Auto Portability - Recent Developments
Find the most-recent auto portability media coverage and developments.
Vanguard Group becomes the second domino to fall
RIABiz's Lisa Shidler conducts an in-depth examination of the important ramifications of the Vanguard Group's 9/21/21 announcement that it will offer the RCH auto portability solution to its clients and their participants. Shidler reaches out to a host of industry experts for their views, which are uniformly supportive of auto portability, and states that other recordkeepers, such as Fidelity "may yet see the wisdom" in adopting the feature. Shidler also extensively quotes RCH President & CEO Spencer Williams for the piece.
Vanguard and RCH to offer ‘auto-portability’ service to plan participants
The Editorial Staff of the Retirement Income Journal reports on the 9/21/21 announcement by Vanguard that it will offer the RCH Auto Portability solution to its plan sponsor clients and their participants, targeting the mid-2022 timeframe. The article describes key elements of the announcement, and echoes remarks by RCH President & CEO Spencer Williams by stating that "[t]he deal with Vanguard marks a great leap forward."
Small retirement accounts, prone to cash-outs and getting lost, a growing problem
InvestmentNews correspondent Emile Hallez reports on a retirement study published on 9/21/21 by the Brookings Institution, examining the problem of small accounts. While the paper examined a myriad of potential policy solutions to the problem, it acknowledged "private-sector" efforts by Retirement Clearinghouse to implement auto portability. On the same day the Brookings' paper was released, Hallez also notes the announcement by Vanguard that it will offer RCH Auto Portability, the private sector solution, and joining Alight Solutions.
Vanguard, Retirement Clearinghouse to offer automated plan transfers
InvestmentNews reports that Vanguard has engaged Retirement Clearinghouse (RCH), to introduce auto portability for sponsor clients and their plan participants, and that the service is expected to launch in mid-2022. The piece also quotes John James, managing director and head of Vanguard’s institutional investor group.
Vanguard to Offer Auto-Portability Solution to 401(k) Plan Clients
PLANSPONSOR's Rebecca Moore reports on the news from Vanguard of their plans to introduce the RCH Auto Portability service for their 401(k) sponsor clients and their participants. Moore's article notes that "the RCH Auto Portability program automates the movement of an employee’s 401(k) savings account from their former employer’s plan into an active account with their current employer’s plan" and "can also help simplify plan administration and improve plan compliance by reducing the instances of abandoned accounts and uncashed checks."
Vanguard to Launch Auto-Portability Service
Ignites' Ben Miller reports on the 9/21/21 announcement by Vanguard that it will introduce an auto portability service for 401(k) sponsor clients and their participants, and that the firm has engaged Retirement Clearinghouse, LLC (RCH) to provide plan sponsors with the new portability solution.
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Vanguard partners with fintech to offer auto portability for 401(k) clients
Writing for The Philadelphia Business Journal, Jeff Blumenthal reports on the Vanguard Group's plans to introduce the RCH Auto Portability service "that allows 401(k) participants to move their account from old job to a new employer's plan automatically." Blumenthal also notes recent RCH business milestones, including surpassing the $10 billion retirement consolidation threshold, as well as the firm's relationship with Alight Solutions, and by extension, anticipated business activities to be provided in support of the Federal Thrift Savings Plan.
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Vanguard Teams with Retirement Clearinghouse on Auto Portability
The staff of NAPA Net, the National Association of Plan Advisors' (NAPA) news site, reports on the 9/21/21 announcement by Vanguard that it will introduce RCH's auto portability service for their 401(k) sponsor clients and their participants, targeting mid-2022.