Charlotte, NC (October 14, 2014) Retirement Clearinghouse (RCH), the retirement savings industry’s only provider of automatic and managed portability solutions, has appointed industry veteran Neal Ringquist as executive vice president of sales and marketing with responsibility for the company’s marketing strategy and plan sponsor sales channel.
Ringquist, who has an extensive background in retirement-oriented financial services, advisor relations, and financial technology will help grow adoption of RCH’s services that facilitate the portability of qualified retirement savings and in-plan account consolidation. These services deliver improved participant savings and better outcomes for both retirement plan participants and sponsors.
"The retirement system's current ‘do it yourself’ approach to moving money between plans and between accounts is rife with problems that contribute to cashouts and the proliferation of small accounts, " said Ringquist. "RCH's innovative ‘we'll do it for you’ approach fixes those problems and reduces cashouts while improving plan metrics at the same time. I'm excited by the prospect of bringing the benefits of account consolidation to both plan sponsors and their participants."
RCH Portability refers to a suite of data, information, and technology solutions that facilitate the transfer of retirement plan participant account balances through the retirement system. RCH Auto Portability facilitates mandatory distributions or the automatic rollover (ARO) of accounts with less than $5,000, while RCH Managed Portability facilitates the movement of all other accounts. Both offer Locate & Match technology, unbiased personal support from the RCH Service Center, and a more comprehensive approach to consolidation by first encouraging the plan-to-plan transfer while also assisting with plan-to-IRA transfers when needed by plan sponsors or their participants. This unique blend of enhanced services has proven to cut cashouts, simplify saving by consolidation of small accounts, and improve plan metrics.
“Neal joins us at an important time in our growth as industry support for plan-to-plan portability and in-plan consolidation increases,” said J. Spencer Williams, CEO of RCH. “Providers, plan sponsors, and policymakers all recognize that participants are cashing out too much money and struggling to manage their fragmented accounts. Focused portability programs are the best ways to solve these problems for participants, sponsors, and providers alike. We are excited to have Neal on board to help deliver this message.”
Ringquist’s expansion of the plan sponsor channel dovetails with the efforts of E. Thomas Johnson, executive vice president for business development, who works with leading providers and public policy experts to heighten awareness of - and develop solutions for - these chronic issues in the retirement plan system.
Ringquist joins RCH from Advisor Software, Inc., where he was president and chief operating officer for nine years. Previously he was vice president of sales and marketing for Morningstar Associates and executive vice president of sales, marketing, and client service for mPower.Back