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Retirement Clearinghouse in the News
Find news articles referencing RCH and our services, including RCH Auto Portability
On 10/5/18, NAPA Net released the results of a reader poll, asking NAPA Net readers to identify the "next big things" in 2019. Auto Portability came in #7 on the list, ahead of perennial favorites such as "behavioral finance techniques" and "financial wellness." #1 on the list were multiple employer plans, or "open MEPs" - which was cited by 56% of respondents.
PLANSPONSOR's Lee Barney addresses new research released by EBRI, which models the effects of the Automatic Retirement Plan Act of 2017 (ARPA), and then combines ARPA with auto portability. The EBRI research reveals that if ARPA were to be combined with auto portability, the retirement savings shortfall (RSS) would dramatically reduce the $4.3 trillion deficit by $932 billion, or 22.6%.
IRIS features an article by RCH's Tom Hawkins in observance of 2018's National 401(k) Day, featuring three simple but clever "hacks" -- or tips for 401(k) participants to manage their retirement savings more easily and efficiently. The article suggests that participants consider 1) consolidating their retirement savings, 2) keeping their contact and beneficiary designation information current and 3) using cash as an alternative dollar cost-averaging strategy.
In his latest article in BenefitsPRO, RCH EVP Spencer Pringle offers job-changing 401(k) participants important tips on how to avoid becoming a 401(k) DIY “horror story.” Pringle examines three DIY scenarios for participants to avoid, including cashing out, stranding a 401(k) balance at a previous employer and finally, attempting a DIY roll-in. Auto portability, education and assistance, says Pringle, are keys to overcoming the traps.
PLANSPONSOR's Rebecca Moore examines recent analysis by Retirement Clearinghouse that looks at the twin problems of 401(k) missing participants and cashouts. The RCH analysis, based upon RCH's Auto Portability Simulation and Boston Research Technologies' March 2018 Missing Participant Survey, compares and contrasts the two problems from a systemic perspective, and offers auto portability as a strategic solution to minimize both. Moore's piece also references a previous article by RCH CEO Spencer Williams, and quotes RCH's Neal Ringquist and Tom Hawkins.
401kTV's Robyn Kurdek reviews an 8/10/18 Wall Street Journal article by Anne Tergesen, which focuses on rising levels of cashout leakage linked to the growing adoption of automatic enrollment provisions. Similar to the original article in the Journal, Kurdek also cites data from Retirement Clearinghouse, indicating that "slightly more than 60% of 401(k) participants with balances of less than $10,000 cash out their savings."
RISMedia's Liz Dominguez covers recent research by Alight Solutions LLC on the benefits and disadvantages of auto-enrollment, and considers how these issues could impact behaviors in the real estate market. Dominguez cites the RCH cashout figure of 60% for balances less than $10,000, recently featured in The Wall Street Journal.
As the 40th anniversary of legislation enabling the 401(k) draws near, RCH President & CEO Spencer Williams predicts that the next big advancement for the 401(k) will be the “seamless portability and consolidation” brought about by auto portability. The benefits that auto portability will deliver, estimated by EBRI to be as much as $1.5 trillion, could be “right around the corner” and will help millions of Americans achieve a financially secure retirement.