News

Millions lose out as job changes trigger involuntary 401(k) rollovers

Seeking Alpha's Rob Williams reports on the problems encountered by small-balance, job-changing participants who are involuntarily forced-out of their former employer's 401(k) plan and into safe harbor IRAs. Drawing upon the 11/15/25 article on the same topic by Anne Tergesen in the Wall Street Journal, Williams refers to comments by RCH & PSN CEO Spencer Williams, who leads the effort dedicated to reforming the longstanding practice through auto portability, which automatically moves these small-balance retirement balances forward.

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Forgotten 401(k) Accounts Are Costing Americans Billions in Lost Investment Gains

The Wall Street Journal's Anne Tergesen takes on the topic of left-behind 401(k) savings and the participant outcomes that occur when small-balance accounts are forced out in safe harbor IRAs, where they can languish in an environment characterized by high fees and sub-optimal investments. Tergesen turns to RCH and Portability Services Network (PSN) CEO Spencer Williams, along with Fiona Grieg of Vanguard (an owner-member of PSN), who provide their views on the problem, while Tergesen goes on to describe auto portability's emerging role in moving these balances forward within the 401(k) system.

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‘Forgotten’ Accounts: Forget Hyperbole, Here’s a Solution

In the wake of media hyperbole surrounding the issue of so-called 'forgotten' 401(k) accounts, RCH’s Tom Hawkins, writing in 401k Specialist, evaluates three potential solutions to enable broad portability, zeroing in on an “affirmative consent-based automatic transfer process, applying to all balances not covered by auto portability and supporting IRA rollovers, plan-to-plan roll-ins, as well as those who choose to stay in-plan.”

Universal Automatic Portability: A Close Look

Writing in ASPPA Net, American Retirement Association's Paul Mulholland identifies the absence of universal auto portability as one of the "primary obstacles to consistent retirement saving" and "is especially obnoxious because it undermines the security of those who have access to a plan and are actually saving." Mulholland chronicles the woes of safe harbor IRAs, when used as final resting places for participants' forced-out balances, and turns to RCH's Neal Ringquist and Groom Law Group's Michael Kreps for their views on the Portability Services Network and auto portability.

Episode 81: Portability Services Network Update with Neal Ringquist

In episode 81 of CAPTRUST's Revamping Retirement podcast, hosts Audrey Wheat and Peter Ruffel welcome back Neal Ringquist, EVP & Chief Revenue Officer of Retirement Clearinghouse, for a deep dive into auto portability and the Portability Services Network (PSN). Neal explains how auto portability enables seamless retirement balance transfers between employers, backed by regulatory support and a consortium of major recordkeepers. The conversation highlights key adoption metrics—over 21,000 plan sponsors enrolled and 16,700 completed transactions—and explores future applications like the Saver’s Match. The episode also clears up common misconceptions and encourages plan sponsors to engage in expanding PSN’s impact.

Safe Harbor IRAs Are Failing Participants: Report

Paul Mulholland, writing in PSCA.org, examines new research released by PensionBee that is critical of safe harbor IRAs, typically used as vehicles to house small 401(k) balances (<$7000) forced out during an automatic rollover process. While the research calls for safe harbor IRA reform, Mulholland turns to RCH EVP Neal Ringquist, who explains that reforming safe harbors is inadequate, because the automatic rollover process "leads to high participant cash outs,” and “that’s why auto portability is a better solution.”

Universal Auto-Portability Can’t Come Soon Enough

Paul Mulholland, Content Writer and Reporter for the American Retirement Association (ARA), analyzes the state of plan-to-plan portability (or perhaps the lack thereof) in America's retirement plan system. Mulholland identifies the absence of universal automatic portability, or transferring balances between retirement plans upon changing jobs, as a primary obstacle to consistent retirement saving. Mulholland takes a deep dive into multiple dimensions of the issue, identifying abuses and frustrations that can occur with safe harbor IRA providers, and turns to RCH EVP and Chief Revenue Officer Neal Ringquist and Michael Kreps, a principal at the Groom Law Group, for their insights.

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Commentary: Once-in-a-lifetime opportunity to close America’s wealth gap

Retirement Clearinghouse and Portability Services Network Chairman Robert L. Johnson, writing in Pensions & Investments, makes a compelling case for three public policy initiatives -- Auto Portability, the Saver’s Match and Trump Accounts -- that represent a chance "to reshape the trajectory of retirement savings -- and finally confront America’s stubborn wealth gap." Johnson recounts his personal journey, a timeframe which coincides with some key milestones, including the inception of America's 401(k) system, and a widening of the wealth gap. Johnson closes with a call to action, urging "public and and private sectors to seize this once-in-a-lifetime opportunity to give America’s chronically under-served and under-saved workers generational wealth."