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Retirement Clearinghouse in the News
Find news articles referencing RCH and our services, including Auto Portability
NAPA Net’s Ted
Godbout informs his readership about the Labor Department’s 11/7/18 request for
public comment on an auto-portability program, and notes the DOL’s Employee
Benefit Security Administration (EBSA) announcement of a notice of proposed
exemption for RCH from restrictions that “would allow the firm to move forward
with its auto-portability program.” Godbout goes on to cite the broad-based
support for auto-portability, including bipartisan political support for a DOL
Advisory Opinion on auto-portability, and research by EBRI. Finally, Godbout quotes
RCH President/CEO Spencer Williams on key job-changer statistics.
In her 11/08/18 Employee Benefits Newsmakers column, BenefitsPRO reporter C.J. Marwitz covers RCH's 10/30/18 announcement that it has consolidated more than 155,000 accounts, surpassing $4 billion in total assets. Marwitz further breaks down the numbers, including rollovers into an existing IRA, as well as facilitated roll-ins into a current-employer's 401(k) plan.
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.