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Auto Portability in the News
Browse the most comprehensive collection of articles in the media that feature auto portability.
At a May 22nd, 2018 Women's Institute for a Secure Retirement (WISER) roundtable, Retirement Clearinghouse (RCH) EVP Tom Johnson debuts new women's 401(k) cashout leakage statistics. This important new data highlights the challenges that women face in preserving their small-balance 401(k) retirement savings when changing jobs, and also points to the promise of auto portability to preserve these savings in order to achieve higher balance levels, where more virtuous behaviors can prevail.
In his latest article in Employee Benefit News, RCH’s President & CEO Spencer Williams takes on the predicament of missing participants, making the case that widespread adoption of auto portability is the most effective solution to the problem. Supporting his views with foundational research, Williams points to auto portability’s twin benefits of locating current addresses and consolidating small, stranded accounts as outcomes that collectively satisfy plan sponsors' fiduciary responsibilities, create financial wellness for participants and preserve $1.5 trillion in retirement savings over a generation.
In his 5/17/18 article for NAPA Net, noted industry researcher Warren Cormier takes a deep dive into the problem of missing participants, summarizing the findings of a recent Retirement Clearinghouse (RCH) study that measured the magnitude of the problem, identified participant behaviors and uncovered important demographic trends. In search of solutions, Cormier turns to RCH CEO Spencer Williams, and their discussion focuses on "Auto Locate" as the most-promising financial technology to address the problem.
P&I's Meaghan KIlroy examines how plan sponsors and service providers, rather than waiting on guidance from Washington, are taking the lead in advancing solutions to deal with the missing participant problem in America's defined contribution system. RCH CEO Spencer Williams and EVP Neal Ringquist are both quoted in the article, which also mentions recent research conducted by RCH, as well the promise offered by auto portability's "auto locate" mechanism.
InvestmentNews examines how plan sponsors and service providers, rather than waiting on guidance from Washington, are taking the lead in advancing solutions to deal with the missing participant problem in America's defined contribution system. RCH CEO Spencer Williams and EVP Neal Ringquist are both quoted in the article, which also mentions recent research conducted by RCH, as well the promise offered by auto portability's "auto locate" mechanism.
In an article featured on the cover of Pensions & Investments, P&I's Meaghan Kilroy interviews RCH executives Spencer Williams and Neal Ringquist on RCH's auto portability program, and its promise to address the issue of missing, terminated participants. Williams and Ringquist provide an update on auto portability, including the recent implementation with a mega plan sponsor, the pending DOL advisory opinion and participation by DC recordkeepers,
In his latest article in Employee Benefit Adviser, RCH Founder, President & CEO Spencer Williams urges plan sponsors to adopt two critical, but often overlooked priorities for defined contribution plans: reducing cashout leakage and enabling auto portability. Today, plan-to-plan portability is both time-consuming and expensive, resulting in a large number of stranded accounts and cashout leakage, particularly for small accounts. Citing EBRI and other research, Williams demonstrates that enabling seamless plan-to-plan portability through auto portability could dramatically improve participant outcomes, enhance financial wellness and even reduce the incidence of missing participants.
In his article in BenefitsPro, RCH’s Tom Hawkins draws attention to the modern-day waste that occurs when 401(k) participants change jobs and prematurely cash out their retirement savings. Similar to America’s post-World War II “throwaway” culture which gave rise to modern recycling initiatives, Hawkins argues that the solution to 401(k) cashout leakage is auto portability, and predicts that it will catch on as key stakeholders acknowledge the severity of the problem, accept responsibility for solving it and act collaboratively to hasten auto portability’s widespread adoption.