Retirement Clearinghouse in the News

Find news articles referencing RCH and our services, including Auto Portability


Dec
23
2023

Your Old 401(k): Out of Sight, Out of Mind and Out of Money

Journalist Brian J. O'Connor, writing in the New York Times, highlights the problems faced by job-changing 401(k) participants who leave behind small balances with their former employers, where they can be subject to their mandatory distribution provisions. O'Connor turns to RCH President & CEO Spencer Williams, who sets the system-wide value of lost savings at $1.5 trillion. The piece also mentions the formation of the Portability Services Network, a "voluntary network includes Alight Solutions, Empower, Fidelity Investments, Principal, TIAA and Vanguard and uses technology from Retirement Clearinghouse."

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Also featured in Yahoo News, ZeroHedge, and BNN Breaking

Dec
15
2023

Episode 59: Auto-Portability with Neal Ringquist

RCH Executive Vice President & Chief Revenue Officer Neal Ringquist joins hosts Jennifer Doss and Audrey Wheat on CAPTRUST's Revamping Retirement podcast, which aired on 12/15/23. In the podcast's discussion on auto-portability, Ringquist emphasizes the advantages and benefits of auto-portability for both the participant and the plan sponsor. These benefits include: increased average account balances, reduced administrative hassles associated with managing multiple accounts, reduced cash-out leakage (especially for individuals with lower incomes) and improved retirement outcomes for participants.

Dec
11
2023

Auto Portability: It’s All About the Participants

Writing in 401k Specialist, RCH's Tom Hawkins reminds readers what auto portability is all about -- improving the retirement security of marginalized defined contribution participants. These participants -- comprised largely of minorities, women, younger and lower-income participants -- not only need auto portability the most, but there's solid evidence that they want it as well. To support his claim, Hawkins cites three highly-regarded surveys that have found a strong participant preference for auto portability and for consolidating small balances within the defined contribution system, and believes that recent developments will "augur well for Americans’ retirement security."

Dec
08
2023

DOL Drops Off Proposed Auto-Portability Exemption at OMB

NAPA Net's Ted Godbout, covering DC's retirement regulatory agency activity, reports forward progress towards the public release of guidance for auto portability, as called for in SECURE 2.0 Act provisions. On December 5th, Godbout reports that the DOL submitted the proposed guidance to the White House Office of Management and Budget for their review. Godbout further observes that "the proposal will now undergo a review at OMB before being released for a public comment period, which shows a target release date of December 2023."

Also featured in ASPPA Net

Nov
27
2023

What’s on Tap for the Next Retirement Plan Policy Bill?

Andrew Remo, the American Retirement Association's (ARA) Director of Federal & State Legislative Affairs, summarizes the ARA's positions on key legislative matters following SECURE 2.0, and contemplates future, "new bipartisan proposals for consideration in the next round of retirement plan policymaking." While Remo addresses multiple legislative initiatives, he identifies Roth IRA rollovers as ARA's top priority. Because workers are currently prohibited from rolling Roth IRA savings into a workplace-based retirement savings plan, Remo believes that legislation removing this limitation could lead to more-effective operation of auto portability, which would facilitate automatic consolidation of these Roth IRA balances into a current-employer's workplace plan, while minimizing duplicative fees.

Also featured in ASPPA Net

Nov
15
2023

401(k) Real Talk Episode 85: November 15, 2023

Fred Barstein, founder and CEO of The Retirement Adviser University, anchors his ongoing Wealth Management RPA Edge / 401(k) Real Talk video series, and discusses the 11/7/23 launch of auto portability services via the Portability Services Network (PSN). In his comments, Barstein notes the greater, longer-term potential of the PSN network to facilitate portability and to promote financial wellness, stating: “the initial launch, facilitated by the Retirement Clearinghouse is a great beginning – not just for the Portability Services Network, but for the entire DC industry.” Barstein’s commentary on PSN begins at the 3:00 mark.

Nov
10
2023

Auto-Portability: A New Way to Keep Retirement Savings Growing

On this episode of Williams Mullen's Benefits Companion podcast, host Brydon DeWitt is joined by Beryl Ball, principal financial advisor at CAPTRUST, who offers insight on auto portability, as offered via the Portability Services Network (PSN). As the pair discuss, auto portability addresses the growing problem of 401(k) and other retirement plan participants who change jobs and lose track of their benefits or lose money by cashing them out early.

Nov
09
2023

Portability Services Network Launches Solution to Reduce Plan Leakage

401k Specialist's Amanda Umpierrez reports on the 11/7/23 announcement from the Portability Services Network (PSN), signaling that the network's auto portability solution is operational and that member recordkeepers will commence rolling out the service to their plan sponsor clients. Umpierrez quotes Retirement Clearinghouse (RCH) and PSN Chairman Robert L. Johnson, who states: "[t]he Portability Services Network is poised to deliver on its core mission to stem the cash-out crisis that harms Black and other under-served and under-saved low-wage workers" including preserving $619 billion in retirement savings for low-wage Black workers and minority communities over the next generation. Johnson also notes the "great interest" expressed thus far by employer plan sponsors.

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