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Retirement Clearinghouse in the News
Find news articles referencing RCH and our services, including Auto Portability
Near Retirement Employees Need Account Consolidation Assistance
Writing for 401kTV.com, Steff Chalk, Executive Director of The Retirement Advisor University (TRAU), notes the dilemma facing Baby Boomers -- how can they "be helped to consolidate their savings all in one place to prepare to spend down those assets in retirement?" To help solve this conundrum, Chalk refers to a recent article in Employee Benefit News authored by RCH President & CEO Spencer Williams, and includes Williams' tips for advisers to help participants get savings consolidated, including the use of an external service. Chalk also cites the 2015 study on mobile workforce behaviors, which found that 93% of participants surveyed considered roll-in assistance to be a “good” or “valuable” benefit.
EDITORIAL: Scott plan can help retirees, fill positions
An editorial piece in the Times and Democrat (Orangeburg, SC) opines on the plan recently announced by U.S. Senator Tim Scott (R-SC), to address gaps in the retirement savings system. Scott, who himself has 25 years of professional experience in the insurance and financial services industry, sets forth a series of proposals in his report, which include "codifying auto-portability regulations to prevent leakage." The piece quotes Scott as saying he looks forward "to discussing the reforms and more so we can ensure that all Americans have the tools necessary to retire with dignity and independence during their golden years.”
Senator Collins Examines Ways to Strengthen Americans’ Retirement Security
Writing for the News Room of her official website, Sen. Susan Collins (R-ME) highlights some of the key policy issues of concern raised during a 10/28/21 hearing conducted by the U.S. Senate Special Committee on Aging. Collins points to her past initiatives to increase retirement savings via legislation she has co-sponsored (SECURE 2019), and looks ahead at the SIMPLE Plan Modernization Act, legislation she's co-sponsored in April with Senator Mark Warner (D-VA). During the hearing, Collins asked RCH President & CEO Spencer Williams about the proposed legislation's benefits, and Williams indicates affirmatively that "harmonization" of contribution levels could deliver significant benefits.
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.
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