Auto Portability in the News
Browse the most comprehensive collection of articles in the media that feature auto portability.
Mandatory distributions from employer-sponsored plans are a creation of regulation's specifically, a section of ERISA that allows plan sponsors to distribute accounts with less than $5,000 out of a qualified plan and into a safe harbor IRA.
In conjunction with Boston Research Technologies, Retirement Clearinghouse (RCH) announced the findings of a groundbreaking research study on America's mobile workforce, providing insights into participant behaviors regarding retirement savings portability. The study offers plan sponsors with strategies to stem cashouts and to improve retirement outcomes.
In his latest Employee Benefit News article, RCH's CEO Spencer Williams contends that Auto Portability is Auto Enrollment's natural complement, particularly in high-turnover industries.
The Pension Protection Act of 2006 created a safe harbor for retirement plan sponsors to automatically enroll employees in their plans. This provision was designed to help plan sponsors and participants over the long term, and it has but it also unintentionally fueled a surge in small accounts, hurting both constituencies. Auto Portability is a solution that promises to address the problems associated with automatic enrollment. The benefits are huge -- particularly for high-turnover industries.
RCH's CEO Spencer Williams continues to make the case for Auto-Portability, a new plan feature that recycles mandatory distributions, increases average balances and lowers plan costs.
PLANSPONSOR's Sara Kelly interviews RCH CEO Spencer Williams, exploring Auto-Portability.