Media Coverage

PBGC Report Points to a Retirement System Solution that Already Exists

Writing in the Consolidation Corner blog, RCH’s Tom Hawkins draws attention to the Pension Benefit Guaranty Corporation (PBGC)'s recent report to Congress (Feasibility of Expanding PBGC’s Missing Participants Program) which found that converting PBGC's existing program into a national consolidator of small retirement balances would require substantial new systems, resources, and expertise. Importantly, the PBGC report recognizes that private-sector solutions have already emerged to address the problem, indirectly referring to RCH, PSN and auto portability. Consistent with the PBGC’s report, Hawkins concludes: “public policy can support, encourage, and accelerate the development of a comprehensive clearinghouse network that keeps workers connected to their savings throughout their careers.”

RCH Receives WISER 2026 Hero Award

On October 7th, at WISER’s Annual Symposium on Women’s Retirement & 30th Anniversary Celebration, RCH received a WISER Hero Award, given to people or organizations who "make a difference in securing the economic future of American women." As an organization, RCH has been a proud supporter of WISER, partnering together to advance retirement security and financial well-being for women and other underserved and under-saved populations. As individuals, RCH Chairman Bob Johnson (a past Hero Award recipient), President & CEO Spencer Williams, EVP of Public Policy Renee Wilder-Guerin, and Advisor to the President Tom Johnson have all enjoyed long-standing relationships with WISER, working closely together to promote greater financial security and retirement readiness for all Americans. Accepting the award on behalf of RCH was Tom Johnson, who has built an enduring personal and professional relationship with WISER over almost three decades and with three firms, participating in numerous WISER forums, special events and panel discussions. During the acceptance, Johnson expressed deep gratitude for Cindy Hounsell's guidance and mentoring, stating "we know that without your influence and credibility auto portability would not be where it is today. We are so grateful you adopted us."

Does Portability Services Network preserve retirement savings? Early evidence

New research released by the Vanguard Group (Does Portability Services Network preserve retirement savings? Early evidence) reveals that auto portability delivered through the Portability Services Network (PSN) dramatically reduces retirement savings leakage among workers with small account balances. Vanguard's analysis found that cash-out rates for 401(k) balances under $1,000 fell from approximately 50% before PSN adoption to about 9% after adoption, demonstrating that auto portability is highly effective at preserving retirement savings for workers most likely to cash out when changing jobs. The study also found that PSN is successfully reaching younger, lower-income, and highly mobile workers, the population most vulnerable to retirement leakage. In addition to improving participant outcomes, PSN provides operational benefits for plan sponsors by reducing stranded accounts, uncashed checks, and administrative burdens associated with terminated participants. The report concludes that auto portability shows meaningful early success as retirement-system infrastructure, with the potential for even greater impact as industry participation expands.

A Step Forward, But Will Standardized Forms Fix Retirement System Fragmentation?

Writing in 401k Specialist, RCH’s Tom Hawkins provides his point of view on IRS Notice 2026-49 (Guidance on Section 324 of the SECURE 2.0 Act with Respect to Rollovers), which proposes four model forms and a five-step process designed to facilitate plan-to-plan portability. While Hawkins views the proposed guidance as “a welcome and constructive development” he also makes the case for a market-driven digital infrastructure that would more fully address the problem of systemic friction in our retirement system.

Previously featured in RCH's Consolidation Corner

The Plumbing Our Country’s Retirement System Needs

Writing in the RCH Consolidation Corner blog, RCH President & CEO Spencer Williams argues that the U.S. retirement system suffers from costly “leaks” because workers frequently change jobs and cash out small retirement balances rather than keep their savings invested. Using a plumbing analogy, Williams explains that the industry has evolved from basic “one-to-one” transfers to more sophisticated “one-to-many” platforms, but to truly preserve retirement savings it needs a “many-to-many” clearinghouse that allows assets to move seamlessly among plans through shared technology and reciprocal connections. Williams contends that this infrastructure is increasingly important as retirement savings vehicles become more diverse and as public policy initiatives such as the Saver’s Match are implemented. He points to Auto Portability, enabled by the Portability Services Network (PSN), as proof that a true clearinghouse model can operate successfully at scale, helping keep savings in the retirement system, reduce account fragmentation, and improve long-term retirement outcomes.

Analyzing The Latest Regulatory Updates For Auto Portability

In an interview with wealth guru Russ Alan Prince appearing in Financial Advisor Magazine, Michael Kreps of the Groom Law Group provides his host with a thorough run-down on pending DOL guidance on auto portability. Kreps also addresses other related topics, including the ability to transfer Roth IRA balances, as well as questions about sub-$1,000 balances. Kreps closes the discussion with a point for the plan advisor audience, stating: "advisors should be aware that there is no cost to the sponsor for auto portability. The only cost for the program is a one-time transfer fee paid from the account at the time the assets are rolled into (not out of) a 401(k) plan."

Auto-Portability Final Rule Nears Final Stage

Writing in PSCA News, content writer & reporter Paul Mulholland addresses the pending status of the DOL's final rule on auto portability transactions. Mulholland indicates that the proposed rule has now been sent to the Office of Information and Regulatory Affairs, moving the DOL closer to promulgating final rules for auto portability, the service delivered by the Portability Services Network to reduce retirement plan leakage and to deliver seamless, plan-to-plan portability for small accounts.

The Plan Advisor Case for Auto Portability

In the fourth of a four-part series, Steve Holman, Senior Vice President of Portability Services Network (PSN) Strategy and Development, lays out a compelling case for why retirement plan advisors should be all-in for PSN Auto Portability. In his article, Holman opens by observing that auto portability “strengthens advisors’ value by increasing plan assets and expanding opportunities for wealth management” and proceeds to build on that foundation. “The bottom line” for plan advisors, concludes Holman “is auto portability is not a threat, it’s a growth engine for plan advisors – driving asset retention, increasing AUM, and expanding long-term client opportunities.”