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Retirement Clearinghouse in the News
Find news articles referencing RCH and our services, including Auto Portability
PLANADVISER's Alex Ortolani caught up with RCH and PSN President & CEO Spencer Williams for an update on how Williams believes auto-portability will help bridge the racial retirement gap in the U.S., along with the challenges still ahead to meet that goal. Ortolani chronicles the history of Williams' relationship with entrepreneur and business executive Bob Johnson, a partnership that first began in 2007, when Johnson tapped Williams to lead RolloverSystems -- eventually re-branded as Retirement Clearinghouse. Williams recounts milestones along the path, and provides Ortolani with insight into recent developments.
401k Specialist Editor-in-Chief Brian Anderson writes that "[t]he fledgling Portability Services Network added another major recordkeeper this week with the news that Empower has joined the consortium in an effort to help accelerate the nationwide adoption of auto-portability with 401(k) accounts." Anderson notes that "adding Empower will bring approximately 17 million more retirement plan participants in more than 70,000 plans" to PSN, and quotes Empower President & CEO Edmund F. Murphy III and Robert L. Johnson, Chairman of The RLJ Companies and Chairman of Portability Services Network and Retirement Clearinghouse.
The 401kWire's Neil Anderson reports on the 2/13/23 announcement from Empower that they are "buying into a new retirement plan industry consortium that focuses on auto-portability" and "boosts PSN to four recordkeepers with 56 million participants, which is more than half of all DC participants." RCH and PSN President & CEO Spencer Williams tells Anderson "it takes critical mass to a new level, we're very happy to have them on board." Looking ahead, Williams notes that PSN is "filling out those board seats nicely. It's a near certainty that our remaining two seats will be filled by our March 31 deadline.
NAPA Net's Ted Godbout writes about the 2/13/23 announcement from Colorado-based giant Empower that they "will join forces with the Retirement Clearinghouse (RCH), along with Vanguard, Fidelity and Alight, as part of the PSN to accelerate the nationwide adoption of auto-portability to help more American workers improve their retirement outcomes." Godbout highlights statements in the announcement from Empower's Edmund F. Murphy III, RCH-PSN Board Chairman Robert L. Johnson, and RCH-PSN President & CEO Spencer Williams.
Writing in WealthManagement.com, Fred Barstein, founder & CEO of the The Retirement Advisor University, runs down the list of the 10 "most impactful" people in the 401(k) industry. Spencer Williams, RCH and PSN President & CEO, makes Barstein's short list of "people to watch" -- a designation which follows on the heels of Williams' January 2023 recognition by 401kWire readers as the 13th most influential person in the retirement industry.
PLANSPONSOR's Alex Ortani reports on the news that Empower Retirement is the latest recordkeeper to sign on with the Portability Services Network (PSN), an industry-led utility focused on accelerating the nationwide adoption of auto portability. Ortani quotes Empower President & CEO Edmund F. Murphy III from the Monday, 2/13 announcement as well as RCH and PSN President & CEO Spencer Williams, who offers his views on the most recent developments.
Rita Assaf serves as vice president of retirement and college products for Fidelity Investments, and the Providence Business Journal's Nancy Levin posed five questions to Assaf about recent Fidelity research on retirement savings attitudes and trends among young investors, as well as the impact of the SECURE 2.0 Act. In her responses, Assaf noted that, "as a retirement leader, Fidelity believes auto portability is a critical component to help underserved and under-saved employees achieve financial wellness and longer-term retirement security."
Writing in GOBankingRates and syndicated in other media outlets, reporter Selena Fragassi captures the essential points in a 2/10 New York Times article by Ann Carrns, which highlighted the new, industry-led Portability Services Network (PSN) and its focus on accelerating the nationwide adoption of auto portability. Fraggasi's piece characterizes PSN as a "one-stop portal" for moving small-balance retirement savings forward.