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Retirement Clearinghouse in the News
Find news articles referencing RCH and our services, including RCH Auto Portability
In her 12/4/18 article in MarketWatch, noted economist and retirement researcher Alicia H. Munnell applauds the Department of Labor's favorable actions toward the RCH auto portability program. Munnell highlights the dilemma facing millions of Americans each year, who leave their jobs and cash out their retirement savings, and cites the ongoing efforts by RCH's Spencer Williams and Tom Johnson in crafting the solution, auto portability. Munnell aptly characterizes auto portability's recent progress as being "so lovely to see a win for the 401(k) system."
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Forbes contributor Christian Weller, a professor of public policy at the University of Massachusetts Boston and a senior fellow at the Center for American Progress, links the trend of increased job-changing in a strong labor market to the challenges of moving retirement savings forward. Acknowledging the inherent difficulties in managing multiple accounts and the hazards of cashing out, Weller points to the RCH auto portability program as a highly-positive development, stating that "the approach appears successful in reducing leakage and increasing workers’ retirement account balances."
Arris Reddick Murphy, Contributing Editor to HR Daily Advisor, and senior counsel with FedEx Corp.’s Tax & Employee Benefits Law group, examines the potential impact of the Department of Labor's recent actions towards RCH's auto portability program. Murphy outlines the strategic benefits for plan sponsors who participate in the auto portability program, including a reduction in small accounts, missing participants and uncashed checks. Murphy also points out the importance of participation of both plan sponsors and service providers, stepping through various aspects of the program, while offering planning tips for participating plan sponsors.
ASPPA Net's John Iekel examines the recent column by J. Mark Iwry, former Senior Advisor to the Secretary of the Treasury, which addresses the recent actions by the DOL in support of the RCH auto portability program. Iwry, says Iekel, offers a unique perspective, having been a long-time proponent of retirement savings portability, and also having witnessed firsthand the difficulties in moving portability policy initiatives forward.
El Paso Times guest columnist Ed Shugert makes the case for retirement savers staying invested in the market over the long-term, while citing RCH research data. Shugert shares his personal experiences with long-term investing and in moving his retirement savings forward following a career move, and shares RCH's figures on annual job-changing and cashouts.
The 401kWire's Neil Anderson takes the pulse of some key retirement industry figures in his 11/26/18 piece "What to Make of Auto-Portability." Quoting Lew Minsky (DCIIA), Steve Saxon (Groom Law), Lynn Dudley (American Benefits Council) and Tim Rouse (Spark Institute), the consensus is that auto-portability, as well as the DOL's recent actions, represent positive developments for the retirement industry. Finally, Anderson speaks with RCH President & CEO Spencer Williams, who discusses his going-forward initiative to ramp up outreach to recordkeepers.
On 11/25/18, Forbes contributor Robert C. Lawton provides readers with a list of the "11 most significant 401(k) plan misconceptions." In misconception #3, titled "Rolling a 401(k) account into an IRA is a good idea" - Lawton suggests that, for many, rolling over a 401(k) to an IRA may not be in their favor. When it comes to small-balance job-changers, Lawton cites the DOL's recent actions on auto portability, stating that "the Department of Labor agrees, as shown in its recent auto portability proposal."
Following the U.S. Department of Labor's actions on auto portability, PlanAdviser seeks input from industry stakeholders affected by the program, including Callan's Jana Steele, J.P. Morgan's Anne Lester and the Wagner Law Group. J.P. Morgan's Steele, the article states, believes that "auto-portability is the next natural extension of plan design innovations from the past decade, including auto-enrollment, auto-escalation, and auto-investment allocation via target-date funds and managed accounts."