Retirement Clearinghouse in the News

Find news articles referencing RCH and our services, including Auto Portability


Feb
20
2023

The Next Step In Helping Americans Save More For Retirement Via Auto Portability

Writing in Financial Adviser Magazine, noted private wealth expert Russ Alan Prince interviews Neal Ringquist, RCH's EVP and Chief Revenue Officer, about recent developments for auto portability, including the formation of the new Portability Services Network. The interview provides a clear overview of auto portability, including what it is, its benefits to participants, plan sponsors & advisers, and the "historic" developments associated with PSN, the industry-led utility formed to accelerate nationwide adoption of the new plan feature.

Feb
17
2023

The Important Task of Determining Participants’ Life Status

Determining retirement plan participants’ life status is an important, albeit uncomfortable task for plan sponsors. The cost of not knowing participants’ life status, or worse, in getting it wrong – can be significant – for the participants, for their beneficiaries and for the plan itself. RCH's Tom Hawkins, writing in 401k Specialist, examines the challenges facing plan sponsors in determining life status and identifies three proactive strategies for timely and accurate monitoring of changes.

Previously featured in RCH's Consolidation Corner blog

Feb
16
2023

Advances in Automatic Portability for Retirement Plan Balances

The PNC Insights blog examines the latest advances in auto portability, including recent developments associated with the Portability Services Network (PSN) and enactment of SECURE 2.0 provisions that "pave the way for retirement plans and recordkeepers to offer automatic portability provisions for amounts transferred to a default IRA." The piece quotes Dave Gray, Head of Workplace Retirement Offerings and Platforms at Fidelity and PSN Board Member.

Feb
15
2023

Empower joins group providing portability of retirement savings

InvestmentNews reports on the 2/13/23 announcement from Empower that they are "joining the Portability Services Network, a group of record keepers, including Alight, Fidelity and Vanguard, working to promote auto-portability of defined-contribution plan assets." The piece cites EBRI data on cashout leakage and quotes Robert L. Johnson, chairman of the Portability Services Network and the Retirement Clearinghouse (RCH).

Feb
14
2023

Bridging the Racial Retirement Gap: A Conversation With Spencer Williams

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.

Feb
14
2023

Auto Portability Consortium Adds Empower

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.

Feb
14
2023

A $1.2T-AUA RKer Buys into PSN

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.

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Feb
13
2023

Auto Portability Consortium Picks up Steam with Newest Member

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.

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