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Retirement Clearinghouse in the News
Find news articles referencing RCH and our services, including RCH Auto Portability
PSCA's Executive Report provides its plan sponsor membership with highlights from the 3/29/22 U.S. Senate HELP Committee's hearing on improving retirement security. The hearing featured testimony from Cindy Hounsell, President and Founder of the Women’s Institute for a Secure Retirement (WISER), and Ida Rademacher (The Aspen Institute), who both addressed the need for improved retirement savings portability. Hounsell's testimony referenced three interventions that could help, including "auto-portability to help prevent workers who change jobs from cashing out their retirement savings. "
NAPA Net's Ted Godbout covers the 3/29/22 U.S. Senate HELP Committee's hearing on improving retirement security. The hearing featured testimony from Cindy Hounsell, President and Founder of the Women’s Institute for a Secure Retirement (WISER), and Ida Rademacher (The Aspen Institute), who both addressed the need for enhanced retirement savings portability. Hounsell's testimony referenced three interventions that could help, including "auto-portability to help prevent workers who change jobs from cashing out their retirement savings. "
Writing for 401kTV, Steff Chalk, Executive Director of The Retirement Advisor University, examines the perspective offered by RCH President & CEO Spencer Williams, whose recent article in BenefitsPro suggests that the Hughes v. Northwestern University ruling could expose plan sponsors to fiduciary risk related to excess cash-out leakage. Since auto portability acts to preserve retirement savings, Chalk writes that "auto portability may be making a grand entrance" and the recent developments "appear to make auto portability solutions worthy of sponsors’ consideration."
ASPPA Net's Ted Godbout reviews the latest research report from Alight Solutions, entitled "Improving Retirement Readiness for Underrepresented Groups." Reporting on Alight's findings, Godbout highlights the six steps that Alight offers plan sponsors to increase retirement savings for historically under-represented groups. As one of those steps, Alight advises sponsors that "implementing auto-portability can help reduce the number of automatic cash-outs that occur when people change employers" and that auto portability's impact is "most profound for marginalized groups."
Writing in 401k Specialist, RCH EVP and Chief Revenue Officer Neal Ringquist speaks directly to financial advisors on auto portability. Ringquist firmly believes that financial advisors will enjoy significant benefits from auto portability, but understands that all advisors may not “be there” yet in terms of fully understanding what auto portability is, how they stand to benefit from it, and how they should assess auto portability’s prospects for success. Ringquist walks advisors through important facts, data and information that should facilitate better understanding of auto portability and how it could positively impact their practices.
Writing in BenefitsPro, RCH President & CEO Spencer Williams examines the U.S. Supreme Court's recent Hughes v. Northwestern University ruling, which underscored the need for plan sponsors to err on the side of more rather than less, when considering the scope of their fiduciary responsibilities. While the case focused on high-cost investment options, Williams suggests that the ruling could expose plan sponsors to fiduciary risk for decisions that produce unnecessarily high levels of cash-out leakage, a risk that could be avoided if plan sponsors were to proactively adopt asset portability solutions, such as auto portability.
Writing in 401k Specialist, Retirement Clearinghouse EVP & Chief Operating Officer Ricki Ingalls makes the case for consolidation as a means to reduce cybersecurity risks for the 401(k) system. Appealing to common sense, Ingalls notes that “fraud starts small” and that consolidation of small balance 401(k) accounts achieved via auto portability can effectively minimize the cyber “attack surface” these excess accounts represent. Ingalls continues by describing the robust cybersecurity features that have been incorporated into auto portability.
PlanAdviser's John Manganaro addresses issues facing job-changing retirement plan participants, and the role financial technology can play in creating better outcomes. Manganaro turns to David Stinnett, principal and head of Vanguard Strategic Retirement Consulting, who identifies cashing out as the "most problematic outcome." Manganaro writes that Vanguard "is now working with Retirement Clearinghouse (RCH) to provide plan sponsors with a new portability solution meant to simplify making small-balance 401(k) rollovers" -- adding that "once operational, the automatic portability program will be able to facilitate the movement of an employee’s 401(k) savings account from a former employer’s plan into an active account with the current employer."