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Retirement Clearinghouse in the News
Find news articles referencing RCH and our services, including Auto Portability
DOL proposes new 401(k) ‘auto-portability’ regulations for job changers
BenefitsPRO's Scott Wooldridge informs readers about "another step forward" for auto portability, when the Department of Labor's Employee Benefits Security Administration (EBSA) released its proposed rules associated with SECURE 2.0. Wooldridge provides a summary of the new rules, and quotes American Retirement Association (ARA) CEO Brian Graff as stating: “We appreciate the guidance provided by the DOL. Anything that reduces the rate of retirement plan leakage results in better outcomes for participants.”
DOL Wants to Allow 'Reasonable' Fees for Porting Small 401(k)s
Alex Padalka, writing in Financial Advisor IQ, reports on the news that the Department of Labor has proposed rules for the automatic portability of small-balance retirement accounts. Padalka notes that the SECURE 2.0 legislative mandate, when combined with the proposed DOL rules, would replace the prior regulatory-only framework granted to Retirement Clearinghouse, and further observes that, for all practical purposes, the rules would only apply to the Portability Services Network, an industry-led consortium initially formed in 2022.
Proposed federal regulation aims to help workers keep track of retirement savings when they switch jobs
Kathleen Steele Gaivan of McKnight's Senior Living reports on the 1/18/24 release of proposed regulations from the DOL's Employee Benefits Security Administration (EBSA) concerning auto portability, as required by SECURE 2.0 legislation. Gaivan writes: "[t]he proposed rule would implement Section 120 found in SECURE 2.0, which allows an automatic portability provider to receive a fee when executing an automatic portability transaction for certain distributions into Safe Harbor IRAs, through an added exemption to Internal Revenue Code section 4975."
Auto Portability Proposal Is In
PLANSPONSOR correspondent Paul Mulholland reports on the 1/18/24 development that the Department of Labor's Employee Benefits Security Administration (EBSA) has released proposed rules for automatic portability transactions. The new rules are "intended to implement a SECURE 2.0 provision to make it easier to transfer money between DC plans to limit leakage."
Department of Labor Releases Proposed Auto-Portability Reg
NAPA Net's John Sullivan reports on the Thursday, 1/18/24 issuance of proposed regulation on automatic portability transactions under SECURE 2.0. Sullivan's piece outlines the framework of the new proposal, and includes supportive words American Retirement Association CEO Brian Graff, who states: "We appreciate the guidance provided by the DOL. Anything that reduces the rate of retirement plan leakage results in better outcomes for participants."
DOL Proposes Regs to Help Job Changers Move 401(k)s Automatically
ThinkAdvisor's John Manganaro reports on breaking news that, on Thursday 1/18/24, "the Employee Benefits Security Administration within the U.S. Department of Labor released proposed regulations....meant to expand the use of automatic retirement account portability tools." Manganaro further reports that the new framework identifies "11 requirements under the statutory exemption that must be satisfied for the automatic portability transaction to be covered by the exemption."
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DOL proposes SECURE 2.0 auto-portability implementation provision
Pension & Investments DC reporter Brian Croce covers the news that the Department of Labor (DOL) has "issued a rule proposal to implement a key SECURE 2.0 provision aimed at reducing plan leakage, by codifying the auto-portability process so that a worker's 401(k) plan can be automatically rolled over to a new employer when changing jobs. Croce links the new regulatory framework to earlier DOL guidance that established an auto portability framework for Retirement Clearinghouse (RCH), which has been subsequently codified by SECURE 2.0. Croce concludes by noting that there will be a "60-day comment period on the proposal."
4 Retirement Initiatives Vital to Closing the Racial Wealth Gap
Writing in 401k Specialist, RCH's Tom Hawkins examines four retirement initiatives that could help in closing America's racial wealth gap. Leading off the article, Hawkins cites U.S. Treasury research identifying a significant racial wealth gap that has remained essentially unchanged over the past 20 years. In the retirement space, Hawkins identifies expanded access, auto portability, emergency savings and the Saver's Match as key initiatives that will make significant contributions to closing the gap, provided that retirement plan sponsors fully embrace and support them.