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Retirement Clearinghouse in the News
Find news articles referencing RCH and our services, including RCH Auto Portability
New EBRI Research, released 1/17/19, reveals a troubling Retirement Savings Shortfall (RSS) that is significantly higher for Generation X women, including both single females and widows, than for their counterparts. However, EBRI also found that auto portability made a "significant dent in these retirement deficits." According to EBRI, with auto portability "we found at least a double-digit percent reduction for all groups with future years of defined contribution plan eligibility, and for those with 21–30 years of eligibility, we found a 21 percent reduction in deficits for single females and a 31 percent reduction for widows."
401(k) Specialist contributor Tom Hawkins examines the official public comments by large, retirement-focused organizations on the proposed RCH Auto Portability Prohibited Transaction Exemption (PTE), which were posted on 1/7/19. Some distinguished retirement industry organizations weighed in, representing a diverse cross-section of stakeholders, including: retirees, women, businesses, plan sponsors, retirement industry professionals, securities firms, banks, and asset management companies. If their feedback is any indication, then auto portability has a bright future.
In his latest article for Employee Benefit News, RCH President & CEO Spencer Williams explains to readers why auto portability could be the missing ingredient in helping employees save for retirement. Using auto enrollment as a prime example, Williams describes how auto portability could become the "bacon" of America's retirement system by improving the system as a whole.
In his ongoing "Barry's Pickings" column for PLANSPONSOR, Michael Barry, president of O3 Plan Advisory Services LLC, gives the U.S. Department of Labor an 'A' for its November 2018 issuance of a proposed Prohibited Transaction Exemption (PTE) and an Advisory Opinion on Auto Portability. Barry adds: "as a long-time advocate of the establishment of a clearinghouse, I view this as very good news."
In an article carried in their WISERWoman Fall 2018 newsletter, the Women's Institute for a Secure Retirement (WISER) spreads the "good news" that the U.S. Department of Labor has issued an Advisory Opinion on auto portability, clearing the path for the automatic transfer of small 401(k) balances of $5,000 or less. The WISER article also notes that women are hard-hit by retirement savings cashout leakage, with 2.4 million women cashing out $28 billion per year from 401(k) plans.
PLANSPONSOR's John Manganaro, in this year-end retrospective, runs down the key regulatory developments affecting plan sponsors in 2018. High on Manganaro's list is the U.S. Department of Labor's November Advisory Opinion on the RCH Auto Portability program, which clarified fiduciary roles under the program.
PlanAdviser identifies the most-impactful 2018 regulatory developments that will affect plan advisers and their clients moving into the New Year. The DOL's November 2018 Advisory Opinion on the RCH Auto Portability program, which clarified fiduciary roles under the program, is high atop the list.
In her 12/27/18 article in Employee Benefit Adviser, contributor Sandy Blair, CalSTRS Director of Retirement Readiness, explains why employees should never cash out of their employer-sponsored defined contribution plan. To make her case, Blair cites research on plan participation, job-changing and cashout leakage from Retirement Clearinghouse, EBRI and the American Benefits Council. For job-changers, Blair believes that the option to "roll their retirement plan assets into the new employer's plan" is "hands down, the best option, as having all an employee's retirement funds in one place makes it easier to track and manage them."