Media Coverage

The Next Area to Tackle for Preserving Retirement Savings: Uncashed Distribution Checks

Writing in the RCH Consolidation Corner blog, RCH President & CEO Spencer Williams examines the ongoing problem of uncashed distribution checks. Worker mobility, as well as the prevalence of automatic cashouts for balances under $1,000, conspire to create an administrative burden as well as a significant fiduciary risk for plan sponsors. Auto portability, writes Williams, can “mitigate this exposure, and help participants increase retirement savings, by significantly reducing the need for automatic cash-outs” while simultaneously minimizing cashouts, a situation that Williams describes as “a win-win.”

401k Auto Portability Featured in Senate HELP Committee Hearing

Writing in 401k Specialist Magazine, Renée Wilder Guerin, RCH’s EVP of Public Policy, examines the 3/29/22 hearing held by the U.S. Senate Committee on Health, Education, Labor & Pensions (HELP), which focused on solutions that would enhance retirement security for Americans, particularly those who are under-served and under-saved. Two of the four witnesses, WISER’s Cindy Hounsell and The Aspen Institute’s Ida Rademacher offered testimony highlighting the benefits of auto portability in leveling the playing field for women, minorities, and lower income workers. The latest hearing, writes Wilder Guerin “builds on previous Senate hearings and fuels growing momentum for auto portability among legislators, policymakers, advocacy groups, providers and plan sponsors.”

PSCA Executive Report Recaps Senate HELP Committee Hearing

PSCA's Executive Report provides its plan sponsor membership with highlights from the 3/29/22 U.S. Senate HELP Committee's hearing on improving retirement security. The hearing featured testimony from Cindy Hounsell, President and Founder of the Women’s Institute for a Secure Retirement (WISER), and Ida Rademacher (The Aspen Institute), who both addressed the need for improved retirement savings portability. Hounsell's testimony referenced three interventions that could help, including "auto-portability to help prevent workers who change jobs from cashing out their retirement savings. "

Auto Portability’s Key Role Featured in U.S. Senate HELP Committee Hearing

Renée Wilder Guerin, RCH’s EVP of Public Policy, examines the 3/29/22 hearing held by the U.S. Senate Committee on Health, Education, Labor & Pensions (HELP), which focused on solutions that would enhance retirement security for Americans, particularly those who are under-served and under-saved. Two of the four witnesses, WISER’s Cindy Hounsell and The Aspen Institute’s Ida Rademacher offered testimony highlighting the benefits of auto portability in leveling the playing field for women, minorities, and lower income workers. The latest hearing, writes Wilder Guerin “builds on previous Senate hearings and fuels growing momentum for auto portability among legislators, policymakers, advocacy groups, providers and plan sponsors.”

Senate HELP Committee to Act on Retirement Security Legislation

NAPA Net's Ted Godbout covers the 3/29/22 U.S. Senate HELP Committee's hearing on improving retirement security. The hearing featured testimony from Cindy Hounsell, President and Founder of the Women’s Institute for a Secure Retirement (WISER), and Ida Rademacher (The Aspen Institute), who both addressed the need for enhanced retirement savings portability. Hounsell's testimony referenced three interventions that could help, including "auto-portability to help prevent workers who change jobs from cashing out their retirement savings. "

Also featured in ASPPA Net

Auto Portability May Help Manage Fiduciary Risk

Writing for 401kTV, Steff Chalk, Executive Director of The Retirement Advisor University, examines the perspective offered by RCH President & CEO Spencer Williams, whose recent article in BenefitsPro suggests that the Hughes v. Northwestern University ruling could expose plan sponsors to fiduciary risk related to excess cash-out leakage. Since auto portability acts to preserve retirement savings, Chalk writes that "auto portability may be making a grand entrance" and the recent developments "appear to make auto portability solutions worthy of sponsors’ consideration."

How to Improve Retirement Readiness in Under-represented Groups

ASPPA Net's Ted Godbout reviews the latest research report from Alight Solutions, entitled "Improving Retirement Readiness for Underrepresented Groups." Reporting on Alight's findings, Godbout highlights the six steps that Alight offers plan sponsors to increase retirement savings for historically under-represented groups. As one of those steps, Alight advises sponsors that "implementing auto-portability can help reduce the number of automatic cash-outs that occur when people change employers" and that auto portability's impact is "most profound for marginalized groups."

Also featured in NAPA Net

What 401k Advisors Need to Know About Auto Portability

Writing in 401k Specialist, RCH EVP and Chief Revenue Officer Neal Ringquist speaks directly to financial advisors on auto portability. Ringquist firmly believes that financial advisors will enjoy significant benefits from auto portability, but understands that all advisors may not “be there” yet in terms of fully understanding what auto portability is, how they stand to benefit from it, and how they should assess auto portability’s prospects for success. Ringquist walks advisors through important facts, data and information that should facilitate better understanding of auto portability and how it could positively impact their practices.