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Retirement plan portability blog posts
What the DOL's Fiduciary Rule doesn't say
The Department of Labor's much-anticipated Fiduciary Rule is ushering in many changes across the retirement services landscape, and the new rules governing the "what, how and why" for advice at the time of a participant's job change will undoubtedly transform the rollover-to-IRA market. However, a closer reading of the Fiduciary Rule sends a clear, if unstated, signal to plan sponsors, financial advisors and record-keepers' absent a compelling reason to roll over to an IRA, keep participants invested in a qualified defined contribution plan throughout their working lives.
Say What? The Arcane Lingo of Retirement Savings Portability
In virtually any area of specialty, a unique jargon evolves that is highly-specific to that field. To insiders using the lingo every day, it seems familiar and perfectly normal. To outside observers, it can feel like a foreign language -- with words, terms and acronyms that make no sense.
Account consolidation time-consuming, expensive for employees
As has happened so many times before, the Baby Boomer generation is once again drawing attention to an unmet need: a seamless way to consolidate their collection of retirement accounts into a single account, which is a necessary step to creating a sturdy retirement plan. Much has been written about how sponsors can improve both their plans' overall health and their participants' retirement outcomes by embracing roll-ins; nonetheless, the account-consolidation process remains time-consuming and expensive for most participants.
Saving For Retirement is not a Trivial Pursuit
In his March 3rd column in MarketWatch, RCH President & CEO Spencer Williams establishes an important link between the board games we played as children (ex. Candy Land, Trivial Pursuit and Snakes & Ladders) and the games we can play in adulthood, while managing our retirement savings. The children's games are harmless, fun and instructive, but the adult retirement games (ex. Cashing Out, Stranding Accounts, and Not Updating Your Address) are anything but.
Tales from the Roll-In Front Lines, Part II
In a previous post, Tales from the Roll-In Front Lines, Part I, we described a roll-in transaction gone awry: a comedy of errors that occurs all too often when service providers are unfamiliar with consolidating retirement savings from one plan into another.
Cutting the Gordian Knot: Portability & Small Accounts
Have you ever wondered why so few participants move their old 401(k)s into their current employers' plans? Or why so many participants prematurely cash out their retirement savings accounts, regardless of taxes and penalties? Or why job-changing participants leave their savings behind only to lose track of them as if their assets for retirement belong on some remote desert island away from all their other savings?
Tales from the Roll-In Front Lines, Part I
In previous articles, we have discussed the many benefits that occur when participants roll in multiple retirement savings accounts into their current employer's 401(k) account. Participants benefit from reduced cash outs, lower investment fees and simplified retirement planning. A program of facilitated roll-ins delivers positive results for plans as well, including increased average balances, lower record keeping costs and improved retirement readiness metrics.
Four New Year's Resolutions for Retirement Savers Summary
In his 1/20/16 MarketWatch column (Four New Year's Resolutions for Retirement Savers), Retirement Clearinghouse CEO Spencer Williams offers four New Year's resolutions that all 2016 job-changers should take to heart, including...
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