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Retirement Clearinghouse in the News

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

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."

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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."

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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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Jul
15
2022

401(k) Fees Lower than IRA Alternative

Steff Chalk, 401kTV's Managing Editor, informs readers about new Pew Charitable Trust research that finds 401(k) fees can be lower than IRA fees, often by a wide margin. Chalk links the research findings to auto portability, noting that policymakers could act by "furthering auto portability as a way to transfer assets between retirement plans."

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Jul
12
2022

Why Missing 401k Participants Are So Misunderstood

Writing in 401k Specialist, RCH's Tom Hawkins examines the topic of missing participants, which he states: "is a problem that’s ill-defined and poorly understood, and where fundamental misunderstandings exist, inadequate solutions – paired with the prospect of unwanted regulatory attention or audits – can follow." Hawkins asserts that "taking proactive steps to conduct searches, and turning on plan features that promote retirement savings portability are the key steps required to getting off the missing participant treadmill."

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Jul
12
2022

Automatic-Retirement-Plan Options—Status and Outlook

Ed McCarthy, writing in Wealth Management, takes a look at the present state and future outlook for 'automatic' retirement plan options, and devotes attention to auto portability. McCarthy turns to Edward Gottfried, director of product at Betterment at Work, who characterizes auto-portability as a good idea. Gottfried is quoted in the article as stating: “I think [auto portability]'s definitely an area to watch in terms of new kinds of automatic provisions that might help streamline this industry, but also keep American savers in control of their retirement savings in a tighter way than they do right now.”

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Jul
07
2022

Advisers in conversation: Creating lifetime income in retirement

EBN's Stephanie Schomer interviews 401(k) legend Ted Benna, responsible for designing and implementing the first 401(k) savings plan, and Mandy Zatto, co-founder and principal, Strategic Benefits Advisors. When the topic turns to job-changing participants and how to protect their nest egg, both Benna and Zatto find praise for auto portability, for Retirement Clearinghouse, and for the recently-introduced Senate legislation containing provisions that support the new plan feature.

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Jul
06
2022

Nevin & Fred: EARN, RISE & SHINE, Auto-Portability & the Way(s) Forward

In their ongoing podcast series featured in NAPA Net, American Retirement Association Chief Content Officer Nevin Adams and ERISA fiduciary expert Fred Reish discuss the latest retirement public policy initiatives to emanate from Washington, DC. In their discussion, Adams and Reish focus extensively on the Senate's Enhancing American Retirement Now (EARN) Act of 2022. The podcast's hosts go in-depth on the bill's auto portability provisions, which they view highly favorably, and Adams supplies listeners with an excellent overview of how auto portability works.

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