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Retirement Clearinghouse in the News

Find news articles referencing RCH and our services, including Auto Portability

Oct
23
2023

How to Close the Racial Savings Gap with BET Founder Bob Johnson: DC Pension Geeks

Robert L. Johnson, founder of RLJ Companies and BET, joins American Retirement Association (ARA) CEO Brian Graff for a fascinating discussion about auto portability, financial wellness, closing the savings gap, and much more. Graff hosts Johnson for the ARA's DC Pension Geeks podcast -- featured in NAPA Net -- and spends 33 minutes with the legendary entrepreneur in a thoughtful discussion that focuses on minority wealth initiatives that Johnson has been both advocating for and actively pursuing for years, such as retirement savings auto portability.

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Oct
20
2023

Enhancing Financial Security for the Long Term

SHRM's Stephen Miller writes about the "technological breakthroughs, red-tape-cutting legislation and new initiatives from service providers" driving big changes for defined contribution plans that will "provide larger nest eggs for employees' retirement years." Miller identifies auto portability -- as delivered by the Portability Services Network -- as one of his four "megatrends" that will bring about dramatic changes. In the piece, Miller offers readers a primer on the key factors driving auto portability and turns to RCH EVP Neal Ringquist and Alight Solutions' Alison Borland for their views on the adoption of the emerging financial technology.

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Oct
09
2023

Are Plan Sponsors Jumping on the Auto Portability Train?

In their recurring "Question of the Week" poll, the Plan Sponsor Council of America (PSCA) asks their plan sponsor readership about their intentions or actions concerning their plan's adoption of auto portability. In the informal poll, about 18% affirmed their desire to participate, while another 34.7% "needed to know more" and 11.6% were unsure. 20% indicated that their recordkeeper is not presently associated with the Portability Services Network (PSN), and only 14.7% responded that they have no plans to adopt the new feature. The results of this poll coincided with the 10/1/23 commencement of PSN operations, and represented a dramatic improvement over a 2021 poll, where 80% of respondents have never heard of auto portability.

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Oct
07
2023

5 Ways Employers Can Improve Retirement Readiness for Underserved Participants

PLANSPONSOR's Remy Samuels reviews new research from Alight Solutions, which outlines ways employers "can make retirement savings more accessible for workers from racial and ethnic minorities and the LGBTQ+ community, all of whom have historically fallen behind in saving for retirement." Recapping Alight's research, Samuels highlights five key ways plan sponsors can accomplish these goals, including facilitating auto portability, which advocates "working with recordkeepers in Retirement Clearinghouse’s Portability Services Network—a consortium of retirement plan service providers seeking to help workers transfer low account balances from one employer plan to the next."

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Oct
03
2023

Vanguard Says Sweeps, Auto Enrollment Still Key in Combatting Savings Gaps

PlanAdviser's Alex Ortolani reviews a new retirement research report released by The Vanguard Group, which finds "a daunting retirement readiness gap for lower-income workers that needs continued attention from the industry." Ortolani turns to Dave Stinnett, head of strategic retirement consulting at Vanguard, for his insights into the report's findings. To address the gap, Stinnett urges advisers and plan sponsors to adopt best practices for promoting retirement savings, including automated features. "Stinnett points to automatic portability as a way for workers to keep their savings in tax-deferred workplace plans when moving jobs" and notes the industry-led effort spearheaded by the Portability Services Network.

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Sep
29
2023

A Consortium's 1st 3 RKers Are Poised to Plug In, And ...

The 401kWire's Neal Anderson reports on the pending, 10/1/23 "go live" date for auto portability, as delivered by the Portability Services Network, when the "first two recordkeepers are poised to plug their platforms in to the technology." Anderson extensively quotes RCH and PSN president & CEO Spencer Williams, as well as Alight Solutions' Greg Long, head of public policy. In addition to providing his outlook on near-term adoption of the new feature, WIlliams notes that he is "constantly adding to the [RCH] team" to meet the network's future expansion plans, which he projects will accelerate in 2024 and beyond, adding: "[f]or us, the next three to five years will be almost uninterrupted expansion."
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Sep
25
2023

Industry-led auto-portability network ready

Pensions & Investments Washington reporter Brian Croce covers the official October 2023 "go live" date for auto portability, via the industry-led Portability Services Network, and presents a uniformly positive view of the industry network, as well as the go-forward prospects for auto portability. Croce includes extensive quotes from key representatives of the consortium, including Fidelity's Dave Gray, Alight's Greg Long, Vanguard's Steve Holman, as well as RCH's Spencer Williams and Neal Ringquist. Croce also turns to industry voices, including PSCA's Executive Director Will Hansen and EBRI's Craig Copeland.

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Sep
20
2023

A ‘Slam Dunk’: 401(k) Auto-Portability Network Nears Live Date

PlanAdviser's Alex Ortolani covers the impending "live" date for auto portability, as delivered by the Portability Services Network, and turns to RCH's Spencer Williams and Neal Ringquist for their views. RCH has been working towards the debut "for about 10 years", writes Ortolani, which Williams refers to as "the long road, the hard road, and [we] have arrived at a spot that is, frankly, not only the best solution, but has promise of being even better.” RCH's Ringquist adds color on the cutover, speaking to the "staggered start" for recordkeepers and addressing the solid business case for moving small-balance accounts forward within the plan system.

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