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Retirement Clearinghouse in the News
Find news articles referencing RCH and our services, including RCH Auto Portability
Roadmaps to Retirement: Taking Stock and Looking Forward
Writing in TheStreet.com, Ariana Ottrando reports on a retirement security roundtable hosted by The Harkin Institute and the U.S. Department of Labor. In session two, which featured the DOL's Kathleen Kennedy Townsend and Groom Law Group's Michael Kreps, the discussion turned to the lack of portability in America's defined contribution system. Both Kennedy Townsend and Kreps addressed this issue, with Kreps citing the recent advent of the Portability Services Network, where "three of the largest service providers in the country" in conjunction with Retirement Clearinghouse (RCH), embraced auto portability.
2022: A Most Consequential Year for Retirement Savings Portability
Last year at this time, Retirement Clearinghouse (RCH) predicted that 2022 would be a pivotal year for retirement savings portability. It turns out we were right, but we confess to being pleasantly surprised at just how consequential (and positive) the year has been, and it’s not over yet. Writing in 401k Specialist, RCH's Tom Hawkins provides a rundown of key events during 2022 that have helped to positively shape the future of retirement savings portability.
Make retirement plan portability a New Year's resolution
Writing in Employee Benefit News, and taking his cue from the 10/5/22 announcement of the industry-led utility (Portability Services Network) to accelerate the nationwide adoption of auto portability, RCH President & CEO Spencer Williams encourages plan sponsors resolve to adopt auto portability in the New Year, for both their participants and for the health of their plans. Williams writes: "[a]s we look ahead to the New Year, plan sponsors can resolve to help their participants increase their retirement savings—and increase key metrics such as average account balance—by adopting auto portability."
Webinar Showcases Extraordinary Industry Alignment on Auto Portability
For defined contribution recordkeepers, competition has long been fierce, so it’s extraordinary when industry rivals join forces and align around a common cause. That alignment around auto portability, embodied in the newly launched Portability Services Network (PSN), was on full display in a 12/8/22 Groom Law Group webinar. The event featured representatives from retirement industry titans and founding PSN members Alight Solutions, Fidelity Investments and the Vanguard Group, joined by Retirement Clearinghouse (RCH) EVP Neal Ringquist. Watch a video replay of the webinar and read a summary of the event.
Big Questions Facing Retirement Income Products
In his latest piece in Wealth Management, Fred Barstein continues to examine the state of retirement income products in defined contribution plans. Barstein writes: "[i]n-plan retirement income has been a hot topic for decades yet it seems like the momentum is finally building." This, in part, could be driven by the advent of the new Portability Services Network, which Barstein characterizes as "the first industry data exchange which could address [defined contribution plan] transferability issues."
401(k) Real Chat: Spencer Williams
Fred Barstein, founder and CEO of The Retirement Adviser University (TRAU), sits down with Spencer Williams, president & CEO of Retirement Clearinghouse (RCH) and the Portability Services Network (PSN) to answer three probing questions about the new industry-led utility formed to accelerate the nationwide adoption of auto portability. Barstein asks Williams about PSN's purpose and how it came about, drills down on the data exchange mechanisms, and gets Williams' insights on the utility's roadmap for the future.
The In-Plan Retirement Income Dilemma
Writing in Wealth Management, Fred Barstein, Founder & CEO of The Retirement Adviser University (TRAU), examines the status of in-plan retirement income solutions. Barstein refers to "many conundrums the DC industry faces as we try to retrofit DC plans" including "the issue of transferability when a plan or participant switches record-keepers." On this point, Barstein states: "[t]here is hope as Fidelity, Alight and Vanguard, in collaboration with the Retirement Clearinghouse, recently created a data exchange called the Portability Services Network....to deal with smaller account transfers and leakage."
This Automatic 401(k) Rollover Legislation Could Protect Your Nest Egg And Help You Find Lost Retirement Money
Personal finance expert Brian J. O'Connor, writing in SmartAsset, examines new 401(k) rollover legislation -- the Advancing Auto-Portability Act of 2022 (H.R. 9252) -- introduced Oct. 28, 2022 by Rep. Brad Schneider (D-Illinois) – that "would create incentives for plan managers to automatically move the 401(k) account of workers changing jobs from the former employer’s plan to the new employer’s plan." O'Connor goes inside the legislation, notes its companion legislation in the Senate, and links the bills to recent actions by "Fidelity Investments, Vanguard Group and Alight Solutions – three of the largest 401(k) administrators – to create Portability Services Network, a consortium working with Retirement Clearinghouse to reconnect workers with old 401(k)s."