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Retirement Clearinghouse in the News
Find news articles referencing RCH and our services, including RCH Auto Portability
Writing in Employee Benefit News, RCH President & CEO Spencer Williams marks the 15th anniversary of the Pension Protection Act (PPA) and offers his views on the unintended consequences of that legislation. Acknowledging that the automatic enrollment feature has been successful in increasing plan participation, Williams notes that the feature also resulted in a “sharp uptick in small, stranded 401(k) savings accounts” that – absent easy plan-to-plan asset portability – has led to increased participant fees as well as higher levels of cash outs. In response, Williams observes that “the private and public sectors have worked together to create solutions” such as auto portability, which can help rectify the PPA’s flaws, and allow Americans to save more for retirement.
On 12/6/21, Kathleen Kennedy Townsend, Special Assistant to the Secretary of Labor for Retirement, served as the keynote speaker at EBRI's 90th Public Policy Forum, and outlined the big-picture, retirement-focused priorities of the DOL. One of the DOL's three priorities is the issue of portability and leakage. Writing in 401k Specialist, RCH's Tom Hawkins examines Townsend's remarks to her EBRI audience, which revealed that she has a clear grasp of the magnitude of the cashout leakage problem, as well as its most-promising solution – enabling plan-to-plan portability.
Writing in the print edition of 401k Specialist Magazine, Managing Editor Brian Anderson examines the growing concern over the phenomenon known as the 'Great Resignation' and its highly negative, potential impact on the retirement security of millions of job-changing Americans. After examining the problem, Anderson identifies auto portability as the 'antidote' to the Great Resignation -- quoting a prior piece by RCH's Tom Hawkins that stated: "No other program or public policy option even comes close, including the proposed establishment of a retirement savings 'lost and found.'"
Writing in 401k Specialist, RCH EVP Neal Ringquist offers 401(k) plan sponsors his suggestions for three 2022 resolutions that, if acted on, could deliver significant benefits for their plans, for their participants and ultimately for the entire 401(k) ecosystem. Ringquist bases his suggestions on several pivotal events that occurred in 2021, underscoring the need to deploy true plan-to-plan portability to solve the problem of cashout leakage.
NAPA Net's Ted Godbout covers EBRI's Winter Policy Forum, where Kathleen Kennedy Townsend, Special Assistant to the Secretary of Labor for Retirement, served as a keynote speaker and outlined the big-picture, retirement-focused priorities of the DOL. One of the DOL's three priorities is the issue of portability and leakage. Townsend, writes Godbout, cited leakage statistics and noted that the problem disproportionately affects those with balances below $5,000, and had communicated with many who "had not transferred their retirement accounts because it’s so frustrating."
Auto portability is a new “automatic” plan feature rapidly gaining acceptance by large defined contribution recordkeepers. While the feature is relatively new, it’s tempting to view auto portability as an “overnight success.” In fact, auto portability has been a long time in the making. In his latest article in 401k Specialist, RCH's Tom Hawkins examines a “brief history” of auto portability, including an embedded video featured on YouTube.
Writing in Employee Benefit News, RCH President & CEO Spencer Williams examines pending retirement savings legislation, and focuses upon the benefits of a refundable saver's credit, which would be directly deposited into taxpayers' 401(k) and IRA accounts. Taking his analysis a step further, Williams considers the infrastructure required to transfer these funds to savers, and identifies considerable synergies with the existing technology that supports auto portability.
Writing in 401k Specialist Magazine, RCH's Tom Hawkins makes the case that auto portability can wait no longer and cites four key reasons that the new "automatic" feature should be adopted. Hawkins' key reasons include: 1) cashout leakage isn't waiting, 2) the "Great Resignation" is accelerating, 3) policy initiatives that expand access to workplace retirement plans require auto portability to realize their intended benefits, and 4) auto portability is here, now and working.