Auto Portability in the News
Browse the most comprehensive collection of articles in the media that feature auto portability.
Robert L. Johnson Talks Auto Portability, Racial Wealth Gap at EBRI Spring Policy Forum
Writing in 401k Specialist, , RCH EVP, Public Policy, provides readers with a summary of the May 16th keynote address by Robert L. (Bob) Johnson, Chairman of The RLJ Companies, Retirement Clearinghouse (RCH) and the Portability Services Network (PSN), to the 2024 EBRI Spring Policy Forum, co-hosted by the American Benefits Council. In Johnson’s address, entitled “Helping to narrow the nation’s lingering racial wealth gap” – the legendary Black American entrepreneur gave Forum attendees insight into the businessman’s long, purpose-driven journey to create entrepreneurial solutions to social problems, including his current efforts in the retirement sector, where he’s become laser-focused on leveraging public/private sector solutions that narrow the wealth gap for minorities and women.
Harness the Power of Retirement Savings Consolidation
Consolidation is a powerful force in our world, and when it comes to retirement savings, 401(k) account consolidation is inherently efficient and exerts a protective effect on retirement savings as participants change jobs. Writing in 401k Specialist, RCH's Tom Hawkins offers readers six key facts about retirement savings consolidation, providing ample evidence on the efficacy of consolidation in improving participants’ retirement outcomes.
Robert L. Johnson Gives Keynote Address at 2024 EBRI Spring Policy Forum
On May 16th, Robert L. (Bob) Johnson, Chairman of The RLJ Companies, Retirement Clearinghouse (RCH) and the Portability Services Network (PSN), delivered the keynote address to the 2024 EBRI Spring Policy Forum, co-hosted by the American Benefits Council. In Johnson’s address, entitled “Helping to narrow the nation’s lingering racial wealth gap” – the legendary Black American entrepreneur gave Forum attendees insight into the businessman’s long, purpose-driven journey to create entrepreneurial solutions to social problems, including his current efforts in the retirement sector, where he’s become laser-focused on leveraging public/private sector solutions that narrow the wealth gap for minorities and women.
Expanding Retirement Plan Automation
PlanAdviser's Natalie Lin reports on the 5/16/24 EBRI Spring Policy Forum, where an expert panel was convened to discuss how automation features can help underserved communities save for retirement. In that discussion, Jason Jagatic, head of global and workplace thought leadership at Fidelity, pointed to auto portability as "beneficial to underserved communities in particular, as they are often made up of part-time workers who shift employers frequently." Lin added that "Fidelity, along with some of the country’s other largest recordkeepers, is part of the Portability Services Network providing the porting of retirement assets. The services went live among some recordkeepers in November 2023, with others coming online this year and into the future."
The 5 changes to the 401(k) that could make a big difference to your retirement
Writing in MarketWatch, Alessandra Malito identifies five specific changes that could improve 401(k) retirement savings plans for the better. In the #3 spot, Malito examines the problem of preretirement withdrawals, also known as cashout leakage. Malito frames up the cashout leakage problem, citing research from EBRI and the Savings Preservation Working Group, and closes her analysis by describing the efforts of the Portability Services Group, "a consortium of large 401(k) plan administrators" focused on the widespread adoption of auto portability.
Harness the Power of Retirement Savings Consolidation
Consolidation is a powerful force in our world, and when it comes to retirement savings, 401(k) account consolidation is inherently efficient and exerts a protective effect on retirement savings as participants change jobs. Writing in RCH’s Consolidation Corner blog, Tom Hawkins offers readers six key facts about retirement savings consolidation, providing ample evidence on the efficacy of consolidation in improving participants’ retirement outcomes.
Bob Johnson’s Vision for Reshaping Retirement Security
In an interview with WayMaker Journal, Retirement Clearinghouse (RCH) and Portability Services Network (PSN) Chairman Robert L. Johnson "explains how retirement saving works, why it matters, what he is doing to improve the system and how you can benefit." In the Q&A, Johnson delivers a primer on retirement savings, America's mobile workforce and the importance of PSN and auto portability in preserving retirement savings. Johnson also offers his views on the Saver's Match, a federal program that he believes "may be the incentive needed to encourage minorities to....start saving to improve their financial outlook in retirement." Johnson closes the interview with an optimistic outlook on the prospects for success in "closing the retirement savings shortfall in our country."
This Earth Day, recycle 401(k) savings to avoid IRA landfill
On April 22, we will celebrate the 54th annual Earth Day, which gives us the opportunity to celebrate our planet’s natural surroundings and contemplate how we can help preserve them. The advent, and ongoing expansion of recycling programs has enabled our society to reduce our waste—and although there is still quite a long way to go, we have evolved significantly from the post-World War II throwaway culture. Writing in Employee Benefit News, RCH President & CEO Spencer Williams uses the occasion of Earth Day to extend the recycling concept to our nation's 401(k) system, where auto portability can facilitate the emergence of a more sustainable paradigm, increasing retirement security for millions of Americans.
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