Auto Portability - Recent Developments
Find the most-recent auto portability media coverage and developments.
Robert L. Johnson, Majority Owner of Retirement Clearinghouse, Secures Endorsement of Two Civil Rights Organizations for Auto Portability
Robert L. Johnson, Founder and Chairman of The RLJ Companies and majority owner of Retirement Clearinghouse (RCH), has secured endorsements for auto portability from two premier civil rights organizations – the National Urban League, and the National Association for the Advancement of Colored People (NAACP) – both with over a century of experience advocating for solutions that address the inequities and economic challenges experienced by Black Americans and by other communities of color. Renée Wilder Guerin, RCH Executive Vice President, Public Policy, summarizes these major developments in RCH's Consolidation Corner.
On 12/6/21, Kathleen Kennedy Townsend, Special Assistant to the Secretary of Labor for Retirement, served as the keynote speaker at EBRI's 90th Public Policy Forum, and outlined the big-picture, retirement-focused priorities of the DOL. One of the DOL's three priorities is the issue of portability and leakage. Writing in 401k Specialist, RCH's Tom Hawkins examines Townsend's remarks to her EBRI audience, which revealed that she has a clear grasp of the magnitude of the cashout leakage problem, as well as its most-promising solution – enabling plan-to-plan portability.
On 12/6/21, Kathleen Kennedy Townsend, Special Assistant to the Secretary of Labor for Retirement, served as the keynote speaker at EBRI's 90th Public Policy Forum, and outlined the big-picture, retirement-focused priorities of the DOL. One of the DOL's three priorities is the issue of portability and leakage. RCH's Tom Hawkins examines Townsend's remarks to her EBRI audience, which revealed that she has a clear grasp of the magnitude of the cashout leakage problem, as well as its most-promising solution – enabling plan-to-plan portability.
Auto portability is a new “automatic” plan feature rapidly gaining acceptance by large defined contribution recordkeepers. While the feature is relatively new, it’s tempting to view auto portability as an “overnight success.” In fact, auto portability has been a long time in the making. In his latest article in 401k Specialist, RCH's Tom Hawkins examines a “brief history” of auto portability, including an embedded video featured on YouTube.
Writing in 401k Specialist Magazine, RCH's Tom Hawkins makes the case that auto portability can wait no longer and cites four key reasons that the new "automatic" feature should be adopted. Hawkins' key reasons include: 1) cashout leakage isn't waiting, 2) the "Great Resignation" is accelerating, 3) policy initiatives that expand access to workplace retirement plans require auto portability to realize their intended benefits, and 4) auto portability is here, now and working.
To mark the 25th anniversary of his tenure, Brian Graff, CEO of the prestigious American Retirement Association (ARA) sat down with 401k Specialist Editor-in-Chief John Sullivan to discuss a range of topics, including the organization's history of effectively influencing retirement legislation. During the interview, the pair turned to the important topic of addressing 401(k) cashout leakage, where Graff voiced his clear view that auto portability represents the best approach to solving the problem. A direct link to the specific portion of the interview that addresses auto portability is here.
Fiduciary News' Chris Carosa conducts a wide-ranging interview of RCH President & CEO Spencer Williams, gaining Williams' insights on America's 401(k) system, including how he is solving the problem of 401(k) cashout leakage via the RCH Auto Portability program. In the interview, Carosa covers a range of topics, including Williams' background and formative career experiences, the state of the 401(k) system, and of course, specifics about the RCH Auto Portability program and how it will have a positive impact on participants, plan sponsors and providers.
Writing in 401k Specialist Magazine, RCH's EVP of Public Policy Renee Wilder Guerin breaks down the 10/28/21 hearing held by the Senate Special Committee on Aging -- A Financially Secure Future: Building a Stronger Retirement System for All Americans -- and found it to be highly-focused on solving the problems of cashout leakage, as well as advancing its most promising solution, auto portability. Re-capping key testimony and Q&A from the hearing (including excerpted video), Wilder Guerin concludes that lawmakers are more focused than ever on solving retirement savings problems for under-served and under-saved demographic segments.