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Auto Portability in the News
Browse the most comprehensive collection of articles in the media that feature auto portability.
On 11/7/17, Warren Cormier of Boston Research Technologies published a white paper “Making the Right Choice the Easiest Choice: Eliminating Friction and Leaks in America’s Defined Contribution System.” The key findings of the research confirm that auto portability is a winner, with significant pent-up demand in our defined contribution system.
Spencer Williams, from Retirement Clearinghouse, says the findings show the potential to preserve trillions of future retirement savings dollars for retirement plan participants through the widespread adoption of auto portability.
Results from the firm’s product use by one plan sponsor found that upon consolidation, workers' median plan account balance increased by 46% and the combined future value of their preserved savings was more than $3 million at normal retirement age.
In his latest byline in Employee Benefit News, RCH Founder, President & CEO J. Spencer Williams addresses the need for an industry-wide retirement infrastructure, in the form of a private-sector clearinghouse.
Small Accounts Continue to Plague Plans.
This article focuses on the American Benefits Council’s specific recommendations to the DOL as set forth in their October 2nd, 2017 letter. The Council’s recommendations, if adopted, could establish a more complete, consistent and reasonable framework for plans to address the missing participant problem, going forward.
In their Sept/Oct 2017 edition, PLANADVISER's Compliance News recounts activities aimed at moving Auto Portability forward, including Sen. Tim Scott's letter to DOL Secretary Acosta.