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Retirement Clearinghouse in the News
Find news articles referencing RCH and our services, including RCH Auto Portability
Writing in FoxBusiness.com, RCH President & CEO Spencer Williams offers three important tips for retirement savers to follow, regardless of market conditions. Williams' tips include: 1) consolidating 401(k) savings when changing jobs, 2) keeping mailing addresses current and 3) limiting pre-retirement withdrawals to true financial emergencies. If followed, Williams states that “these tips…will increase your chances of meeting your goals in retirement. Your 70-year-old self will thank you.”
In a podcast with 401k Specialist Editor-in-Chief John Sullivan, former DOL & EBSA Assistant Secretary Preston Rutledge offered his views on a variety of topics, including auto portability, stating: “the guidance on auto portability was a good development. It has the potential to make sure that your 401(k) account makes the move from your old employer to your new employer and it may help find missing participants.”
A feature article in 401k Specialist Magazine by Brian Anderson takes a deep dive into RCH's auto portability program, examining a myriad of key aspects of the "newest automatic feature...poised to alleviate the longstanding problem of cash-out leakage." In the piece, Anderson quotes The RLJ Companies Founder & Chairman Robert L. Johnson, RCH President & CEO Spencer Williams and Alight Solutions' EVP Alison Borland.
In the 1960’s, counter-culture guru Timothy Leary urged a generation to “turn on, tune in and drop out.” If Leary was still around and sponsoring a 401(k) plan, he might urge participants to “save up, move on and cash out.” While that sounds contradictory and profoundly ill-advised, it’s exactly what 5 million job-changing 401(k) participants do in the 1st year following separation. In his latest opinion piece in 401k Specialist Magazine, RCH's Tom Hawkins explores the reasons for so many cashouts, and how – with viable solutions now available – plan sponsors should fully-embrace seamless plan-to-plan portability.
In his latest article for Employee Benefit News, RCH President & CEO Spencer Williams analyzes the phenomenon of low interest rates and its long-term effects on retirement savers. Williams observes that, in a low interest rate environment, more savings are required to generate an equivalent amount of retirement income, so avoiding unnecessary cashout leakage is paramount. To achieve this goal, Williams urges plan sponsors to adopt auto portability, a technology solution that's "available to help sponsors make every dollar count for participants during these extraordinary times."
Alight Solutions, a leader in defined contribution plan services, released a new study that addresses the problem of small-balance 401(k) cashouts. The study, The impact of 401(k) cash-outs on retirement income, examines the very high prevalence of small-balance 401(k) cashouts, the low incidence of 401(k) roll-ins and provides illustrations that depict the importance of preserving these small balances for retirement. Finally, the study points to RCH Auto Portability as an important "emerging new tool" in the fight against cashouts, for which Alight is "pleased to be an early adopter."
In his opinion piece in 401k Specialist Magazine, RCH's Tom Hawkins examines EBRI's 10/1/20 Fast Facts - Losing Ground Safely: Small IRAs’ Large Stake in Money - which provides new insight into the magnitude of a small-balance IRA “explosion” fueled by automatic rollovers, as well as the sub-optimal retirement outcomes they produce. EBRI's new information provides yet another data point in favor of 401(k) consolidation via auto portability and could serve to inform future regulatory guidance by expanding auto portability’s mandate to consolidate these previously “stranded” safe harbor IRAs back into our 401(k) system.
Writing in The Leader's Edge, David Tobenkin examines how employee benefits need to do more to help racial minorities gain traction in saving for their retirement. Tobenkin extensively quotes Robert L. Johnson, founder & Chairman of The RLJ Companies and majority owner of RCH. Tobenkin then turns to RCH's founder, President & CEO Spencer Williams, citing the racial disparities in 401(k) cashout statistics and profiling the RCH Auto Portability program, which was recently adopted by Alight Solutions.