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Retirement Clearinghouse in the News
Find news articles referencing RCH and our services, including RCH Auto Portability
Writing in Employee Benefit News, RCH President & CEO Spencer Williams addresses the urgent need to mitigate the impact of COVID-19 on Americans' retirement readiness. Williams observes that the surge in pandemic-driven unemployment, the relaxed restrictions on withdrawals, along with a pre-existing propensity to cash out -- spells trouble for retirement security. To help address the growing threat, Williams urges sponsors and recordkeepers to adopt auto portability, which he states will "discourage participants from cashing out, but also eliminate the need for automatic cash-outs."
Amanda Umpierrez, writing for PLANSPONSOR, examines the issue of retirement savings withdrawals occurring in the wake of the COVID-19 pandemic and under the framework created by the CARES Act. In her piece, Umpierrez cites concerns expressed by RCH EVP Neal Ringquist, who, in an earlier PLANSPONSOR opinion piece, had argued that, wherever possible, "short-term needs shouldn’t take charge over long-term planning." That concern, says Umpierrez, is now being echoed by other industry experts, including the Pension Research Council of the Wharton School at the University of Pennsylvania.
Writing in 401k Specialist, Tom Hawkins establishes a strong link between the phenomenon of ‘sudden money’ – where a financial windfall can result in ruinous decisions – and the problem of unnecessary 401(k) cashout leakage. 401(k) plan features that encourage active plan participants to amass long-term retirement savings are a big success, but fail following a job change, when separated participants view their former employer’s balance as a financial windfall. To address the scourge of sudden money and its attendant cashout leakage, Hawkins examines 3 ‘faux’ solutions that fall short, and recommends the application of clearinghouse principles to effectively solve the problem.
Local media outlet The Charlotte Weekly covers the news that Retirement Clearinghouse (RCH) will be adding 300 new employees and investing more than $4 million to expand its headquarters in Charlotte. The piece quotes RCH President & CEO Spencer Williams, who states “[w]e are proud to continue our growth right here in Mecklenburg County, where our company was founded.” Charlotte's Mayor Vi Lyles goes on the record to state: “Retirement Clearinghouse LLC provides a vital service for retirement planning and I know it will fit in well with business development initiatives in Steele Creek and south Charlotte.”
In their "Five Things to Know" weekly update, the Queen City Nerve reports on the news that RCH will be "adding 300 new employees and investing more than $4 million to expand their headquarters and corporate office in Charlotte." The segment also mentions RCH new office in the Ayrsley development in the Steele Creek community, and references the market potential of auto portability, estimated by EBRI to generate an additional $2 trillion in retirement savings.
Ignites reporter Beagan Wilcox-Volz examines in-depth the Tuesday, 8/11 announcement that Retirement Clearinghouse plans to add 300 employees to its Charlotte headquarters by 2026. Citing information provided by RCH President & CEO Spencer Williams, Wilcox-Volz links the expansion to the planned, nationwide roll-out of auto portability, to the firm's work with Alight Solutions and to the expectation that additional recordkeepers will sign up for the new technology.
In his 8/11/20 article in 401k Specialist, RCH’s Tom Hawkins characterizes the phenomenon of cashout leakage as a “tragicomedy” – incorporating aspects of both a tragedy and a comedy, but ultimately delivering a happy ending. While cashout leakage represents an ongoing tragedy, the term itself is goofy, and tough to take seriously, asserts Hawkins. However, recent events indicate that the widespread adoption of auto portability will finally deliver a happy ending to the problem.
NC Governor Roy Cooper, through his official website, announces that "Retirement Clearinghouse, LLC (RCH), a leading national name in retirement plan services, will create 300 new jobs in Mecklenburg County." Gov. Cooper went on to state “North Carolina continues to attract innovative technology companies like Retirement Clearinghouse" adding "[t]his Mecklenburg County expansion highlights the region and how its talented workforce can help tech companies reach their business goals.”