lawmakers could be auto-portability.
In the first half of 2016, not only has the retirement industry awakened to the problem of cashout leakage, but it's begun to acknowledge its root cause: a lack of retirement savings portability. At the same time, Auto Portability has emerged as the only viable solution to cashout leakage, delivering portability for the small-balance (less than $5,000) job-changer, automatically moving their balances forward when they change jobs and enroll in a new plan. Let's look-back at the first half of 2016 and see how Auto Portability may now be poised to become an "overnight success" in the not-too-distant future.
In her 7/26/16 article in the National Law Review, Michelle Capezza addresses the fundamental changes in our workforce (the "Gig Economy") that are driving the need for portable benefits. Capezza states that RCH -- through promotion of Auto Portability -- is one of the ways that this new portability is becoming manifested in the Gig Economy.
In his July 21st article in Employee Benefit News, RCH President & CEO Spencer Williams highlights the Department of Labor's new fiduciary rule challenges and urges that it's time to consider another source of growth: portability solutions.
In a July 15th article, the San Antonio Express-News features Retirement Clearinghouse and Auto Portability, RCH's solution to curb cashout leakage among small-balance job changers.
In the wake of the Fiduciary Rule, providers of all stripes are broadly reevaluating their strategies for the participant and asset retention that is essential to growing their retirement plan businesses. Over the past two decades, providers have primarily looked to capture IRA rollovers as a means to grow retirement assets. The Department of Labor's new Fiduciary Rule creates challenges to that model. However, there is another, largely untapped, pool of assets within providers' reach that can fuel growth premature cash-outs. Auto portability, and portability solutions in general, represent a new and unique way to tap that potential source of growth.
In his 6/30/16 MarketWatch article, RCH President and CEO Spencer Williams suggests an inter-generational dialogue on the pitfalls to avoid when saving for retirement.
On June 8th, 2016 Retirement Clearinghouse (RCH) and the Employee Benefit Research Institute (EBRI) teamed up to present consolidated testimony to the ERISA Advisory Council on Auto Portability, the automation of plan-to-plan transfers for small accounts, when participants change jobs.