Auto Portability in the News
Browse the most comprehensive collection of articles in the media that feature auto portability.
Writing in RCH’s Consolidation Corner blog, Tom Hawkins establishes a strong link between the phenomenon of ‘sudden money’ – where a financial windfall can result in ruinous decisions – and the problem of unnecessary 401(k) cashout leakage. 401(k) plan features that encourage active plan participants to amass long-term retirement savings are a big success, but can suddenly fail following a job change, when separated participants can view their former employer’s balance as a financial windfall. To address the scourge of sudden money and its attendant cashout leakage, Hawkins examines 3 ‘faux’ solutions that fall short, and recommends the application of clearinghouse principles to effectively solve the problem.
In their "Five Things to Know" weekly update, the Queen City Nerve reports on the news that RCH will be "adding 300 new employees and investing more than $4 million to expand their headquarters and corporate office in Charlotte." The segment also mentions RCH new office in the Ayrsley development in the Steele Creek community, and references the market potential of auto portability, estimated by EBRI to generate an additional $2 trillion in retirement savings.
Ignites reporter Beagan Wilcox-Volz examines in-depth the Tuesday, 8/11 announcement that Retirement Clearinghouse plans to add 300 employees to its Charlotte headquarters by 2026. Citing information provided by RCH President & CEO Spencer Williams, Wilcox-Volz links the expansion to the planned, nationwide roll-out of auto portability, to the firm's work with Alight Solutions and to the expectation that additional recordkeepers will sign up for the new technology.
In his 8/11/20 article in 401k Specialist, RCH’s Tom Hawkins characterizes the phenomenon of cashout leakage as a “tragicomedy” – incorporating aspects of both a tragedy and a comedy, but ultimately delivering a happy ending. While cashout leakage represents an ongoing tragedy, the term itself is goofy, and tough to take seriously, asserts Hawkins. However, recent events indicate that the widespread adoption of auto portability will finally deliver a happy ending to the problem.
The City of Charlotte's Cory Burkarth covers the Tuesday, 8/11 announcement that RCH will expand it presence in Charlotte, adding 300 new employees and investing more than $4 million in their headquarters and corporate office. Burkharth reports that RCH will be moving into the Ayrsley development in Steele Creek, adding positions across the board. Burkharth notes that the benefits of RCH's auto portability solution are "staggering" and aligns well with the City's mission to improve economic mobility. The piece quotes RCH President & CEO Spencer Williams, as well as Charlotte mayor Vi Lyles, who lauds the expansion initiative.
In his 8/11/20 article in RCH’s Consolidation Corner, RCH’s Tom Hawkins characterizes the phenomenon of cashout leakage as a “tragicomedy” – incorporating aspects of both a tragedy and a comedy, but ultimately delivering a happy ending. While cashout leakage represents an ongoing tragedy, the term itself is goofy, and tough to take seriously, asserts Hawkins. However, recent events indicate that the widespread adoption of auto portability will finally deliver a happy ending to the problem.
Writing in RCH's Consolidation Corner blog, RCH President & CEO Spencer Williams addresses the urgent need to mitigate the impact of COVID-19 on Americans' retirement readiness. Williams observes that the surge in pandemic-driven unemployment, the relaxed restrictions on withdrawals, along with a pre-existing propensity to cash out -- spells trouble for retirement security. To help address the growing threat, Williams urges sponsors and recordkeepers to adopt auto portability, which he states will "discourage participants from cashing out, but also eliminate the need for automatic cash-outs."
Writing in Pensions & Investments, Alight EVP Alison Borland articulates her strong advocacy of auto portability, which she describes as the "brainchild of Retirement Clearinghouse." Addressing the most important factors that influenced Alight Solutions’ decision to become a market leader in embracing the new plan feature, Borland cites auto portability’s benefits to the broader retirement ecosystem, while imploring her audience to join her firm in going "all-in on auto portability.”