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Retirement Clearinghouse in the News
Find news articles referencing RCH and our services, including Auto Portability
PLANSPONSOR: DOL Clarifies Fiduciary Roles in Auto-Portability Solution
PLANSPONSOR's Rebecca Moore reports on the U.S. Department of Labor's (DOL) issuance of an advisory opinion letter, focusing on plan sponsors' responsibilities as identified by the DOL. Moore notes that plan sponsors have a fiduciary responsibility for selecting and monitoring the auto portability program, but once assets are transferred to a default IRA under the program, the plan sponsor of the former employer's plan is no longer a fiduciary.
NAPA Net: DOL Greenlights RCH Auto Portability Program
NAPA Net's Ted Godbout reports on the U.S. Department of Labor's (DOL) recent issuance of an advisory opinion regarding Retirement Clearinghouse's (RCH) auto portability program, occurring "mere days after publishing a request for comments on a proposed exemption." Godbout examines specific aspects of the advisory opinion, including the creation of a safe harbor for plan sponsors who accept automated transfers, as well as the fiduciary status of RCH in deciding to transfer default IRA funds.
RCH in EBN: Is your missing participant retirement program a Ford Model T or 2018 BMW?
In his latest column for Employee Benefit News, RCH President & CEO Spencer Williams provides plan sponsors with a 4-step plan of action to dramatically improve their missing participant location efforts. Drawing upon RCH's extensive experience in locating missing participants, Williams advises sponsors to 1) utilize a "waterfall" approach that engages multiple information sources, 2) maintain a complete audit trail of search activities, 3) conduct an annual search for inactive and unresponsive accounts and 4) implement auto portability. Adopting this approach, asserts Williams, will help sponsors fulfill their fiduciary responsibilities, reduce administrative burdens and minimize the risk of plan audits.
Wagner Law Group: DOL Guidance on Auto Portability
The Wagner Law Group, specialists in ERISA and employee benefits law, summarize the recent DOL actions on auto portability, including their Advisory Opinion and proposed exemption, both for the Retirement Clearinghouse (RCH) auto portability program. The authors examine both actions, summarizing their findings, and identify the potential considerations and fiduciary implications for plan sponsors considering participation in an auto portability program.
Wall Street Journal: Labor Department Clears Path for Automatic 401(k) Transfers
In her 11/12/18 article in The Wall Street Journal, reporter Anne Tergesen addresses the pair of recent DOL actions that give Retirement Clearinghouse (RCH) a green light to move forward with its auto portability program. In support of the DOL's actions, Tergesen cites industry statistics on 401(k) leakage for job-changing participants, quoting industry figures from Morningstar, Boston College's Center for Retirement Research and former U.S. Treasury official Mark Iwry. Tergesen turns to RCH Chief Executive Spencer Williams, who addresses RCH's objectives in obtaining DOL guidance, as well as RCH's views on the benefits of the auto portability program.
Financial Advisor IQ: DOL Proposes Auto-Portability for 401(k) Plans
Financial Advisor IQ reporter Alex Padalka reports on the Department of Labor (DOL) request for comments on a proposal aiming to reduce leakage from 401(k) plans when employees change jobs -- a program developed by Retirement Clearinghouse (RCH) known as auto-portability. The proposal would give RCH a five-year exemption from certain restrictions, allowing the automatic transfer of 401(k) balances to a new employer plan. The comment period, notes Padalka, ends Dec. 24th.
ThinkAdvisor: DOL Plan Would Help Workers Consolidate 401(k) Accounts
ThinkAdvisor's Melanie Waddell reports on the DOL's proposed ERISA exemption for Retirement Clearinghouse's auto portability program, which is intended to make retirement account balances easier to move from job to job.
Ignites: DOL Proposes 401(k) 'Auto-Portability' Plan
Ignites reporter Joe Morris covers the U.S. Labor Department's announce of the proposed exemption of Retirement Clearinghouse (RCH) from ERISA rules, effectively permitting automatic transfers (roll-ins) of smaller 401(k) balances when participant leave jobs or are terminated -- a program known as auto-portability. The proposal, says Morris, "would task Charlotte-based Retirement Clearinghouse with running an auto-portability program, using RCH's electronic-records- matching technology."
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