Top Five Misconceptions About Auto Portability

Auto Portability in the News

Browse the most comprehensive collection of articles in the media that feature auto portability.


Jul
30
2021

Addressing Forgotten Accounts Can Improve Retirement Savings Outcomes

PLANSPONSOR's Rebecca Moore tackles the issue of "forgotten" retirement accounts, turning to RCH's Spencer Williams and Neal Ringquist for their views. Williams points to increased investment and cybersecurity risks associated with multiple accounts, which he maintains can be effectively addressed via consolidation. Ringquist notes frequent job-changing as a key driver for plan sponsors to maintain current addresses, to offer unbiased education & assistance to participants, and to adopt auto portability for small balances. Williams wraps things up by referencing the DOL's emphasis on "a due diligence process-driven approach to finding missing participants."

Jul
29
2021

Retirement Clearinghouse picks public policy executive

Pensions & Investments Washington reporter Brian Croce covers the 7/20/21 announcement by Retirement Clearinghouse (RCH) on the appointment of Renée Wilder Guerin as Executive Vice President, Public Policy, replacing Tom Johnson, who is retiring. Croce quotes RCH President & CEO Spencer Williams, cites Ms. Wilder Guerin's former role with the Federal Retirement Thrift Investment Board and mentions the DOL's 2019 regulatory approval of its auto portability program.

Jul
28
2021

Sens. Push Tax Proposals To Increase Retirement Savings

Law360's Stephen Cooper reports on the 7/28/21 Senate Finance Committee hearing (Building on Bipartisan Retirement Legislation: How Can Congress Help?), where the influential committee sought bipartisan consensus on ways to increase savings for American workers through tax incentives, expanded access and preservation of savings lost through leakage. Testifying before the committee, Cooper reports that Aliya Robinson, SVP of Retirement and Compensation Policy for the ERISA Industry Committee (ERIC), twice indicated that "her organization supports auto portability proposals" that would help move retirement savings forward for job-changers.

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Jul
27
2021

Auto-Portability Provider Tops $10B Mark in 401k Account Consolidations

401k Specialist's Brian Anderson covers the 7/27/21 announcement from Retirement Clearinghouse (RCH) that the firm has surpassed $10 billion in retirement savings consolidations. The achievement, noted Anderson, "represents a greater than threefold increase in the amount of retirement account transfers completed on behalf of American workers in just six years" and extensively quotes RCH's President & CEO Spencer Williams.

Jul
23
2021

People Moves: Retirement Clearinghouse Adds Executive VP of Public Policy

PLANSPONSOR's Amanda Umpierrez reports on the retirement industry's most significant people moves, including Retirement Clearinghouse (RCH), where the firm appointed Renée Wilder Guerin as EVP of Public Policy, following the retirement of Tom Johnson.

Also featured in PlanAdviser

Jul
20
2021

Auto Portability Gaining Acceptance

Writing in 401kTV, Managing Editor Steff Chalk observes that "auto portability appears to be gaining some ground as a solution for retirement plans" and can "impact cash-out leakage, missing participants, and forgotten 401(k) accounts" -- adding that nearly 9 of 10 participants value auto portability. "The case for auto portability" says Chalk, "is compelling, and getting stronger" and he further notes that "including auto portability in public policy could help to improve the results" of pending SECURE 2.0 legislation.

Jul
19
2021

Five Misconceptions About Automatic Rollovers

Most agree -- automatic rollover programs can help retirement plan sponsors deal with many of the problems associated with small-balance accounts. Still, there are important misconceptions that persist about automatic rollovers. In this article, RCH's Tom Hawkins introduces plan sponsors to a video addressing five of the most important misconceptions, and offers constructive suggestions on how sponsors can address them.

Jul
16
2021

Auto-Portability Versus Authorized Portability—What’s the Difference?

Writing in 401k Specialist, RCH’s Tom Hawkins examines the positive interplay between auto portability and its nearly-automatic cousin – which he terms “authorized” portability. Authorized portability, writes Hawkins, occurs when a safe harbor IRA account not originating from within the auto portability network is matched to an active account in a plan that’s already adopted auto portability. While the accountholder must provide their consent to consolidate the balance, a frictionless automatic roll-in results, producing a win-win-win for participants, for plan sponsors and for adopting recordkeepers.

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Top Five Misconceptions About Auto Portability