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Retirement Clearinghouse in the News
Find news articles referencing RCH and our services, including RCH Auto Portability
Steff Chalk, 401kTV's Managing Editor, informs readers about new Pew Charitable Trust research that finds 401(k) fees can be lower than IRA fees, often by a wide margin. Chalk links the research findings to auto portability, noting that policymakers could act by "furthering auto portability as a way to transfer assets between retirement plans."
Writing in 401k Specialist, RCH's Tom Hawkins examines the topic of missing participants, which he states: "is a problem that’s ill-defined and poorly understood, and where fundamental misunderstandings exist, inadequate solutions – paired with the prospect of unwanted regulatory attention or audits – can follow." Hawkins asserts that "taking proactive steps to conduct searches, and turning on plan features that promote retirement savings portability are the key steps required to getting off the missing participant treadmill."
Ed McCarthy, writing in Wealth Management, takes a look at the present state and future outlook for 'automatic' retirement plan options, and devotes attention to auto portability. McCarthy turns to Edward Gottfried, director of product at Betterment at Work, who characterizes auto-portability as a good idea. Gottfried is quoted in the article as stating: “I think [auto portability]'s definitely an area to watch in terms of new kinds of automatic provisions that might help streamline this industry, but also keep American savers in control of their retirement savings in a tighter way than they do right now.”
EBN's Stephanie Schomer interviews 401(k) legend Ted Benna, responsible for designing and implementing the first 401(k) savings plan, and Mandy Zatto, co-founder and principal, Strategic Benefits Advisors. When the topic turns to job-changing participants and how to protect their nest egg, both Benna and Zatto find praise for auto portability, for Retirement Clearinghouse, and for the recently-introduced Senate legislation containing provisions that support the new plan feature.
In their ongoing podcast series featured in NAPA Net, American Retirement Association Chief Content Officer Nevin Adams and ERISA fiduciary expert Fred Reish discuss the latest retirement public policy initiatives to emanate from Washington, DC. In their discussion, Adams and Reish focus extensively on the Senate's Enhancing American Retirement Now (EARN) Act of 2022. The podcast's hosts go in-depth on the bill's auto portability provisions, which they view highly favorably, and Adams supplies listeners with an excellent overview of how auto portability works.
RCH EVP & Chief Revenue Officer steps up to the plate for Employee Benefit News' Ask an Adviser series, answering the question "what happens if we learn a missing plan participant has died?" Ringquist proceeds to identify a series of steps that plan sponsors can take in the wake of learning the unfortunate news concerning a plan participant's demise. As a preventative measure, Ringquist advises plan sponsors to consider implementing an ongoing program of portability to consolidate participants' balances, reducing the odds that they'll leave behind multiple, smaller-balance retirement savings accounts that wind up being lost in the retirement system.
Writing in Yahoo News, reporter Thomas Gnau addresses the bipartisan “Advancing Auto Portability Act of 2022,” introduced by Sens. Sherrod Brown, D-Ohio, and Tim Scott, R-S.C. The legislation, Gnau writes, takes aim at "retirement plan leakage" and "aims to make it easier for workers to take 401K retirement accounts with them to new jobs." The piece quotes Sen. Brown, as well as RCH founder, president & CEO Spencer Williams.
U.S. Senator Sherrod Brown (D-OH) announces on his website (https://brown.senate.gov) that he and U.S. Senator Tim Scott (R-SC) have introduced the bipartisan Advancing Auto-Portability Act of 2022, a bill that would allow a worker’s 401(k) savings account to be automatically rolled over from a previous employer to a new employer. The legislation would cut red tape to help Americans who change jobs frequently to increase retirement savings.