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Retirement Clearinghouse in the News
Find news articles referencing RCH and our services, including Auto Portability
How Auto-Portability Works
Featured in the 'Upfront' section of PLANSPONSOR's September-October magazine edition, Ed McCarthy performs a deep dive examination of auto portability, which McCarthy notes, has "has gained momentum in the past few years, culminating in the 2022 formation of the Portability Services Network, a company owned jointly by RCH and several of the largest U.S. recordkeepers." For details, McCarthy turns to RCH's Spencer Williams and Neal Ringquist, who opine on the technical details, while Vanguard's Steve Holman, a PSN Board member, offers the recordkeeping perspective.
Leveraging SECURE 2.0 to Earn More 401(k) Business
Writing in NAPA Net, 401(k) Marketing's founder & CMO Rebecca Hourihan offers tips to plan advisors on how they can leverage awareness of SECURE 2.0 provisions to update plan fiduciaries and earn more 401(k) business. Hourihan focuses on components of SECURE 2.0 that deal with small account balances, including an increase to allowable safe harbor IRA balances and auto portability, as delivered by "a network of recordkeepers." Hourihan suggests that advisors "discuss the benefits of adding....auto-portability to plans now" and comes down firmly on the side of plan-to-plan consolidation, counseling advisors "to help employees consolidate accounts and encourage more assets into the plan" by incorporating "strong calls-to-action during enrollment and education meetings."
401(k) Megatrends Set to Boost Retirement Savings
SHRM's Stephen Miller, CEBS, writing in SHRM's HR Today Magazine, examines "technological breakthroughs, red-tape-cutting legislation and new initiatives from service providers" that will dramatically -- and positively -- impact 401(k) and other defined contribution plans in the years to come. Miller identifies auto portability as one of four "megatrends" that will ensure small-balance accounts are not left behind, noting the emergence of the Portability Services Network, identifying auto portability's strong support from research institutions & legislators, and quoting industry experts, such as RCH's EVP Neal Ringquist and Alight Solutions' EVP Alison Borland.
Focus Shifts to Plan Sponsors as Portability Network Set to Go Live
Writing in 401k Specialist, RCH's Tom Hawkins describes the coming "shift" that will occur when the Portability Services Network (PSN) goes live at the beginning of the fourth quarter of 2023. Describing PSN's network-building achievements to date as "nothing short of phenomenal", Hawkins adds that "integration had proceeded apace" and that "plan sponsors will take center stage as they begin to adopt auto portability and witness its tangible results." Plan sponsor adoption will accelerate as auto portability demonstrates its obvious benefits to plans, to participants and to society at large, where adoption will eventually serve as a "positive indicator of a socially responsible enterprise."
Why the Future is Now Brighter for Small-Balance Retirement Accounts
RCH's Tom Hawkins, writing in 401k Specialist, describes the "brighter future" emerging for small-balance retirement savings accounts. Hawkins maintains that these accounts, which he associates with an increased incidence of sub-optimal participant outcomes, will fare much better in the future due to "large-scale, industry-led action on auto portability, and more recently, proactive steps being taken by leading providers to consolidate legacy small-balance IRAs."
Addressing Cash-Outs May Help Improve Retirement Readiness
Writing in 401kTV.com, Fred Barstein, Founder & Editor-in-Chief, cites a recent Employee Benefit News opinion piece authored by RCH President & CEO Spencer Williams. Barstein writes that Williams' article "spotlight[s] recent research from the Sauder School of Business that found that 41.4% of employees chose to cash out their 401(k) accounts when they left their employers" while adding that "auto-portability is a viable solution to improve retirement readiness in America and help retain assets in the nation’s retirement system." Barstein closes by imploring employers to "consider auto-portability options to make it easier for employees to take their 401(k) accounts with them when switching jobs."
Increasing Retirement Security with Neal Ringquist and Spencer Williams
In their ongoing WealthTech on Deck podcast, LifeYield's Jack Sharry interviews RCH's Spencer Williams, President and CEO, and Neal Ringquist, Chief Revenue Officer, about increasing retirement security and ensuring that previous 401K plan balances don’t get left behind. Sharry's interview focuses on auto portability, which he characterizes as "a convenient choice for both employees and advisors because it preserves retirement savings automatically." In the episode, Williams and Ringquist address how auto portability benefits retirees and advisors alike, the four major hurdles of auto portability, and the future of preserving retirement savings.
The Impact Of SECURE 2.0 On Americans’ Retirement Readiness
Writing in Private Wealth Magazine, noted private wealth expert Russ Alan Prince interviews Neal Ringquist, RCH's EVP and Chief Revenue Officer, about which SECURE 2.0 provisions Ringquist feels will impact retirement savings most, and what advice advisors should give their clients regarding these provisions. In the interview, Ringquist draws attention to SECURE 2.0 provisions that codify auto portability, as well as the related provision that increases the limit on 401(k) account balances that can be automatically cashed out by sponsors and recordkeepers and transferred to default IRAs, from $5,000 to $7,000. Ringquist offers Prince a compelling primer on why these provisions will reduce cashout leakage, benefitting plan sponsors, participants and the advisors who serve them.