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Retirement Clearinghouse in the News
Find news articles referencing RCH and our services, including RCH Auto Portability
Alight Solutions, a leader in defined contribution plan services, released a new study that addresses the problem of small-balance 401(k) cashouts. The study, The impact of 401(k) cash-outs on retirement income, examines the very high prevalence of small-balance 401(k) cashouts, the low incidence of 401(k) roll-ins and provides illustrations that depict the importance of preserving these small balances for retirement. Finally, the study points to RCH Auto Portability as an important "emerging new tool" in the fight against cashouts, for which Alight is "pleased to be an early adopter."
In his opinion piece in 401k Specialist Magazine, RCH's Tom Hawkins examines EBRI's 10/1/20 Fast Facts - Losing Ground Safely: Small IRAs’ Large Stake in Money - which provides new insight into the magnitude of a small-balance IRA “explosion” fueled by automatic rollovers, as well as the sub-optimal retirement outcomes they produce. EBRI's new information provides yet another data point in favor of 401(k) consolidation via auto portability and could serve to inform future regulatory guidance by expanding auto portability’s mandate to consolidate these previously “stranded” safe harbor IRAs back into our 401(k) system.
Writing in The Leader's Edge, David Tobenkin examines how employee benefits need to do more to help racial minorities gain traction in saving for their retirement. Tobenkin extensively quotes Robert L. Johnson, founder & Chairman of The RLJ Companies and majority owner of RCH. Tobenkin then turns to RCH's founder, President & CEO Spencer Williams, citing the racial disparities in 401(k) cashout statistics and profiling the RCH Auto Portability program, which was recently adopted by Alight Solutions.
In his latest article in 401k Specialist Magazine, RCH's Tom Hawkins walks readers through a "roadmap" for the progression of 401(k) roll-ins from ‘tired’ to ‘wired’ and finally, to the ‘inspired’ state that will eventually characterize 401(k) plan-to-plan portability. The article also includes a video providing viewers with the essential points made in the piece.
Writing in 401k Specialist, RCH's Tom Hawkins examines the vital importance of automation in transforming 401(k) portability from an impractical “great idea” into a reality – and not just for small-balance participants, but eventually for the entire 401(k) ecosystem – including participants, plan sponsors and their service providers.
Writing in Employee Benefit News, Arizent's Walden Siew examines the 'long haul' effects of the COVID-19 pandemic, and turns to RCH's President & CEO Spencer Williams to assess the impact of the virus on the state of retirement in America. Referring to his earlier article in EBN, Siew paraphrases Williams, stating that Americans are "facing another economic crisis that is sure to hurt financial security during retirement."
Writing in Forbes, personal finance contributor John F. Wasik addresses the need for participant caution when taking coronavirus-related distributions (CRDs) under provisions of the CARES Act. Wasik urges those taking CRDs to "get back on track" to maintain a robust retirement plan, and quotes RCH EVP Neal Ringquist's recent article in PLANSPONSOR to highlight his point.
In his latest opinion piece in 401(k) Specialist, RCH’s Tom Hawkins draws attention to the coming surge in COVID-19 related terminating 401(k) plans, which Hawkins predicts could result in a new wave of cashout leakage. Participants of these terminating plans, when given an ultimatum to act, will cash out far too often, unless they are provided with sufficient education and consolidation assistance. In their final act of fiduciary responsibility, Hawkins urges sponsors of terminating plans to insist on these measures to stem unnecessary cashout leakage and to protect their participants’ retirement security.