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Retirement Clearinghouse in the News
Find news articles referencing RCH and our services, including RCH Auto Portability
PlanAdviser's Lee Barney reports on the 11/17/20 EBRI webinar (Big Challenges with Small IRAs), which shed light on the growing problem of small balance IRAs, largely fueled by safe harbor IRAs. Presenting EBRI's recent research, Craig Copeland characterized the problem as "very pervasive." Barney quotes RCH's President & CEO Spencer Williams, who cites job-changer and cashout statistics, and points to small balance account issues as the reason that RCH created auto portability, stating: “[t]his is a solution that attempts to take advantage of inertia to create better behaviors and outcomes.”
On Wednesday, 11/4/20 the Broadcast Retirement Network’s Jeff Snyder interviewed Retirement Clearinghouse (RCH) President & CEO Spencer Williams and Alight Solutions’ Vice President & Head of Research Rob Austin to address the 401(k) system’s small account problem – where high levels of cashout leakage in small balance segments perennially robs millions of participants of a timely or comfortable retirement. Snyder walks Williams and Austin through an interesting and informative interview that examines the problem of small-balance cashout leakage, reveals new research insights and highlights the new "automatic" feature -- auto portability -- that delivers an effective solution.
Writing in The Leader's Edge, contributor David Tobenkin examines the latest developments in benefits packages designed to improve the financial well-being of employees. Quoting a host of influential industry voices, Tobenkin cites RCH President & CEO Spencer Williams' efforts in pioneering & offering auto portability to address retirement savings lost during job changes, while acknowledging Alight Solutions for becoming an early adopter of the program. Tobenkin also quotes The RLJ Companies' founder, Chairman and RCH majority owner Robert L. Johnson on the need to help employees save for unexpected financial shocks.
Writing in FoxBusiness.com, RCH President & CEO Spencer Williams offers three important tips for retirement savers to follow, regardless of market conditions. Williams' tips include: 1) consolidating 401(k) savings when changing jobs, 2) keeping mailing addresses current and 3) limiting pre-retirement withdrawals to true financial emergencies. If followed, Williams states that “these tips…will increase your chances of meeting your goals in retirement. Your 70-year-old self will thank you.”
In a podcast with 401k Specialist Editor-in-Chief John Sullivan, former DOL & EBSA Assistant Secretary Preston Rutledge offered his views on a variety of topics, including auto portability, stating: “the guidance on auto portability was a good development. It has the potential to make sure that your 401(k) account makes the move from your old employer to your new employer and it may help find missing participants.”
A feature article in 401k Specialist Magazine by Brian Anderson takes a deep dive into RCH's auto portability program, examining a myriad of key aspects of the "newest automatic feature...poised to alleviate the longstanding problem of cash-out leakage." In the piece, Anderson quotes The RLJ Companies Founder & Chairman Robert L. Johnson, RCH President & CEO Spencer Williams and Alight Solutions' EVP Alison Borland.
In the 1960’s, counter-culture guru Timothy Leary urged a generation to “turn on, tune in and drop out.” If Leary was still around and sponsoring a 401(k) plan, he might urge participants to “save up, move on and cash out.” While that sounds contradictory and profoundly ill-advised, it’s exactly what 5 million job-changing 401(k) participants do in the 1st year following separation. In his latest opinion piece in 401k Specialist Magazine, RCH's Tom Hawkins explores the reasons for so many cashouts, and how – with viable solutions now available – plan sponsors should fully-embrace seamless plan-to-plan portability.
In his latest article for Employee Benefit News, RCH President & CEO Spencer Williams analyzes the phenomenon of low interest rates and its long-term effects on retirement savers. Williams observes that, in a low interest rate environment, more savings are required to generate an equivalent amount of retirement income, so avoiding unnecessary cashout leakage is paramount. To achieve this goal, Williams urges plan sponsors to adopt auto portability, a technology solution that's "available to help sponsors make every dollar count for participants during these extraordinary times."