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Retirement Clearinghouse in the News
Find news articles referencing RCH and our services, including Auto Portability
401k Cashout Leakage, Auto Portability Featured in Senate Committee Hearing
Writing in 401k Specialist Magazine, RCH's EVP of Public Policy Renee Wilder Guerin breaks down the 10/28/21 hearing held by the Senate Special Committee on Aging -- A Financially Secure Future: Building a Stronger Retirement System for All Americans -- and found it to be highly-focused on solving the problems of cashout leakage, as well as advancing its most promising solution, auto portability. Re-capping key testimony and Q&A from the hearing (including excerpted video), Wilder Guerin concludes that lawmakers are more focused than ever on solving retirement savings problems for under-served and under-saved demographic segments.
Senate committee talks retirement system issues, solutions at hearing
Pensions & Investments Washington, DC reporter Brian Croce covers the 10/28/21 hearing by the U.S. Senate Special Committee on Aging. In his analysis, Croce mentions testimony provided by RCH President & CEO Spencer Williams on auto portability, as well as the support expressed for the feature by Ranking Member Sen. Tim Scott (R-SC). Croce writes that Scott also used the hearing to announce the release of a report by his office expressing support for auto portability and other policies.
Senate committee looks at America’s ‘piecemeal’ retirement system
Kathleen Steele Gaivan of McKnight's Senior Living reports on the 10/28/21 U.S. Senate Special Committee on Aging entitled “A Financially Secure Future: Building a Stronger Retirement System for All Americans,” which examined potential solutions to close retirement gaps and expand financial security for America’s workers. Gaivan examines the testimony of key witnesses before the Committee, including RCH President & CEO Spencer Williams, who addressed the need to preserve retirement savings for job-changing Americans, and to encourage the adoption of auto portability.
Sen. Tim Scott Releases Report on Retirement Security and Features Auto Portability
On 10/28/21 Sen. Tim Scott (R-SC), Ranking Member of the U.S. Special Committee on Aging, released a report entitled The American Dream in our Golden Years: Improving Retirement Security and Building Independence, which addressed the issues, challenges and "solutions for the future to help millions of Americans save for retirement and enjoy their golden years." Scott's paper singled out auto portability as one of those solutions, having "opened the door for millions of Americans to start setting money aside for retirement."
Americans Doing “Quite Well” Saving For Retirement Says Senate Aging Committee Lead Republican
Forbes' reporter Ted Knutson covers a new report released by Sen. Tim Scott's office, which examines a range of retirement security topics, and addresses the problem of cashout leakage. In the report, Knutson notes Sen. Scott's support for auto portability, and references the recent U.S. Senate Special Committee hearing.
Here’s how Congress wants to combat early withdrawals from retirement accounts
Writing for MarketWatch, retirement reporter Alessandro Malito covers the 10/28/21 U.S. Senate Special Committee on Aging's hearing for “A Financially Secure Future: Building a Stronger Retirement System for All Americans” which focused on the problem of early withdrawals (leakage) and how solutions such as auto portability can help. Malito reported on comments provided by Ranking Member Sen. Tim Scott (R-SC) on cashout leakage and his support for auto portability, as well as Committee testimony provided by RCH President & CEO Spencer Williams, directly quoting his testimony: “we need to make it super easy because every time someone changes jobs, they’re faced with a decision, particularly at the low end.”
Breaking down two recent announcements by Vanguard and BlackRock
In Wealth Management, noted freelance writer Ed McCarthy examines retirement industry developments he believes are worth monitoring, and notes the 9/21/21 news that Vanguard is "teaming up with Retirement Clearinghouse for auto-portability of small balance 401(k) accounts." McCarthy goes on to cite relevant research into cashout leakage, including Vanguard's own How America Saves 2021, and refers readers to an RCH Auto Portability infographic. With Vanguard's announcement coming on the heels of the 2020 announcement from Alight Solutions, McCarthy states that "the Auto Portability program’s potential reach will extend considerably."
Ask an Adviser: How can I best help plan participants who are about to retire?
Writing in Employee Benefit News' Ask An Adviser feature section, RCH President & CEO Spencer Williams responds to advisers who want to know how they can "help plan participants who are nearing retirement prepare for their spend down by gathering all their qualified savings in one place?" Williams suggests that advisers first focus on helping participants identify all of their various retirement savings accounts accumulated over their career, and proceed to utilize their recordkeeper (if their service is unbiased) or refer them to an external service provider who can quickly facilitate the consolidation of balances into their current, active plan.
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