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Retirement Clearinghouse in the News
Find news articles referencing RCH and our services, including Auto Portability
In an opinion piece for 401k Specialist Magazine, RCH's Tom Hawkins offers 401(k) plan sponsors "one simple trick" -- retirement savings portability -- to radically boost their participants' financial wellness. In the article, Hawkins asserts that "adopting a program of retirement savings portability has never been easier" and the measurable benefits accrue not only to participants, but to the plan, to the retirement system, and even to retirement savings public policy initiatives.
On 2/16/21, RLJ Companies Chairman and RCH majority owner Robert L. Johnson appears on CNBC's Squawk Box for a wide-ranging interview. During Q&A with host Joe Kernen, Mr. Johnson addresses his ongoing efforts to promote retirement security for minorities via RCH's auto portability initiative, which he indicates would preserve over $180 billion in retirement savings for Black Americans.
In his latest article in Employee Benefit News, RCH President & CEO Spencer Williams examines the applicability of “nudge theory” by plan sponsors to promote 401(k) account consolidation and to discourage premature cashouts. Nudges, which are “easy and cheap” interventions, could include simple and subtle messages to participants that Williams asserts “can make a big difference to the retirement preparedness, and overall financial health, of their plan participants.”
In their survey Hot Topics in Retirement and Financial Wellbeing 2021, Alight Solutions finds that "the majority of employers are interested in a clearinghouse service that will automatically roll balances from one employer’s DC plan to another employer’s plan when individuals change jobs."
Writing in 401k Specialist, Tom Hawkins reveals RCH's new missing participant study, Improving the Effectiveness of Electronic Missing Participant Searches, which comes on the heels of Department of Labor (DOL) guidance and is highly-useful for plan sponsors who utilize electronic searches, or “e-Searches” as they are referenced in the study.
Journalist Cameron Huddleston turns to RCH's Neal Ringquist for tips on ways that Baby Boomers can catch up on retirement savings. Ringquist advises Boomers to leverage their retirement savings accounts in order to accumulate savings, as well as to efficiently manage their tax burdens.
EBN: How sponsors can facilitate better retirement participant outcomes and improve plan metrics in 2021
In his opinion piece for Employee Benefit News, RCH President & CEO Spencer Williams offers 401(k) plan sponsors two New Year's resolutions that could improve participant outcomes and boost plan metrics. Specifically, Williams suggests that plan sponsors 1) implement a robust missing participant search program and 2) eliminate the practice of automatic cash-outs. Fortunately, adds Williams, both of these resolutions can be achieved when plan sponsors embrace an auto portability program.
NWPS, a service provider for benefit plan sponsors, addresses the trend towards consolidation in the recordkeeping industry, and offers their reaction to the antithetical notion that the goal of consolidation is to "monetize the participants." The NWPS article goes on to chronicle the major, participant-centric advances that have propelled the industry forward, and includes auto portability in their short list.