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Retirement Clearinghouse in the News
Find news articles referencing RCH and our services, including RCH Auto Portability
In their survey Hot Topics in Retirement and Financial Wellbeing 2021, Alight Solutions finds that "the majority of employers are interested in a clearinghouse service that will automatically roll balances from one employer’s DC plan to another employer’s plan when individuals change jobs."
Writing in 401k Specialist, Tom Hawkins reveals RCH's new missing participant study, Improving the Effectiveness of Electronic Missing Participant Searches, which comes on the heels of Department of Labor (DOL) guidance and is highly-useful for plan sponsors who utilize electronic searches, or “e-Searches” as they are referenced in the study.
Journalist Cameron Huddleston turns to RCH's Neal Ringquist for tips on ways that Baby Boomers can catch up on retirement savings. Ringquist advises Boomers to leverage their retirement savings accounts in order to accumulate savings, as well as to efficiently manage their tax burdens.
EBN: How sponsors can facilitate better retirement participant outcomes and improve plan metrics in 2021
In his opinion piece for Employee Benefit News, RCH President & CEO Spencer Williams offers 401(k) plan sponsors two New Year's resolutions that could improve participant outcomes and boost plan metrics. Specifically, Williams suggests that plan sponsors 1) implement a robust missing participant search program and 2) eliminate the practice of automatic cash-outs. Fortunately, adds Williams, both of these resolutions can be achieved when plan sponsors embrace an auto portability program.
NWPS, a service provider for benefit plan sponsors, addresses the trend towards consolidation in the recordkeeping industry, and offers their reaction to the antithetical notion that the goal of consolidation is to "monetize the participants." The NWPS article goes on to chronicle the major, participant-centric advances that have propelled the industry forward, and includes auto portability in their short list.
Podcast Episode 15—What’s Wrong With 401k Coverage and Balances? Alicia Munnell from the Center for Retirement Research Explains
In his most recent podcast, John Sullivan interviews Dr. Alicia Munnell, director of the Center for Retirement Research at Boston College, about retirement plan coverage, leakage and other issues currently affecting 401ks. Sullivan poses the question about Auto Portability being the effective solution to the problem of leakage; Munnell's responds stating, "Auto Portability is important because it would reduce cashing out of small amounts." She goes on to mention that "Retirement Clearinghouse has been leading the way on this issue for a long time and it seems now they're poised to make a real difference."
In a Senate Finance subcommittee hearing held on 12/9/20 (Investigating Challenges to American Retirement Security) expert witness Michael P. Kreps offered testimony highlighting the problem of cashout leakage and pointing to auto portability as a near-term solution for "millions of plan participants early next year." Following Kreps testimony, strong bipartisan support for auto portability was voiced by Sen. Sherrod Brown (D-OH), Sen. James Lankford (R-OK) and Sen. Catherine Cortez-Masto (D-NV).
In his 12/09/20 article in Yahoo Finance, Adam Shapiro interviews Ted Benna, the father of the 401(k), seeking retirement advice. Benna warns of the major issues in the years ahead for Americans and advises hiring a rollover professional, such as Retirement Clearinghouse, to help with the rollover process and avoid simple mistakes. “Hiring them may not eliminate all the stress, but it will greatly reduce it,” Benna says.