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Retirement Clearinghouse in the News
Find news articles referencing RCH and our services, including RCH Auto Portability
The Wall Street Journal's Anne Tergesen scoops the big story -- that large 401(k) recordkeeper Alight Solutions LLC has disclosed plans to offer RCH's auto portability solution to its clients. The article quotes Alight EVP Alison Borland, who notes "overwhelmingly positive" support among Alight clients for auto portability and goes on to provide insights from RCH President & CEO Spencer Williams, as well as comments by RLJ Companies Founder & Chairman Robert L. Johnson.
PLANSPONSOR's Rebecca Moore covers today's announcement that Alight Solutions will offer the RCH auto portability service to its client base of 185 defined contribution plan sponsors, serving nearly 5 million employees. Moore, who has covered auto portability extensively, quotes Alight's Alison Borland, the RLJ Companies' Bob Johnson and references previous discussions with RCH President & CEO Spencer Williams.
CNBC Senior Personal Finance Correspondent Sharon Epperson follows on to her morning video segment on CNBC with an article addressing today's key developments for auto portability. Epperson quotes Alight EVP Alison Borland, RLJ Companies Founder & Chairman Bob Johnson and the ARA's Nevin Adams in the piece, and cites key research from Alight on cashout leakage from job-changing participants.
James Bacon, writing for the Virginia-based Bacon's Rebellion blog, examines today's announcement that Alight Solutions will offer the RCH auto portability service to its clients, and finds a lot to like. Bacon praises the initiative for its benefits for African-Americans "and for that matter, all Americans" -- citing statistics provided by RCH majority owner Robert L. Johnson. Bacon believes that auto portability fits squarely into a private sector-driven "opportunity agenda" framework that will advance economic gains.
Appearing on CNBC's Squawk Box, RLJ Companies Founder & Chairman Robert L. Johnson and Alight Solutions EVP Alison Borland jointly address breaking news that Alight Solutions will offer the Retirement Clearinghouse (RCH) auto portability service to its 401(k) recordkeeping clients. Borland noted that "client reaction has been overwhelmingly positive" and that "we expect high adoption and we expect this change in the industry to be able to happen much faster than automatic enrollment happened."
Featured on Squawk Box, CNBC's Senior Personal Finance Correspondent Sharon Epperson reports the news that Alight Solutions LLC is adopting Retirement Clearinghouse's auto portability solution for its 401(k) recordkeeping clients. Epperson sets the stage for the news by citing research supporting the case for auto portability. Epperson's report was quickly followed by an interview with RLJ Companies Founder & Chairman Robert L. Johnson and Alight Solutions EVP Alison Borland.
Writing for BenefitsPRO, RCH President & CEO Spencer Williams examines the retirement-related circumstances brought about by the COVID-19 crisis, and sets forth a persuasive argument for the systemic adoption, or "institutionalization" of auto portability. By more-effectively coping with large numbers of terminated participants, auto portability will help reduce unnecessary cashouts, including "automatic" cashouts under $1,000, which Williams advises sponsors to avoid completely. During the crisis, when reduced mobility is the norm, Williams further advises sponsors to conduct participant searches to ensure that records are kept up-to-date.
In his latest article in 401k Specialist, RCH's Tom Hawkins provides his take on the topic of 401(k) cashout leakage, examining a recent study by the Investment Company Institute (ICI). Hawkins writes that the ICI study -- while using an innovative approach to mine 2010 tax data -- fell short in providing accurate or timely estimates of 401(k) cashout leakage levels, which are best-reflected in research conducted by EBRI and by large recordkeepers, and recently compiled by the Savings Preservation Working Group.