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Retirement Clearinghouse in the News
Find news articles referencing RCH and our services, including RCH Auto Portability
Writing in 401kTV, Managing Editor Steff Chalk observes that "auto portability appears to be gaining some ground as a solution for retirement plans" and can "impact cash-out leakage, missing participants, and forgotten 401(k) accounts" -- adding that nearly 9 of 10 participants value auto portability. "The case for auto portability" says Chalk, "is compelling, and getting stronger" and he further notes that "including auto portability in public policy could help to improve the results" of pending SECURE 2.0 legislation.
Writing in 401k Specialist, RCH’s Tom Hawkins examines the positive interplay between auto portability and its nearly-automatic cousin – which he terms “authorized” portability. Authorized portability, writes Hawkins, occurs when a safe harbor IRA account not originating from within the auto portability network is matched to an active account in a plan that’s already adopted auto portability. While the accountholder must provide their consent to consolidate the balance, a frictionless automatic roll-in results, producing a win-win-win for participants, for plan sponsors and for adopting recordkeepers.
Bloomberg Law reporter Austin Ramsey addresses recent pressure on the federal government to reconnect retirement plan participants with their benefits, including the possible establishment of a retirement savings lost & found. For clarity, Ramsey turns to two experts -- Alicia Munnell, director of the Center for Retirement Research at Boston College, and RCH President & CEO Spencer Williams. Munnell's views underscore the need for consolidation and cites RCH's program of auto portability. Williams then provides Ramsey with an update on RCH's auto portability program, stating that any lost & found "must involve the private sector."
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Writing in MSN Money, Journalist Cameron Huddleston speaks with industry experts to identify tips for how Baby Boomers can catch up on retirement savings, and turns to RCH Executive Vice President Neal Ringquist for advice. Ringquist suggests that Boomers leverage their retirement savings accounts not only to accumulate savings for retirement, but to effectively manage tax burdens as well.
Writing in 401k Specialist, RCH’s Tom Hawkins examines new data collected from a large plan sponsor who’s implemented auto portability’s key technology components, but requires affirmative consent from participants in order to consolidate their balances. The data reveals resounding success in the location of active plan accounts, in obtaining participant consent and in executing automated roll-ins -- all of which augur well for the future of auto portability and for consolidation of larger balances.
Writing in InvestmentNews, contributor Fred Barstein addresses the issue of forgotten accounts, and turns to RCH President & CEO Spencer Williams for his views. Barstein writes "[w]hat is needed is a network of DC record keepers that share account information" and notes that Williams and RCH have been working on developing that "for more than a decade." Barstein quotes Williams, who states "no one argues against portability" while adding that "the network is the endgame" and requires "critical mass [to be successful]."
Writing in 401k Specialist, Tom Hawkins compares & contrasts the issue of ‘forgotten’ 401(k) accounts to its more problematic relative, 401(k) cashout leakage. In the piece, Hawkins takes the position that recent attention given forgotten accounts – via draft SECURE 2.0 legislation and the release of a drama-laden white paper – have created the mistaken impression that there’s a massive problem with forgotten 401(k) accounts, when in fact ‘forgotten’ 401(k) accounts are dwarfed by 401(k) cashout leakage, in terms of both their size and severity.
Writing in 401k Specialist Magazine, RCH's Tom Hawkins takes a deep dive into draft SECURE 2.0 provisions that dramatically expand the purpose, scope and scale of a Retirement Savings Lost & Found. Hawkins contends that the new provisions, as currently written, would create a massive, government-run repository of micro-balance accounts costing taxpayers millions, while failing to boost retirement security. Hawkins encourages Congress to return to an earlier Lost & Found model, while addressing the broader, small-balance account problem through policies that incentivize the adoption of auto portability.