Retirement Clearinghouse in the News

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


Nov
08
2023

Retirement's perfect storm is brewing. How automated portability can offer shelter

RCH and PSN President & CEO Spencer Williams, writing in Employee Benefit News, notes that a rising incidence of hardship withdrawals and 401(k) loans – as reported by Bank of America – combined with a pending increase in the account-balance limit for automatic rollovers effective 12/31/23, could create a “perfect storm” for depleting Americans’ retirement savings. “Fortunately,” writes Williams, “sponsors and recordkeepers have access to a solution that can help them clean up their plans without automatically rolling terminated accounts into safe-harbor IRAs.” Auto portability, continues Williams, is a “capability [that] is more essential than ever, with 401(k) plan enrollment continuing to increase” and could serve to defuse the brewing storm of potential cash-outs.

Previously featured in RCH's Consolidation Corner

Nov
08
2023

Portability Services Network Goes Live

PlanAdviser's Alex Ortolani covers the 11/7/23 announcement from the Portability Services Network (PSN), writing that the network "is live, as of Wednesday, enabling digital automatic portability of retirement accounts from the country’s six largest recordkeepers." Ortolani notes that three of the six PSN recordkeeper owner members have completed integration of auto portability via the PSN network, and have begun offering the service to their plan sponsor clients. Ortolani goes on to quote Retirement Clearinghouse (RCH) and PSN Chairman Robert L. Johnson, as well as Fidelity's Dave Gray, head of workplace retirement offerings and platforms, on the importance of the development, announced in a PSN press release, which included a joint video announcement from members of the consortium.

Also featured in PLANSPONSOR

Nov
07
2023

Portability Services Network ‘Open for Business’

NAPA Net's Ted Godbout reports on the 11/7/23 announcement by the Portability Services Network (PSN) that it has "officially launched" and has become "operational 12 months after being announced in 2022." Godbout quotes Retirement Clearinghouse (RCH) and PSN Chairman Robert L. Johnson in the piece, who affirms the mission of PSN to help America's under-served and under-saved workers via the widespread adoption of auto portability. In a video announcement, Johnson and other PSN board members express their support for PSN and invite all recordkeepers to join the industry-led consortium.

Oct
30
2023

Destination: Retirement Income

In the fourth quarter edition of their quarterly Defined Contribution Quarterly feature, Goldman Sachs Asset Management (GSAM) highlights key developments in the defined contribution industry. Leading off their list is the Portability Services Network (PSN), the industry-led consortium dedicated to the adoption of auto portability. GSAM notes PSN's "go-live" date of 10/1/23 and identifies the 6 owner member recordkeepers already on board.

Oct
27
2023

RPA Conversations: Fidelity's Dave Gray

In his ongoing Wealth Management RPA Conversations series, Fred Barstein, contributing editor and CEO of 401kTV, talks with Dave Gray, head of workplace retirement products and platforms at Fidelity Investments. Gray weighs in on several key retirement industry topics that affect retirement plan advisers, and turns to the Portability Services Network (PSN), an industry-led consortium dedicated to the widespread adoption of auto portability. Gray walks Barstein through the background of PSN, addresses the PSN's goal of bringing on board additional PSN recordkeeper members, and stresses the importance of enlisting retirement plan advisers in helping to facilitate the adoption of auto portability.

Link to discussion on Portability Services Network, beginning at 7:00 mark

Oct
24
2023

No One is Coming to Save You From Missing Participants

Writing in 401k Specialist, Tom Hawkins provides his views on the dilemma facing plan sponsors who must confront the problem of locating missing plan participants. Despite ongoing efforts petitioning regulatory authorities for clear, bright line guidance, plan sponsors "must take decisive action to avoid being overwhelmed, including implementing effective, common-sense search practices, and pairing those search practices with other actions that will minimize the incidence of missing participants over time." Hawkins also urges plan sponsors to consider embracing retirement savings portability, including auto portability, to assist separated participants in consolidating their retirement savings following a job change.

Previously featured in RCH's Consolidation Corner

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.

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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