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Auto Portability - Recent Developments
Find the most-recent auto portability media coverage and developments.
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.
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.
The 401k Wire's Neal Anderson reports on the day's announcement by Vanguard that it plans to introduce RCH's auto portability service for 401(k) sponsor clients and their participants. Anderson also turned to RCH President & CEO Spencer Williams for comment, who stated that "we're extremely happy" with the development, while adding "we don't intend to stop there."
Ginger Szala, executive managing editor of Investment Advisor magazine, updates her readership on the 9/21/21 announcement by Vanguard, which Szala notes "has joined forces with Retirement Clearinghouse to provide an auto-portability service that allows 401(k) participants to have their defined contribution plans automatically roll over when changing jobs."
Pensions & Investments Washington correspondent Brian Croce reports on Vanguard's 9/21/21 announcement that it will introduce RCH's auto portability service for its 401(k) plan sponsor clients and their participants, to launch in mid-2022. Croce notes that RCH's auto portability program "was first piloted in 2017 and in 2019, the Department of Labor granted RCH the ability to expand the program, which is aimed at reducing plan leakage and missing participants."
401k Specialist Managing Editor Brian Anderson reports on the "Great Leap Forward" for RCH Auto Portability represented by the 9/21/21 announcement by Vanguard that it will begin providing plan sponsors with the auto portability solution to simplify small-balance 401k rollovers, expected to launch in mid-2022.
Writing in RCH's Consolidation Corner blog, Executive Vice President Neal Ringquist addresses the 9/21/21 press release by Vanguard that it will engage with RCH to introduce the RCH Auto Portability program to their defined contribution plan sponsor clients in mid-2022. Ringquist supplies readers with important perspective, stating: "Vanguard’s announcement is a major milestone in RCH’s ongoing efforts to deliver seamless, plan-to-plan portability to America’s defined contribution system. RCH Auto Portability has now been embraced by two of America’s top ten defined contribution recordkeepers, collectively serving almost 10 million employees."
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.