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Retirement Clearinghouse in the News
Find news articles referencing RCH and our services, including RCH Auto Portability
In his latest article in 401k Specialist Magazine, RCH's Tom Hawkins walks readers through a "roadmap" for the progression of 401(k) roll-ins from ‘tired’ to ‘wired’ and finally, to the ‘inspired’ state that will eventually characterize 401(k) plan-to-plan portability. The article also includes a video providing viewers with the essential points made in the piece.
Writing in 401k Specialist, RCH's Tom Hawkins examines the vital importance of automation in transforming 401(k) portability from an impractical “great idea” into a reality – and not just for small-balance participants, but eventually for the entire 401(k) ecosystem – including participants, plan sponsors and their service providers.
Writing in Employee Benefit News, Arizent's Walden Siew examines the 'long haul' effects of the COVID-19 pandemic, and turns to RCH's President & CEO Spencer Williams to assess the impact of the virus on the state of retirement in America. Referring to his earlier article in EBN, Siew paraphrases Williams, stating that Americans are "facing another economic crisis that is sure to hurt financial security during retirement."
Writing in Forbes, personal finance contributor John F. Wasik addresses the need for participant caution when taking coronavirus-related distributions (CRDs) under provisions of the CARES Act. Wasik urges those taking CRDs to "get back on track" to maintain a robust retirement plan, and quotes RCH EVP Neal Ringquist's recent article in PLANSPONSOR to highlight his point.
In his latest opinion piece in 401(k) Specialist, RCH’s Tom Hawkins draws attention to the coming surge in COVID-19 related terminating 401(k) plans, which Hawkins predicts could result in a new wave of cashout leakage. Participants of these terminating plans, when given an ultimatum to act, will cash out far too often, unless they are provided with sufficient education and consolidation assistance. In their final act of fiduciary responsibility, Hawkins urges sponsors of terminating plans to insist on these measures to stem unnecessary cashout leakage and to protect their participants’ retirement security.
Writing in Employee Benefit News, RCH President & CEO Spencer Williams addresses the urgent need to mitigate the impact of COVID-19 on Americans' retirement readiness. Williams observes that the surge in pandemic-driven unemployment, the relaxed restrictions on withdrawals, along with a pre-existing propensity to cash out -- spells trouble for retirement security. To help address the growing threat, Williams urges sponsors and recordkeepers to adopt auto portability, which he states will "discourage participants from cashing out, but also eliminate the need for automatic cash-outs."
Amanda Umpierrez, writing for PLANSPONSOR, examines the issue of retirement savings withdrawals occurring in the wake of the COVID-19 pandemic and under the framework created by the CARES Act. In her piece, Umpierrez cites concerns expressed by RCH EVP Neal Ringquist, who, in an earlier PLANSPONSOR opinion piece, had argued that, wherever possible, "short-term needs shouldn’t take charge over long-term planning." That concern, says Umpierrez, is now being echoed by other industry experts, including the Pension Research Council of the Wharton School at the University of Pennsylvania.
Writing in 401k Specialist, Tom Hawkins establishes a strong link between the phenomenon of ‘sudden money’ – where a financial windfall can result in ruinous decisions – and the problem of unnecessary 401(k) cashout leakage. 401(k) plan features that encourage active plan participants to amass long-term retirement savings are a big success, but fail following a job change, when separated participants view their former employer’s balance as a financial windfall. To address the scourge of sudden money and its attendant cashout leakage, Hawkins examines 3 ‘faux’ solutions that fall short, and recommends the application of clearinghouse principles to effectively solve the problem.