News

Three Mega-Market RKers and a Rollover Specialist Team Up

401kWire reporter Andrew Lusk covers the announcement of the new industry-led consortium to accelerate the adoption of auto portability, quoting many of the principle players in its formation, including Dave Gray & Kevin Barry (Fidelity), Spencer Williams (RCH), John James (Vanguard) and Alison Borland (Alight Solutions). In an impactful quote, Fidelity's Dave Gray states: "[t]his is the first time in the history of the 401(k) industry that competitors have come together to solve a long-standing problem. We know that this solution will be to the benefit of millions of Americans year-over-year, in perpetuity."

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Fidelity, Vanguard Make 401(k) Rollovers Easy

Newsmax Finance covers the news that "three major 401(k) providers --Fidelity, Vanguard and Alight Solutions—have partnered with Retirement Clearinghouse (RCH) to enable workers’ 401(k) savings to be automatically rolled over to a new employer’s plan."

RCH, RK Trio Launches Portability Consortium

NAPA Net, affiliated with the American Retirement Association, covers the announcement of the initial formation of a first-ever retirement industry-led consortium in support of auto portability, and including Fidelity, Vanguard and Alight Solutions. The NAPA Net piece covers the essential elements of the announcement, while also referencing pending U.S. Senate legislation that could also have a significant impact on auto portability, if passed.

Auto Portability’s Big Move: Major Recordkeepers Form Consortium with RCH

The 401k Specialist Magazine's Managing Editor Brian Anderson writes that "401k auto portability took a huge step forward today" with the news that "Fidelity Investments, Vanguard, Alight Solutions and Retirement Clearinghouse (RCH) have established an industry-first consortium to accelerate nationwide adoption" of auto portability. Anderson notes that the group aims to "govern the network as an industry utility designed with the goal of operating at the lowest cost to workers participating in auto portability."

Retirement Giants Band Together to Help Job-Switchers Transfer 401(k)s

Bloomberg reporter Suzanne Woolley reports on the "rare collaborative effort" undertaken by Fidelity, Vanguard and Alight to form a retirement industry-led consortium that, along with Retirement Clearinghouse (RCH), aims to accelerate the adoption of auto portability. Woolley quotes Alight Solutions' Alison Borland, Fidelity's Kevin Barry and The Vanguard Group's John James.

Also featured in Bloomberg Law, Employee Benefit News, InvestmentNews and Financial-Planning.com

401(k) Companies Make It Easier for Retirement Savings to Follow You to Your Next Job

Wall Street Journal reporter Anne Tergesen covers breaking news that a retirement industry-led consortium, comprised of Fidelity, Vanguard and Alight, have joined forces with Retirement Clearinghouse (RCH) to accelerate the adoption of auto portability. The three recordkeepers, writes Tergesen, "collectively represent about 40% of the 401(k) industry’s participants" and will begin offering the service to "48,000 401(k)-type plans that Fidelity, Alight and Vanguard administer" via Portability Services Network, LLC. Tergesen's piece quotes Fidelity's head of workplace-benefits Kevin Barry, the RLJ Companies' Chairman Robert L. Johnson and RCH president & CEO Spencer Williams.

Fidelity, Vanguard, Alight Form Portability Pact

Ignites' Joe Morris covers the day's announcement that Fidelity, Vanguard and Alight -- teaming with Retirement Clearinghouse (RCH) -- are forming an industry consortium to promote the accelerated adoption of auto portability.

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Fidelity, Vanguard and Others Team Up to Fight 401(k) Cash-Outs

ThinkAdvisor's John Manganaro reports on the news that three of the nation's largest 401(k) recordkeepers -- Fidelity, Alight and Vanguard -- are teaming up with Retirement Clearinghouse LLC to form an industry consortium that will "accelerate the nationwide adoption of automatic portability for workplace retirement accounts such as 401(k)s." Manganaro goes on to quote RCH Chairman Robert L. Johnson, who states that the collaboration is a “truly historic moment” for the retirement planning industry.