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Retirement Clearinghouse in the News
Find news articles referencing RCH and our services, including RCH Auto Portability
The Important Task of Determining Participants’ Life Status
Determining retirement plan participants’ life status is an important, albeit uncomfortable task for plan sponsors. The cost of not knowing participants’ life status, or worse, in getting it wrong – can be significant – for the participants, for their beneficiaries and for the plan itself. RCH's Tom Hawkins, writing in 401k Specialist, examines the challenges facing plan sponsors in determining life status and identifies three proactive strategies for timely and accurate monitoring of changes.
Advances in Automatic Portability for Retirement Plan Balances
The PNC Insights blog examines the latest advances in auto portability, including recent developments associated with the Portability Services Network (PSN) and enactment of SECURE 2.0 provisions that "pave the way for retirement plans and recordkeepers to offer automatic portability provisions for amounts transferred to a default IRA." The piece quotes Dave Gray, Head of Workplace Retirement Offerings and Platforms at Fidelity and PSN Board Member.
Empower joins group providing portability of retirement savings
InvestmentNews reports on the 2/13/23 announcement from Empower that they are "joining the Portability Services Network, a group of record keepers, including Alight, Fidelity and Vanguard, working to promote auto-portability of defined-contribution plan assets." The piece cites EBRI data on cashout leakage and quotes Robert L. Johnson, chairman of the Portability Services Network and the Retirement Clearinghouse (RCH).
Bridging the Racial Retirement Gap: A Conversation With Spencer Williams
PLANADVISER's Alex Ortolani caught up with RCH and PSN President & CEO Spencer Williams for an update on how Williams believes auto-portability will help bridge the racial retirement gap in the U.S., along with the challenges still ahead to meet that goal. Ortolani chronicles the history of Williams' relationship with entrepreneur and business executive Bob Johnson, a partnership that first began in 2007, when Johnson tapped Williams to lead RolloverSystems -- eventually re-branded as Retirement Clearinghouse. Williams recounts milestones along the path, and provides Ortolani with insight into recent developments.
Auto Portability Consortium Adds Empower
401k Specialist Editor-in-Chief Brian Anderson writes that "[t]he fledgling Portability Services Network added another major recordkeeper this week with the news that Empower has joined the consortium in an effort to help accelerate the nationwide adoption of auto-portability with 401(k) accounts." Anderson notes that "adding Empower will bring approximately 17 million more retirement plan participants in more than 70,000 plans" to PSN, and quotes Empower President & CEO Edmund F. Murphy III and Robert L. Johnson, Chairman of The RLJ Companies and Chairman of Portability Services Network and Retirement Clearinghouse.
A $1.2T-AUA RKer Buys into PSN
The 401kWire's Neil Anderson reports on the 2/13/23 announcement from Empower that they are "buying into a new retirement plan industry consortium that focuses on auto-portability" and "boosts PSN to four recordkeepers with 56 million participants, which is more than half of all DC participants." RCH and PSN President & CEO Spencer Williams tells Anderson "it takes critical mass to a new level, we're very happy to have them on board." Looking ahead, Williams notes that PSN is "filling out those board seats nicely. It's a near certainty that our remaining two seats will be filled by our March 31 deadline.
Auto Portability Consortium Picks up Steam with Newest Member
NAPA Net's Ted Godbout writes about the 2/13/23 announcement from Colorado-based giant Empower that they "will join forces with the Retirement Clearinghouse (RCH), along with Vanguard, Fidelity and Alight, as part of the PSN to accelerate the nationwide adoption of auto-portability to help more American workers improve their retirement outcomes." Godbout highlights statements in the announcement from Empower's Edmund F. Murphy III, RCH-PSN Board Chairman Robert L. Johnson, and RCH-PSN President & CEO Spencer Williams.
The 10 Most Impactful People in the 401(k) Industry
Writing in WealthManagement.com, Fred Barstein, founder & CEO of the The Retirement Advisor University, runs down the list of the 10 "most impactful" people in the 401(k) industry. Spencer Williams, RCH and PSN President & CEO, makes Barstein's short list of "people to watch" -- a designation which follows on the heels of Williams' January 2023 recognition by 401kWire readers as the 13th most influential person in the retirement industry.