Retirement Clearinghouse Press Releases

Read the latest press releases by Retirement Clearinghouse.


Nov
07
2023

PRESS RELEASE: Portability Services Network Launches Nation’s First Solution to Move Workers' Retirement Savings When Changing Jobs

CHARLOTTE, NCNovember 7, 2023—The Portability Services Network (PSN) announced the launch of its digital auto portability solution, designed to help tens of millions of under-served and under-saved Americans keep their retirement savings invested and working for them when they change jobs. Having become operational 12 months after being announced in 2022, PSN includes as founding members the nation’s leading workplace retirement plan recordkeepers—Alight Solutions, Empower, Fidelity Investments, Principal, TIAA, and Vanguard—under the leadership of Robert L. Johnson, Chairman of the PSN and Retirement Clearinghouse, LLC.

Jul
06
2023

PRESS RELEASE: Principal® joins industry consortium to support automatic portability of U.S. retirement accounts

(DES MOINES, Iowa) – Principal Financial Group® today announced it joined the Portability Services Network, LLC (PSN), a consortium of retirement plan service providers focused on helping America's under-served and under-saved workers improve their retirement outcomes by making it easier to transfer their workplace retirement accounts when changing employers. Principal® is a board member and one of seven owning members of PSN, which utilizes the auto portability solution created by Retirement Clearinghouse, LLC (RCH).

Read the entire press release here.

Apr
04
2023

PRESS RELEASE: TIAA Joins Portability Services Network Consortium

NEW YORK, April 4, 2023—TIAA, a leading provider of secure retirements and outcome-focused investment solutions to millions of people and thousands of institutions, is joining Retirement Clearinghouse, LLC (RCH) in a new consortium that aims to help America’s under-served and under-saved workers —especially minorities, women and low-income workers—improve their retirement outcomes. The consortium, known as the Portability Services Network, LLC (PSN), will help workers automatically move smaller retirement savings in 401(k), 401(a), 403(b), and 457 accounts to their new employers’ plans as they change jobs.

Feb
13
2023

PRESS RELEASE: Empower Joins New Consortium to Accelerate Adoption of Auto Portability

GREENWOOD VILLAGE, COLO. (February 13, 2022) – Empower will join forces with the Retirement Clearinghouse, LLC (RCH) and other leading retirement services providers in a new consortium to accelerate the nationwide adoption of auto-portability to help more American workers improve their retirement outcomes. Under the new consortium, called the Portability Services Network, LLC (PSN), workers with lower balances who change employers can have their workplace retirement savings automatically moved to their new retirement plans.

Oct
05
2022

PRESS RELEASE: America’s Leading 401(k) Providers and Retirement Clearinghouse Collaborate to Implement a Nationwide Network for Auto Portability

CHARLOTTE, October 5, 2022 -- Fidelity Investments®, Vanguard, and Alight Solutions announce that they have collaborated with Retirement Clearinghouse, LLC (RCH) to create a consortium of workplace retirement plan recordkeepers, Portability Services Network, LLC, to accelerate the nationwide adoption of auto portability to help America’s under-served and under-saved workers improve their retirement outcomes. With this historic development, American workers who change employers can have their workplace retirement savings automatically move to their new retirement plans.

Jun
15
2022

PRESS RELEASE: Bipartisan Legislation Introduced to Preserve Retirement Savings by Expanding Auto Portability

CHARLOTTE, N.C.—June 15, 2022—Robert L. Johnson, Founder and Chairman of The RLJ Companies and Chairman of Retirement Clearinghouse, LLC, applauds Senator Tim Scott (R-S.C.) and Senator Sherrod Brown (D-Ohio) for the introduction of the Advancing Auto Portability Act of 2022. The U.S. Senate legislation has the potential to preserve up to $1.5 trillion in retirement savings for the next generation of workers by encouraging auto portability. With auto portability, a participant’s 401(k) account can follow them as they change jobs, making it less likely that people prematurely cash-out their savings and improving retirement security.

Sep
21
2021

PRESS RELEASE - Vanguard and Retirement Clearinghouse to Offer Auto Portability Service to 401(k) Participants

VALLEY FORGE, PA (September 21, 2021)—Vanguard today announced plans to introduce an auto portability service for 401(k) sponsor clients and their participants. The firm has engaged Retirement Clearinghouse, LLC (RCH)—a leading provider of consolidation services for defined contribution plans and an RLJ Companies' majority owned company—to provide plan sponsors with a new portability solution to simplify small-balance 401(k) rollovers, help more employees preserve their retirement savings, and improve their chances of investment success. The service is expected to launch in mid-2022.

Jul
27
2021

PRESS RELEASE - Retirement Clearinghouse Completes $10B+ in Retirement Account Consolidations

In a 7/27/21 press release, RCH announces that the company has surpassed $10 billion in retirement account consolidations, which occur when two retirement savings are combined into one, saving participants time & money, while greatly reducing the odds that they will cash out, go missing or “forget” accounts left behind with previous employers. The $10 billion figure represents more than 290,000 account consolidations – a greater-than-threefold increase in consolidations in just six years – and includes initial results from the company’s auto portability program.

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