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Retirement Clearinghouse Press Releases
Read the latest press releases by Retirement Clearinghouse.
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.
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.
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.
In a 7/20/21 press release, RCH announces that Renee Wilder Guerin, former Director of the Federal Thrift Savings Plan, has joined Retirement Clearinghouse (RCH) as Executive Vice President of Public Policy, with responsibility to drive support for public policy matters aiming to preserve retirement savings and increase retirement security for all Americans. Ms. Wilder Guerin will be taking over the position from Tom Johnson, who is retiring.
PRESS RELEASE - Retirement Confidence Survey Highlights Overwhelming Participant Support for Auto Portability
The 31st Annual Retirement Confidence Survey conducted by the Employee Benefit Research Institute (EBRI) and Greenwald Research has found that nearly nine out of 10 workers with access to an employer-sponsored defined contribution plan view auto portability—the new 401(k) plan default feature automatically transferring small-balance retirement savings when participants change jobs—as a valuable benefit.
PRESS RELEASE - John Malone Partners with Bob Johnson to Help Minorities Increase Retirement Savings
Citing a “meeting of like minds,” John C. Malone, Chairman of Liberty Media Group, and Robert L. Johnson, Chairman of the RLJ Companies and the majority owner of Retirement Clearinghouse LLC (RCH), announced today that Mr. Malone has purchased a minority stake in RCH.
PRESS RELEASE - Alight Solutions to Lead Nationwide Launch of the Retirement Clearinghouse Auto Portability Program
Retirement Clearinghouse (RCH) welcomes the release of the U.S. Department of Labor’s (DOL) final Prohibited Transaction Exemption (PTE) for auto portability, issued July 31, 2019. In a press release, Robert L. Johnson, Founder and Chairman of The RLJ Companies and majority owner of Retirement Clearinghouse (RCH), along with RCH Founder, President and CEO Spencer Williams both voice their support for the DOL's guidance, which, along with their November 2018 Advisory Opinion, now completes the regulatory framework for auto portability.