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Retirement Clearinghouse in the News
Find news articles referencing RCH and our services, including RCH Auto Portability
In her Tuesday update, Financial Advisor Magazine Publisher Cindy Taylor recaps the latest, hot topics covered by their reporters. In the update, Taylor singles out the efforts of FA Senior Editor Christopher Robbins, whose recent focus on fintech stories included filing a "piece looking at a new automated 401(k) program from Alight Solutions & Retirement Clearinghouse."
Writing in 401k Specialist, RCH’s Tom Hawkins foresees the emergence of a COVID-19 retirement savings gap, driven by unprecedented levels of terminated participants and relaxed penalties on withdrawals. To address the problem, Hawkins calls upon the private sector to embrace solutions such as auto portability -- that will begin to close the gap, stem unnecessary cashout leakage and deliver ongoing benefits that will extend well beyond the current crisis.
In his 7/23/20 piece for 401kTV, Managing Editor Steff Chalk examines financial wellness programs in light of the COVID-19 pandemic. Chalk states that "the pandemic has wrapped financial wellness benefit programs in a shroud of reality" and that quantifying their results is now more important than ever. For a dose of reality, Chalk turns to RCH President & CEO Spencer Williams, extensively citing his 1/20/20 article in Employee Benefit News. In that article, Williams makes a strong case for auto portability "as a solution to the financial wellness ROI conundrum for employers."
Reporting on Alight Solutions' 7/14/20 announcement that they will offer RCH Auto Portability to their DC recordkeeping clients, The 401kWire's Lauren Corradi interviews RCH President & CEO Spencer Williams to gain more insight. Williams states that "Alight's adoption sends an 'all clear' signal to all plan sponsors that RCH Auto Portability is a legitimate and beneficial service for their participants." In her piece, Corradi also quotes Alight's EVP Alison Borland.
Lifehacker's Kate Dore reports on the nationwide launch of RCH Auto Portability, announced on 7/14/20, from the perspective of job-changing participants, whose transition could improve with the advent of the new plan feature. Dore references cashout leakage research by EBRI and Alight, and views the launch of auto portability as a positive development for plan participants.
Financial Advisor Magazine's Christopher Robbins reports on the official launch of the RCH Auto Portability program, informing readers about the 7/14/20 announcement by Alight Solutions that they'll offer the service to their defined contribution (DC) recordkeeping clientele. Robbins adds: "now retirement plan participants have a streamlined method to move balances from one 401(k) to another."
P&I's Washington reporter Brian Croce addresses the 7/14/20 announcement that Alight Solutions will be offering the RCH Auto Portability program to its defined contribution client base, kick-starting the nationwide adoption of the program. Croce quotes Alight EVP Alison Borland and RCH President & CEO Spencer Williams, and references earlier DOL regulation that was required to bring the launch to fruition.