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Retirement Clearinghouse in the News
Find news articles referencing RCH and our services, including RCH Auto Portability
SHRM: 401(k) Hardship Withdrawals, Account Transfers Might Get Easier
SHRM's Stephen Miller reports on recent actions by the Treasury Department (affecting hardship withdrawals) and the Labor Department, seeking comment on the Retirement Clearinghouse (RCH) auto portability program. The DOL's proposal, says Miller, "might keep retirement savings intact when an employee finds a new job" and added that "automatically transferring 401(k) accounts could leave departing participants with larger nest eggs since they would be less likely to cash out retirement funds."
EBN: Labor Department clears path for automatic 401(k) transfers
Employee Benefit News reporter Lee Conrad includes the U.S. Labor Department's guidance on auto portability in his daily roundup of retirement news, referencing Anne Tergesen's article in The Wall Street Journal. According to Conrad "analysts say that the guidance will help minimize 401(k) cash-outs of employees who switch jobs" and cites a quote in the article by Morningstar's Aron Szapiro.
WISER: Labor Department Clears Path For Automatic 401(k) Transfers
The Women's Institute For A Secure Retirement (WISER) has posted an article to their website (www.wiserwomen.org), indicating support for the U.S. Department of Labor's recent actions on auto portability. The highly-influential organization -- dedicated to education and advocacy that will improve the long-term financial quality of life for women -- notes that "this news is especially good for women who often hold smaller account balances" and could stand to benefit disproportionately from auto portability.
PlanAdviser: Fiduciary Duties for Auto-Portability Solution Spelled Out by DOL
PlanAdviser reports on the Department of Labor's issuance of an advisory opinion letter in response to a request by Retirement Clearinghouse (RCH), for their opinion on the fiduciary status of parties as part of RCH’s Auto-Portability Program. The article notes that plan sponsors have a fiduciary responsibility for selecting and monitoring the auto portability program, but once assets are transferred to a default IRA under the program, the plan sponsor of the former employer's plan is no longer a fiduciary.
Employee Benefit Adviser: Is your missing participant retirement program a Ford Model T or 2018 BMW?
In his latest column for Employee Benefit Adviser, RCH President & CEO Spencer Williams provides plan sponsors with a 4-step plan of action to dramatically improve their missing participant location efforts, advising sponsors to 1) utilize a "waterfall" approach that engages multiple information sources, 2) maintain a complete audit trail of search activities, 3) conduct an annual search for inactive and unresponsive accounts and 4) implement auto portability. Adopting this approach, says Williams, helps sponsors fulfill their fiduciary responsibilities, reduce administrative burdens and minimize the risk of plan audits.
PLANSPONSOR: DOL Clarifies Fiduciary Roles in Auto-Portability Solution
PLANSPONSOR's Rebecca Moore reports on the U.S. Department of Labor's (DOL) issuance of an advisory opinion letter, focusing on plan sponsors' responsibilities as identified by the DOL. Moore notes that plan sponsors have a fiduciary responsibility for selecting and monitoring the auto portability program, but once assets are transferred to a default IRA under the program, the plan sponsor of the former employer's plan is no longer a fiduciary.
NAPA Net: DOL Greenlights RCH Auto Portability Program
NAPA Net's Ted Godbout reports on the U.S. Department of Labor's (DOL) recent issuance of an advisory opinion regarding Retirement Clearinghouse's (RCH) auto portability program, occurring "mere days after publishing a request for comments on a proposed exemption." Godbout examines specific aspects of the advisory opinion, including the creation of a safe harbor for plan sponsors who accept automated transfers, as well as the fiduciary status of RCH in deciding to transfer default IRA funds.
RCH in EBN: Is your missing participant retirement program a Ford Model T or 2018 BMW?
In his latest column for Employee Benefit News, RCH President & CEO Spencer Williams provides plan sponsors with a 4-step plan of action to dramatically improve their missing participant location efforts. Drawing upon RCH's extensive experience in locating missing participants, Williams advises sponsors to 1) utilize a "waterfall" approach that engages multiple information sources, 2) maintain a complete audit trail of search activities, 3) conduct an annual search for inactive and unresponsive accounts and 4) implement auto portability. Adopting this approach, asserts Williams, will help sponsors fulfill their fiduciary responsibilities, reduce administrative burdens and minimize the risk of plan audits.
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