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Retirement Clearinghouse in the News
Find news articles referencing RCH and our services, including Auto Portability
Alight Releases 2024 Global Impact Report Highlighting ESG Performance and Progress
Alight, Inc. (NYSE: ALIT), a leading cloud-based human capital and technology services provider, today published its 2024 Global Impact Report showcasing the company’s 2023 progress and future plans across its key environmental, social and governance (ESG) focus areas. In the Social Innovation portion of the report, Alight draws attention to their key role in "develop[ing] innovative solutions that address social determinants of health through expanded analytics and spearheaded the launch of the Portability Services Network (PSN) to improve retirement outcomes by promoting auto portability within the U.S. retirement system."
Robert L. Johnson Talks Auto Portability, Racial Wealth Gap at EBRI Spring Policy Forum
Writing in 401k Specialist, , RCH EVP, Public Policy, provides readers with a summary of the May 16th keynote address by Robert L. (Bob) Johnson, Chairman of The RLJ Companies, Retirement Clearinghouse (RCH) and the Portability Services Network (PSN), to the 2024 EBRI Spring Policy Forum, co-hosted by the American Benefits Council. In Johnson’s address, entitled “Helping to narrow the nation’s lingering racial wealth gap” – the legendary Black American entrepreneur gave Forum attendees insight into the businessman’s long, purpose-driven journey to create entrepreneurial solutions to social problems, including his current efforts in the retirement sector, where he’s become laser-focused on leveraging public/private sector solutions that narrow the wealth gap for minorities and women.
Harness the Power of Retirement Savings Consolidation
Consolidation is a powerful force in our world, and when it comes to retirement savings, 401(k) account consolidation is inherently efficient and exerts a protective effect on retirement savings as participants change jobs. Writing in 401k Specialist, RCH's Tom Hawkins offers readers six key facts about retirement savings consolidation, providing ample evidence on the efficacy of consolidation in improving participants’ retirement outcomes.
Expanding Retirement Plan Automation
PlanAdviser's Natalie Lin reports on the 5/16/24 EBRI Spring Policy Forum, where an expert panel was convened to discuss how automation features can help underserved communities save for retirement. In that discussion, Jason Jagatic, head of global and workplace thought leadership at Fidelity, pointed to auto portability as "beneficial to underserved communities in particular, as they are often made up of part-time workers who shift employers frequently." Lin added that "Fidelity, along with some of the country’s other largest recordkeepers, is part of the Portability Services Network providing the porting of retirement assets. The services went live among some recordkeepers in November 2023, with others coming online this year and into the future."
The 5 changes to the 401(k) that could make a big difference to your retirement
Writing in MarketWatch, Alessandra Malito identifies five specific changes that could improve 401(k) retirement savings plans for the better. In the #3 spot, Malito examines the problem of preretirement withdrawals, also known as cashout leakage. Malito frames up the cashout leakage problem, citing research from EBRI and the Savings Preservation Working Group, and closes her analysis by describing the efforts of the Portability Services Group, "a consortium of large 401(k) plan administrators" focused on the widespread adoption of auto portability.
6 Steps to a Strong Missing Participant Policy
Having a documented missing participant policy is about fulfilling a plan sponsor’s fiduciary duty to act in the best interests of plan participants, and to ensure that they receive benefits they are owed. It not only guides a plan sponsor’s actions, but it can also signal to regulatory agencies that a sponsor is serious about undertaking reasonable efforts to identify and locate missing participants. Writing in 401k Specialist, RCH’s Tom Hawkins provides readers with six steps that are useful for building a strong missing participant policy, and in establishing the framework that guides efforts to locate participants.
Saver's Match: New employer 401(k) option that expands access for low-income workers
Writing in BenefitsPro, RCH and PSN President & CEO Spencer Williams gives readers his take on the upcoming Saver's Match program, targeted for implementation for tax years following 2027. In the piece, Williams extols the benefits of the federal matching contributions, which have the potential to generate a substantial amount of retirement income for low-income and minority savers. Williams illustrates two hypothetical scenarios for a 25-year-old and a 35-year-old, and cites recently released Saver's Match research from EBRI, as well as Boston Research Technologies and RCH -- both indicating a sizable impact of the program. Finally, Williams urges employers to "accommodate these eligible savers by ensuring their plans can accept rollovers of IRAs" -- paving the way for Saver's Match contributions to keep pace with a mobile workforce.
Bob Johnson’s Vision for Reshaping Retirement Security
In an interview with WayMaker Journal, Retirement Clearinghouse (RCH) and Portability Services Network (PSN) Chairman Robert L. Johnson "explains how retirement saving works, why it matters, what he is doing to improve the system and how you can benefit." In the Q&A, Johnson delivers a primer on retirement savings, America's mobile workforce and the importance of PSN and auto portability in preserving retirement savings. Johnson also offers his views on the Saver's Match, a federal program that he believes "may be the incentive needed to encourage minorities to....start saving to improve their financial outlook in retirement." Johnson closes the interview with an optimistic outlook on the prospects for success in "closing the retirement savings shortfall in our country."
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