RCH Tops $11 Billion in Savings Guided in November 2013
CHARLOTTE, N.C., Dec. 16, 2013 -- Continuing its steady growth, Retirement Clearinghouse, LLC (RCH) this month surpassed the $11 billion-dollar mark in savings it has guided through the retirement system by helping plan sponsors offer innovative savings consolidation programs to their participants. These programs, including automatic rollovers and roll-ins, are designed to also help increase portability of workplace retirement savings accounts for job changers.
RCH's expertise in providing unbiased personal assistance to each plan participant regardless of account balance and its wide array of innovative programs are fueling the company's impressive growth, according to J. Spencer Williams, RCH's CEO. RCH now counts more than 700,000 plan participants among its customers, and services more than 11,000 retirement plans.
"Consolidation is a game changer, with results that have been proven in multiple studies," said Williams. "Our consolidation programs incorporate personal guidance to help participants stay invested in retirement. At the same time, these programs help plan sponsors operate more efficiently and reduce fiduciary risk," Williams added.
RCH's guidance has kept billions of dollars of savings invested in retirement, particularly among small balance account holders who often are inclined to cash out of the retirement system when changing jobs or undergoing other employment transitions. Portability and consolidation of accounts enables workers and job changers to aggregate their workplace retirement accounts, leading to better choices, reduced cashouts, and simplified management of savings.
Each year, an estimated 9.5 million workers enter and exit workplace retirement plans. In addition to cashing out, they often leave their 401(k) accounts in their former employers' plans, where they often become "stranded" or lost. Their decisions not only can damage their long-term retirement prospects, but also create problems for the plans they leave behind, the employers who sponsor the plans, and the long-term health of the US retirement system.
RCH services include automatic rollovers (AROs), address search and verification for lost and missing participants, Safe Harbor IRAs, and an industry-leading roll-in program that enables participants to consolidate their savings from a former employer into their new employer's 401(k) plan.Back