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Auto Portability in the News
Browse the most comprehensive collection of articles in the media that feature auto portability.
In his December 1, 2015 article (The unintended consequence of 401(k) auto-enrollment), RCH CEO Spencer Williams exposes the linkage between auto enrollment and lower average account balances. Based on Form 5500 data, Williams' analysis presents some excellent examples of industries where average balances are significantly lower in plans that have adopted auto enrollment compared to plans that have not. RCH's Tom Hawkins follows up that article with his own analysis, extending Williams' earlier work.
In his December 11th article in BenefitsPro (Addressing the Critical Problem of 401(k) Cash Outs), Nick Thornton draws much-needed attention to the magnitude of the 401(k) cash out leakage issue, due to the frictions associated with account portability when plan participants switch jobs. Thornton's article rightly emphasizes the need for automated portability similar to automatic enrollment and deferral increases - to effectively address the cash out problem.
BenefitsPro's Nick Thonrton quotes RCH's CEO Spencer Williams on the problem of plan leakage through cash outs.
Auto enrollment, codified in law by the Pension Protection Act of 2006, was drafted with the best of intentions to increase Americans' retirement savings but it has had the unintended consequence of impairing plan effectiveness. By proliferating small accounts in plans, auto enrollment has caused a decrease in average account balances throughout the U.S. retirement system. Adding to the urgency of this issue is the rising rate of auto enrollment adoption across defined contribution plans of all sizes, but particularly among larger plans.
RCH EVP Tom Johnson sat down with BlackRock's DCfocus publication to discuss Auto Portability.
Every day, we are reminded that recycling is the responsible thing to do: from the recycling bins we walk by, to the paper we use, and the cans and bottles that we drink from. All of us would agree that conservation of our precious resources is critical, so we gladly pitch in and do our part.
Bloomberg's Ben Steverman describes his personal challenges to rollover his 401(k) account to an IRA.