News

Retirement Clearinghouse to expand HQ in Charlotte, adding 300 jobs

WRAL TechWire staff report on today's announcement that "fintech firm Retirement Clearinghouse is expanding its headquarters in Charlotte." The piece identifies the investment of $4.1 million required to add 300 new jobs to the local economy, with an average wage of "around $66,000." It also references state estimates that the project will generate an annual payroll impact of more than $19 million for the region, and over the course of 12 years, will grow the state's GDP by more than $672 million.

Fintech firm to add 300 jobs in Charlotte as part of $4.1M expansion

Charlotte broadcaster WSOC reports on the news that Retirement Clearinghouse (RCH) has plans to significantly expand its presence in the area, adding 300 jobs and investing $4.1 million. The report also states that the jobs will be added over five years, between 2021 and 2025.

Charlotte retirement firm to expand, add 300 jobs for $3.7 million in incentives

The Charlotte Observer's Austin Weinstein reports on today's news release that Charlotte firm Retirement Clearinghouse (RCH) will expand its Charlotte-Mecklenburg presence, adding 300 additional jobs over five years, and spending $4.1 million to expand its headquarters. Charlotte won out, states Weinstein, due in part to a $3.3 million grant from the state's economic investment committee, approved today.

Also featured in Raleigh's The News & Observer

Financial Technology Company to Expand Headquarters, Adding 300 Jobs in Mecklenburg County

A press release today by the North Carolina Office of the Governor announced that Retirement Clearinghouse (RCH) will expand and relocate within the Charlotte NC area, creating an additional 300 jobs over a five-year period. The release quoted NC Governor Roy Cooper, RCH President & CEO Spencer Williams and NC Commerce Secretary Anthony Copeland, all of whom focused on the positive state and local impacts of the decision. The release also detailed the terms of a Job Development Investment Grant (JDIG), which was approved by the state's Economic Investment Committee earlier in the day.

Retirement Clearinghouse to add 300 jobs in Charlotte as part of $4.1M HQ expansion

Charlotte Business Journal Real Estate Editor Ashley Fahey reports breaking news that Retirement Clearinghouse (RCH) will be relocating its Charlotte, NC headquarters in anticipation of a significant expansion to its business, including the addition of 300 jobs over a five-year period. Fahey reports that RCH considered offers from two SC counties, but opted for a new Charlotte location instead, which included NC Jobs Development Grant eligibility of $3.3 million, along with additional incentives from the City of Charlotte and the state community college system.

Auto portability clearing the way for adoption

Writing in Pensions & Investments, Alight EVP Alison Borland articulates her strong advocacy of auto portability, which she describes as the "brainchild of Retirement Clearinghouse." Addressing the most important factors that influenced Alight Solutions’ decision to become a market leader in embracing the new plan feature, Borland cites auto portability’s benefits to the broader retirement ecosystem, while imploring her audience to join her firm in going "all-in on auto portability.”

NAPA Net Suggests RCH's Potential Role as Trusted Third Party

In his 7/30/20 column, NAPA Net's Nevin Adams reports on the terms of a possible settlement of the Princeton 403(b) excessive fee suit, suggesting that RCH could have a role as a trusted third party. Adams writes "for the members of the Settlement Class who no longer have an account in the plans as of the time of distribution, the distribution will be made via a tax-qualified distribution process, which will transfer those funds to Retirement Clearinghouse LLC — to be deposited into safe-harbor automatic rollover individual retirement accounts." In a footnote to the article, Adams also mentions RCH's "pioneering auto-portability program....recently adopted by Alight."

FA Notes from the Publisher Mentions Alight-RCH Announcement

In her Tuesday update, Financial Advisor Magazine Publisher Cindy Taylor recaps the latest, hot topics covered by their reporters. In the update, Taylor singles out the efforts of FA Senior Editor Christopher Robbins, whose recent focus on fintech stories included filing a "piece looking at a new automated 401(k) program from Alight Solutions & Retirement Clearinghouse."