Retirement Clearinghouse in the News

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


Oct
05
2022

Retirement Clearinghouse teams up with 401(k) recordkeepers for under-served retirement savers

Retirement Clearinghouse (RCH) Chairman Robert L. Johnson appears on CNBC's Squawk Box to disclose breaking news that RCH is collaborating with 3 of the nation's largest 401(k) recordkeepers to create a consortium, Portability Services Network, LLC, to accelerate the nationwide adoption of auto portability. Auto portability, says Johnson, will help address America’s minority wealth gap by assisting under-served and under-saved workers improve their retirement outcomes, while the consortium will ensure that the new feature is not only rapidly adopted, but will be delivered in the most cost-effective manner possible.

Oct
05
2022

Record keepers launch auto-portability consortium to reduce plan leakage

Pensions & Investments DC reporter Brian Croce reports breaking news that three of the nation's largest record keepers -- Fidelity, Alight and Vanguard -- are teaming up with Retirement Clearinghouse LLC to launch an industry-led auto-portability consortium aimed at reducing plan leakage and improving retirement outcomes. Croce's piece quotes RCH president & CEO Spencer Williams, while noting that "record keepers that own or participate in the consortium will not receive any compensation for facilitating auto portability transactions from participants."

Sep
27
2022

Why DEI and ‘Traditional’ Automatic Rollovers Don’t Mix

When it comes to 401(k) diversity, equity, and inclusion (DEI) initiatives, RCH’s Tom Hawkins observes broad support for expanded access and automatic features, since they “are supportive of increasing participation and asset accumulation across all demographics.” No one, writes Hawkins, points to ‘traditional’ automatic rollovers as facilitating DEI goals, as they “penalize the very demographic segments that DEI initiatives strive to uplift.” Hawkins urges plan sponsors to re-tool ‘traditional’ automatic rollover programs to include education and assistance and to incorporate auto portability – delivering more equitable retirement outcomes for under-saved and under-served participants.

Sep
16
2022

How 401k Consultants Miss the Automatic Rollover Mark

401(k) plan consultants have been forceful advocates for the adoption of best practices at leading retirement plan sponsors. However, when it comes to automatic rollover programs, plan consultants sometimes miss the mark, at least in terms of participant outcomes. RCH's Tom Hawkins, writing in 401k Specialist, makes the case that 401(k) plan consultants should extend their analysis to emphasize those automatic rollover program components that help participants improve their retirement outcomes by avoiding cashouts, moving their retirement savings forward, and keeping their stay in safe harbor IRAs as brief as possible.

Previously featured in the RCH Consolidation Corner Blog

Also featured in The Wealth Advisor

Sep
07
2022

401k Plans: An Ongoing Public-Private Partnership That Works

In observance of National 401(k) Day on Friday, September 9th, RCH's Tom Hawkins takes the opportunity to reflect on the long-running, highly successful public-private collaboration that has fostered the rapid ascendance of America’s 401(k) system. Writing in 401k Specialist Magazine, Hawkins states that "this partnership will continue to drive innovations that will expand and improve the 401k system for millions of Americans – not only helping them to save more but preserving more of their savings for retirement."

Aug
17
2022

How proposed legislation can help resolve retirement-savings gaps

Writing in Employee Benefit News, RCH founder, president & CEO Spencer Williams delves into recently-proposed legislation in the U.S. Senate, making the case that its auto portability-related provisions will make a real difference in the retirement security of millions of hardworking Americans. Citing Vanguard's recently-released How America Saves report, Williams notes that the highly-respected annual report "underscored that premature cash-outs of small 401(k) balances continue to threaten retirement readiness for plan participants, especially those who are younger and have less savings." Williams quotes the Vanguard research as concluding that "[a]uto portability services and revisions to minimum balance rules can help decrease cash out rates." Williams goes on to praise the Senate's bipartisan approach to the bill, adding: "[i}f the legislation is signed into law, the retirement-savings gaps in our society can begin to be filled."

Aug
09
2022

3 Ways 401k Plan Sponsors Can Boost Participant Awareness

Writing in 401k Specialist, RCH's Tom Hawkins draws attention to National Financial Awareness Day, which falls on August 14th. In his piece, Hawkins offers plan sponsors 3 steps they can take to increase financial awareness. Plan sponsors who follow these steps, asserts Hawkins, "won’t simply produce more awareness in the minds of their participants, they’ll generate quantifiable results, coming in the form of decreased cashouts, higher levels of consolidation and average plan balances, as well as a lower incidence of missing participants."

Jul
25
2022

Financial Advice College Girls Need to Follow Post Graduation

The women-focused website AllWomensTalk.com turns to experts for "amazing financial advice" that women should follow after graduating from college. RCH President & CEO Spencer Williams' advice is featured in 2 of the 7 steps the article suggests that their audience follow. Williams first advises women grads to "set aside 5% to 10% of your pay" for emergency expenses, and achieving that, to “take that same 5% to 10% of your pay that you were diverting to your emergency fund and redirect it to your 401(k)."

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