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Retirement Clearinghouse in the News
Find news articles referencing RCH and our services, including RCH Auto Portability
On Monday, 11/5/18, The 401kWire's article "$4B and 155,000 Accounts Later" covers RCH's announcement (see RCH Press Release from 10/30/18) on crossing the $4 billion milestone for retirement assets consolidated. RCH CEO Spencer Williams and EVP Neal Ringquist are both quoted in the piece, which also addresses the critical role of auto portability in consolidating small-balance accounts, noting its initial implementation in July 2017.
In their 11/1/18 article, the Editorial Staff of the Retirement Income Journal covers the 10/30/18 announcement that Retirement Clearinghouse (RCH) has surpassed $4 billion in account consolidations. The article breaks down the various components of account consolidations, including assisted rollovers and roll-ins, as well as noting RCH's recent success with automatic roll-ins, a fundamental component of RCH Auto Portability.
RCH EVP Neal Ringquist provides journalist Cameron Huddleston with tips for ways that Baby Boomers can catch up on retirement savings. Ringquist suggests that Boomers leverage their retirement savings accounts in order to accumulate savings, as well as to manage tax burdens.
In the August/September 2018 print edition of PLANSPONSOR, Editor-in-Chief Allison Cooke Mintzer addresses the problem of 401(k) cashouts, highlighting the need for consolidation via auto portability in her Insights column piece entitled "Making the Most of Savings: Is your plan designed to allow for employees to roll in their assets from a former plan?" Cooke Mintzer suggests to her plan sponsor audience that helping participants aggregate assets should "be near the top of your priority list, alongside the recent industry focus on financial wellness and debt management." Cooke Mintzer also cites statistics provided by RCH CEO Spencer Williams, noting the dramatic decrease in cashouts that occurs as balance levels rise above $20,000.
In their October 11, 2018 article in BenefitsPRO, RCH's Spencer Williams and Tom Hawkins address an important retirement public policy question: How would a pairing of auto portability with open multiple employer plans (or “open MEPs”) impact the retirement savings of America’s minorities, and particularly, African-Americans? The RCH analysis found that expanded access initiatives, such as open MEPs, could serve as a catalyst to increase minority participation in employer-sponsored 401(k) plans, but could fall short in preserving minorities' retirement savings. When combined with auto portability, open MEPs could generate far more wealth at retirement, and deliver greater retirement security for minorities.
In her October 10th, 2018 article "Don't Let a 'Leaky' 401(k) Mess Up Your Retirement" Barron's reporter Reshma Kapadia examines the problem of 401(k) cashout leakage. Kapadia cites recent research by Retirement Clearinghouse, which explores the impact on minority savers of pairing savings preservation (via auto portability) with the open MEPs expanded access initiative.
On 10/5/18, NAPA Net released the results of a reader poll, asking NAPA Net readers to identify the "next big things" in 2019. Auto Portability came in #7 on the list, ahead of perennial favorites such as "behavioral finance techniques" and "financial wellness." #1 on the list were multiple employer plans, or "open MEPs" - which was cited by 56% of respondents.
PLANSPONSOR's Lee Barney addresses new research released by EBRI, which models the effects of the Automatic Retirement Plan Act of 2017 (ARPA), and then combines ARPA with auto portability. The EBRI research reveals that if ARPA were to be combined with auto portability, the retirement savings shortfall (RSS) would dramatically reduce the $4.3 trillion deficit by $932 billion, or 22.6%.