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Auto Portability - Recent Developments
Find the most-recent auto portability media coverage and developments.
Writing in MarketWatch, Alicia Munnell, Director of the Center for Retirement Research at Boston College celebrates the news that Vanguard will offer RCH Auto Portability to their plan sponsor clients and participants, stating: "[t]his is a win for Vanguard and its customers, for Retirement Clearinghouse, which has been working on this project for many years, and for the retirement system as a whole" -- adding "[t]his initiative should dramatically reduce leakages and increase 401(k) balances." An astute observer of trends in the retirement sector, Munnell recounts the history of auto portability, from inception to regulatory approvals to its present state, where recordkeepers are now confidently adopting the financial technology. Munnell closes her piece writing: "it is lovely to see a win for the 401(k) system."
Writing for 401kTV.com, Steff Chalk, Executive Director of The Retirement Advisor University (TRAU), notes the recent 9/21/21 announcement by Vanguard and states that "[a]uto portability is gaining ground because of its benefits — the ability to proactively impact cash-out leakage, missing participants and abandoned 401(k) accounts. While the Vanguard/RCH auto portability solution is relatively new, it has the potential to help move the industry forward while simplifying plan administration and improving compliance."
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.
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."
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.
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.
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."
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.