Auto Portability in the News
Browse the most comprehensive collection of articles in the media that feature auto portability.
In his July 21st article in Employee Benefit News, RCH President & CEO Spencer Williams highlights the Department of Labor's new fiduciary rule challenges and urges that it's time to consider another source of growth: portability solutions.
In a July 15th article, the San Antonio Express-News features Retirement Clearinghouse and Auto Portability, RCH's solution to curb cashout leakage among small-balance job changers.
In the wake of the Fiduciary Rule, providers of all stripes are broadly reevaluating their strategies for the participant and asset retention that is essential to growing their retirement plan businesses. Over the past two decades, providers have primarily looked to capture IRA rollovers as a means to grow retirement assets. The Department of Labor's new Fiduciary Rule creates challenges to that model. However, there is another, largely untapped, pool of assets within providers' reach that can fuel growth premature cash-outs. Auto portability, and portability solutions in general, represent a new and unique way to tap that potential source of growth.
In his 6/30/16 MarketWatch article, RCH President and CEO Spencer Williams suggests an inter-generational dialogue on the pitfalls to avoid when saving for retirement.
On June 8th, 2016 Retirement Clearinghouse (RCH) and the Employee Benefit Research Institute (EBRI) teamed up to present consolidated testimony to the ERISA Advisory Council on Auto Portability, the automation of plan-to-plan transfers for small accounts, when participants change jobs.
In the 6/23/16 edition of Retirement Income Journal, RIJ's editorial staff give RCH, the Bipartisan Policy Center and Auto Portability an "Honorable Mention" for "technology (that) enables 401(k) accounts to follow their owners from plan to plan automatically."
Cash out leakage, the premature withdrawal of retirement savings for non-retirement expenses, is a persistent problem in the retirement industry, and growing more pervasive as employee mobility increases.
RCH and EBRI teamed up to present consolidated testimony to the ERISA Advisory Council on Auto Portability, the automation of plan-to-plan transfers for small accounts, when participants change jobs.
The testimony was presented jointly by Tom Johnson, RCH's EVP and Head of Policy Development, and Craig Copeland, EBRI's Senior Research Associate. Johnson and Copeland not only addressed the basics of Auto Portability -- what it is, why it's needed and how it works -- but also covered the latest key research findings and EBRI data that are highly-supportive.