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Retirement Clearinghouse in the News
Find news articles referencing RCH and our services, including Auto Portability
Auto-portability: A way to address 401(k) leakage
In his 3/22/19 article in BenefitsPRO, Pentegra's RIchard Rausser advocates for auto portability as a means to address the serious problem of "leakage" from the 401(k) retirement system. Rausser's article first looks to research from the Center for Retirement Research (CRR) and the Government Accountability Office (GAO) to underscore the dimensions of the leakage problem, and goes on to cite EBRI research that demonstrates the positive impact of auto portability. Rausser concludes by referencing the DOL's November 2018 actions on RCH's auto portability program, including the pending prohibited transaction exemption, stating that "others in the industry are strongly in favor of auto-portability."
How Auto Portability Serves the Best Interest of 401k Participants-Part 1
In his five-part series in 401kSpecialist, RCH's Tom Hawkins identifies five key reasons why an auto portability program serves the best interests of plan participants. Part 1 of the series examines the dramatically improved participant outcomes that result from a program of auto portability. Those outcomes, Hawkins contends, demonstrate that plan sponsors who adopt auto portability are acting prudently and solely in the interests of their plan’s participants and beneficiaries.
Asset Consolidation: Facilitating participant roll-ins
In its Feb-March 2019 edition, PLANSPONSOR Magazine addresses the topic of asset consolidation, taking the position that plan sponsors who promote in-plan consolidation (“roll-ins”) are benefiting both their plans and participants. The article cites key findings from RCH’s 2015 Mobile Workforce study, and quotes RCH President & CEO Spencer Williams, who maintains that a clear connection exists between roll-ins and financial wellness. Finally, the article updates readers on auto portability, with the DOL‘s November 2018 actions providing clarity for RCH's Auto Portability program, and as Williams explains, “set[ting] a new standard of care for automatic rollovers.”
2018 in review - ERISA guidance
Writing in Lexology, Eversheds Sutherland LLP provides a retrospective of guidance issued in 2018 by the Department of Labor (DOL) under ERISA, highlighting the DOL's sole 2018 Advisory Opinion, which addressed the RCH Auto Portability program. Linking to their earlier analysis of the Advisory Opinion, the authors further speculate on the DOL's motives, stating that "auto portability offers a means to advance the important policy goal of preserving and improving the efficiency of retirement savings, which may account for DOL’s willingness to engage on this issue."
5 ways to check if your automatic rollover program needs an upgrade
In his monthly column for Employee Benefits News, RCH Founder, President & CEO Spencer Williams offers plan sponsors a five-point checklist for automatic rollover programs, shining light on features that may require attention, particularly in light of the recent DOL guidance on auto portability.
Auto Portability: Preventer of 401k 'Leakage'
401kSpecialist's Brian Anderson finds a lot to like about auto portability in EBRI's Issue Brief No. 473, which compares outcomes of participants in 401k plans with auto-enrollment against defined benefit plans. The research, says Anderson, shows "how auto-portability in 401k plans could positively impact the retirement security for millions of job-changing Americans by preventing 401k plan leakage before it can occur." Anderson continues, writing: "[t]he concept of auto-portability is a darling of major retirement industry associations, and it’s not hard to see why."
2019 Retirement Outlook and Investment Insights Features Auto Portability
In PLANSPONSOR's Industry Voices, Jonathan Barry, senior retirement strategist at MFS Investment Management, discusses key trends retirement plan sponsors may expect to see in 2019, the issues they may face and offers his thoughts on how to address them. Turning to auto portability, Barry states that recent advances represent an "important step that will help with the issue of 'disrupted journeys,' which has become increasingly prevalent with more Americans working multiple jobs over their career."
BenefitsPRO: Auto-portability boosts 401(k) results in new EBRI research
In his 2/19/19 article in BenefitsPRO, RCH's Tom Hawkins examines new research, authored by EBRI Research Director Jack VanDerhei, Ph.D., comparing the retirement income generated by 401(k) plans with auto enrollment against defined benefit (DB) plans. While EBRI's primary objective was to address growing concern over the relative decline of DB plans, the study also identified significant, incremental benefits of auto portability, adding to a growing body of research from EBRI demonstrating that auto portability increases retirement security for 401(k) participants.
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