- Press Releases
- Thought Leadership
- Consolidation Corner
- 401k Consolidation
- Auto Enrollment
- Auto Portability
- Automatic Rollovers
- Cashout Leakage
- DEI, ESG & Social Responsibility
- ERISA Advisory Council
- Lifetime Plan Participation
- Managed Portability
- Missing Participants
- Mandatory Distributions
- Mobile Workforce
- Plan Termination
- Portability Services Network
- Public Policy
- Retirement Income
- Retirement Plan Portability
- Retirement Research
- Safe Harbor IRA
- Uncashed Checks
Retirement Clearinghouse (RCH) is an innovator in the retirement services industry, developing and introducing industry best practices that are moving retirement forward by delivering retirement portability for millions of job-changing Americans. RCH is proud to showcase our thought leadership, as well as other public policy makers and industry leaders whose positions are consistent with our own views and practices.
Ask an Adviser: What happens if we learn a missing 401(k) plan participant has died?
RCH EVP & Chief Revenue Officer steps up to the plate for Employee Benefit News' Ask an Adviser series, answering the question "what happens if we learn a missing plan participant has died?" Ringquist proceeds to identify a series of steps that plan sponsors can take in the wake of learning the unfortunate news concerning a plan participant's demise. As a preventative measure, Ringquist advises plan sponsors to consider implementing an ongoing program of portability to consolidate participants' balances, reducing the odds that they'll leave behind multiple, smaller-balance retirement savings accounts that wind up being lost in the retirement system.
Senators Scott, Brown Introduce Bill to Increase Retirement Security
Today, U.S. Senators Tim Scott (R-S.C.) and Sherrod Brown (D-Ohio) introduced the Advancing Auto-Portability Act of 2022, a bill that would allow a worker’s 401(k) savings account to be automatically rolled over from a previous employer to a new employer. The legislation would cut red tape to help Americans who change jobs frequently to increase retirement savings.
Long Overdue, Pension Auto Portability Is Coming
Writing in the Pension Research Council's (Wharton School, Univ. of Pennsylvania) RetireSecure Blog, Michael Kreps of the Groom Law Group offers his considered view on auto portability, which Kreps believes "is likely to have an enormous impact on the US retirement system" by reducing cashout leakage and consolidating retirement savings. In the piece, Kreps cites a variety of industry statistics and projections, concluding that auto portability "will undoubtedly preserve many small accounts, making retirement more secure for millions of people."
Improving retirement readiness for underrepresented groups
Alight Solutions has released a new research report, entitled "Improving Retirement Readiness for Underrepresented Groups." The new paper identifies six key actions that plan sponsors can undertake to boost retirement savings for historically under-represented groups. In one of those actions, Alight advises employers that "implementing auto-portability can help reduce the number of automatic cash-outs that occur when people change employers" and that auto portability's impact is "most profound for marginalized groups."
National Urban League, NAACP Endorse 401k 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. Writing in 401k Specialist, RCH's Renée Wilder Guerin, Executive Vice President, Public Policy, summarizes these major developments.
The Aspen Leadership Forum on Retirement Savings
In a publication released 1/6/2022 as part of the Aspen Institute's Financial Security Program, the 2021 Aspen Leadership Forum on Retirement Savings Report is a summary of the April 2021 Aspen Leadership Forum on Retirement Savings. The Forum's report devotes a page to "Six Stats That Tell the Portability Story" which notes the propensity of American workers to change jobs and to cash out. It also mentions two compelling statistics: 1) that 85% of participants like the idea of automatic portability and 2) that 57% of retirement experts supported a government mandate for auto portability, while almost half (48%) believed that automatic portability was feasible without such a mandate.
EBRI's Lori Lucas Featured in Retirement Management Journal
EBRI's CEO Lori Lucas is featured in the current issue of Retirement Management Journal in an article entitled: “The Visionaries Series – Lori Lucas, CFA – The Economic Importance of Employee Benefits for Americans Financial Security.” In the wide-ranging piece, Lucas is interviewed by RMJ editor-in-chief Robert Powell, along with Stacy Schaus, founder & CEO of Schaus Group LLC. Lucas explains EBRI's efforts to bring clarity to the problem of cashout leakage, as well as their ongoing efforts to analyze the impact of auto portability on preserving Americans' retirement savings.
What the Pension Protection Act has taught us about saving for retirement
Writing in Employee Benefit News, RCH President & CEO Spencer Williams marks the 15th anniversary of the Pension Protection Act (PPA) and offers his views on the unintended consequences of that legislation. Acknowledging that the automatic enrollment feature has been successful in increasing plan participation, Williams notes that the feature also resulted in a “sharp uptick in small, stranded 401(k) savings accounts” that – absent easy plan-to-plan asset portability – has led to increased participant fees as well as higher levels of cash outs. In response, Williams observes that “the private and public sectors have worked together to create solutions” such as auto portability, which can help rectify the PPA’s flaws, and allow Americans to save more for retirement.