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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 makes the case that auto portability can wait no longer and cites four key reasons that the new "automatic" feature should be adopted. Hawkins' key reasons include: 1) cashout leakage isn't waiting, 2) the "Great Resignation" is accelerating, 3) policy initiatives that expand access to workplace retirement plans require auto portability to realize their intended benefits, and 4) auto portability is here, now and working.
To mark the 25th anniversary of his tenure, Brian Graff, CEO of the prestigious American Retirement Association (ARA) sat down with 401k Specialist Editor-in-Chief John Sullivan to discuss a range of topics, including the organization's history of effectively influencing retirement legislation. During the interview, the pair turned to the important topic of addressing 401(k) cashout leakage, where Graff voiced his clear view that auto portability represents the best approach to solving the problem. A direct link to the specific portion of the interview that addresses auto portability is here.
Fiduciary News' Chris Carosa conducts a wide-ranging interview of RCH President & CEO Spencer Williams, gaining Williams' insights on America's 401(k) system, including how he is solving the problem of 401(k) cashout leakage via the RCH Auto Portability program. In the interview, Carosa covers a range of topics, including Williams' background and formative career experiences, the state of the 401(k) system, and of course, specifics about the RCH Auto Portability program and how it will have a positive impact on participants, plan sponsors and providers.
The Philadelphia Business Journal's Jeff Blumenthal reports on Vanguard's new television advertising campaign, called "The Value of Ownership" and featuring Vanguard fund investor/owners building their futures, and designed "to celebrate the benefits of its unique corporate structure which makes clients, owners." Blumenthal also notes recent Vanguard Group developments leading up to the advertising campaign, including news that Vanguard "planned to partner with fintech Retirement Clearinghouse to introduce an auto-portability service that allows 401(k) participants to move their account from their old job a new employer's plan automatically."
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Writing for 401kTV.com, Steff Chalk, Executive Director of The Retirement Advisor University (TRAU), notes the dilemma facing Baby Boomers -- how can they "be helped to consolidate their savings all in one place to prepare to spend down those assets in retirement?" To help solve this conundrum, Chalk refers to a recent article in Employee Benefit News authored by RCH President & CEO Spencer Williams, and includes Williams' tips for advisers to help participants get savings consolidated, including the use of an external service. Chalk also cites the 2015 study on mobile workforce behaviors, which found that 93% of participants surveyed considered roll-in assistance to be a “good” or “valuable” benefit.
An editorial piece in the Times and Democrat (Orangeburg, SC) opines on the plan recently announced by U.S. Senator Tim Scott (R-SC), to address gaps in the retirement savings system. Scott, who himself has 25 years of professional experience in the insurance and financial services industry, sets forth a series of proposals in his report, which include "codifying auto-portability regulations to prevent leakage." The piece quotes Scott as saying he looks forward "to discussing the reforms and more so we can ensure that all Americans have the tools necessary to retire with dignity and independence during their golden years.”
Writing in 401k Specialist Magazine, RCH's EVP of Public Policy Renee Wilder Guerin breaks down the 10/28/21 hearing held by the Senate Special Committee on Aging -- A Financially Secure Future: Building a Stronger Retirement System for All Americans -- and found it to be highly-focused on solving the problems of cashout leakage, as well as advancing its most promising solution, auto portability. Re-capping key testimony and Q&A from the hearing (including excerpted video), Wilder Guerin concludes that lawmakers are more focused than ever on solving retirement savings problems for under-served and under-saved demographic segments.
Pensions & Investments Washington, DC reporter Brian Croce covers the 10/28/21 hearing by the U.S. Senate Special Committee on Aging. In his analysis, Croce mentions testimony provided by RCH President & CEO Spencer Williams on auto portability, as well as the support expressed for the feature by Ranking Member Sen. Tim Scott (R-SC). Croce writes that Scott also used the hearing to announce the release of a report by his office expressing support for auto portability and other policies.