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Retirement Clearinghouse in the News
Find news articles referencing RCH and our services, including Auto Portability
A Brief History of 401k Auto Portability (and Why it Matters)
Auto portability is a new “automatic” plan feature rapidly gaining acceptance by large defined contribution recordkeepers. While the feature is relatively new, it’s tempting to view auto portability as an “overnight success.” In fact, auto portability has been a long time in the making. In his latest article in 401k Specialist, RCH's Tom Hawkins examines a “brief history” of auto portability, including an embedded video featured on YouTube.
Tax credits would help narrow wealth disparities and bolster retirement savings
Writing in Employee Benefit News, RCH President & CEO Spencer Williams examines pending retirement savings legislation, and focuses upon the benefits of a refundable saver's credit, which would be directly deposited into taxpayers' 401(k) and IRA accounts. Taking his analysis a step further, Williams considers the infrastructure required to transfer these funds to savers, and identifies considerable synergies with the existing technology that supports auto portability.
4 Reasons Why 401k Auto Portability Can’t Wait
Writing in 401k Specialist Magazine, RCH's Tom Hawkins makes the case that auto portability can wait no longer and cites four key reasons that the new "automatic" feature should be adopted. Hawkins' key reasons include: 1) cashout leakage isn't waiting, 2) the "Great Resignation" is accelerating, 3) policy initiatives that expand access to workplace retirement plans require auto portability to realize their intended benefits, and 4) auto portability is here, now and working.
Graff’s Path: The ARA CEO on Bipartisanship, the Coverage Gap and What’s Next for the Organization
To mark the 25th anniversary of his tenure, Brian Graff, CEO of the prestigious American Retirement Association (ARA) sat down with 401k Specialist Editor-in-Chief John Sullivan to discuss a range of topics, including the organization's history of effectively influencing retirement legislation. During the interview, the pair turned to the important topic of addressing 401(k) cashout leakage, where Graff voiced his clear view that auto portability represents the best approach to solving the problem.
Exclusive Interview: Spencer Williams Says Post Separation Leakage “A Huge Problem”
Fiduciary News' Chris Carosa conducts a wide-ranging interview of RCH President & CEO Spencer Williams, gaining Williams' insights on America's 401(k) system, including how he is solving the problem of 401(k) cashout leakage via the RCH Auto Portability program. In the interview, Carosa covers a range of topics, including Williams' background and formative career experiences, the state of the 401(k) system, and of course, specifics about the RCH Auto Portability program and how it will have a positive impact on participants, plan sponsors and providers.
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2 years after its first TV ad, Vanguard's new campaign touts a 'Wonderful World' for investors
The Philadelphia Business Journal's Jeff Blumenthal reports on Vanguard's new television advertising campaign, called "The Value of Ownership" and featuring Vanguard fund investor/owners building their futures, and designed "to celebrate the benefits of its unique corporate structure which makes clients, owners." Blumenthal also notes recent Vanguard Group developments leading up to the advertising campaign, including news that Vanguard "planned to partner with fintech Retirement Clearinghouse to introduce an auto-portability service that allows 401(k) participants to move their account from their old job a new employer's plan automatically."
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Near Retirement Employees Need Account Consolidation Assistance
Writing for 401kTV.com, Steff Chalk, Executive Director of The Retirement Advisor University (TRAU), notes the dilemma facing Baby Boomers -- how can they "be helped to consolidate their savings all in one place to prepare to spend down those assets in retirement?" To help solve this conundrum, Chalk refers to a recent article in Employee Benefit News authored by RCH President & CEO Spencer Williams, and includes Williams' tips for advisers to help participants get savings consolidated, including the use of an external service. Chalk also cites the 2015 study on mobile workforce behaviors, which found that 93% of participants surveyed considered roll-in assistance to be a “good” or “valuable” benefit.
EDITORIAL: Scott plan can help retirees, fill positions
An editorial piece in the Times and Democrat (Orangeburg, SC) opines on the plan recently announced by U.S. Senator Tim Scott (R-SC), to address gaps in the retirement savings system. Scott, who himself has 25 years of professional experience in the insurance and financial services industry, sets forth a series of proposals in his report, which include "codifying auto-portability regulations to prevent leakage." The piece quotes Scott as saying he looks forward "to discussing the reforms and more so we can ensure that all Americans have the tools necessary to retire with dignity and independence during their golden years.”