Auto Portability in the News
Browse the most comprehensive collection of articles in the media that feature auto portability.
RCH in BenefitsPRO: 401(k) Truth Bomb: Missing Participants are Bad, 401(k) Cashouts are Worse
In his 7/26/18 article in BenefitsPRO, RCH's Tom Hawkins addresses the dual problems of missing participants and 401(k)
cashouts, which both share common causes – a mobile American workforce and a
lack of retirement savings portability. While missing participants are
bad and have been receiving a great deal of attention, the issue of 401(k)
cashouts is actually much worse, as annual cashouts outpace new missing participant accounts by a factor of almost 25-to-1. Fortunately, retirement savings
portability, in the form of auto portability, delivers a “two-fer” by providing
a strategic solution to both.
401(k) Truth Bomb: Missing Participants are Bad, 401(k) Cashouts Are Worse
It may surprise many to learn that there’s another problem that’s orders-of-magnitude worse, which silently devastates millions of Americans’ prospects for a timely or comfortable retirement every year. I’m referring to 401(k) cashouts, and it’s time we took serious action to address them head-on.
401k Specialist Features Recent Retirement Savings Portability Developments
401k Specialist features a July 2018 article by RCH's Tom Hawkins, addressing recent public policy activities on the issue of retirement savings portability. In his article, Hawkins examines three developments, all taking place in late June, and looks ahead to the anticipated delivery of an Advisory Opinion by the Department of Labor on auto portability.
Regulators and Policy Advocates Focus on Retirement Savings Portability
The most important portability development on the horizon is the DOL’s auto portability Advisory Opinion, which will provide guidance for plan sponsors on the automatic roll-in of small account balances previously forced-out into safe harbor IRAs.
RCH in EBN: Is auto-portability the key to helping women save more in retirement?
Auto portability has become a leading retirement savings public policy initiative due to its proven ability to preserve small-balance defined contribution accounts. RCH CEO Spencer Williams summarizes new research indicating that, when it comes to women, auto portability could deliver even greater benefits by making it easier for women participants to preserve their 401(k) savings, helping put them on par with men to achieve financial wellness.
Auto Portability’s Role in Helping Women Save More for Retirement
Auto portability has become a leading retirement savings public policy initiative due to its proven ability to preserve small-balance defined contribution accounts. Now, research is indicating that, when it comes to women, auto portability could deliver even greater benefits by making it easier for women participants to preserve their 401(k) savings and help to put them on par with men to achieve financial wellness.
RCH in EBN: The hidden DC plan sponsor priority: Plugging leakage, enabling auto-portability
In his latest article in Employee Benefit News, RCH Founder, President & CEO Spencer Williams urges plan sponsors to adopt two critical, but often overlooked priorities for defined contribution plans: reducing cashout leakage and enabling auto portability. Today, plan-to-plan portability is both time-consuming and expensive, resulting in a large number of stranded accounts and cashout leakage, particularly for small accounts. Citing EBRI and other research, Williams demonstrates that enabling seamless plan-to-plan portability through auto portability could dramatically improve participant outcomes, enhance financial wellness and even reduce the incidence of missing participants.
NAPA Net: RCH's Tom Johnson Addresses Leakage & Portability at WISER Forum
Covering the WISER forum "The Millennial Perspective: An Intergenerational Discussion on Retirement Savings", NAPA Net's Ted Godbout includes reporting on RCH EVP Tom Johnson, who wowed the WISER crowd with 401(k) cashout leakage and portability statistics. Citing data from the GAO, the EBRI Retirement Security Projection Model (RSPM) and other sources, Johnson made the point that Millennials, including gig workers, will stand to benefit greatly from retirement savings portability solutions, including auto portability.
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