News

BET Founder Bob Johnson Applauds Administration For 401(k) Auto Portability Program

RealClear Politics' Ian Schwartz covers the 12/12/18 White House event marking the establishment of the White House Opportunity and Revitalization Council, and focuses specifically on remarks made by the RLJ Companies founder and Retirement Clearinghouse majority owner Robert L. Johnson. In his remarks, Mr. Johnson thanks the administration for the Department of Labor's recent actions on Auto Portability, noting that the auto portability program could result in "close to $800 billion" in incremental retirement savings for minority Americans.

Fox News: Laura Ingraham Addresses Auto Portability

Fox News opinion journalist Laura Ingraham takes note of the RLJ Companies founder and RCH majority owner Robert L. Johnson's appearance at an event for the signing of an Executive Order, where Mr. Johnson commended the administration, the Department of Labor and Sen. Tim Scott (R-SC), for their support of auto portability. Ingraham quotes Mr. Johnson as stating that "(auto portability) will put back close to $800 billion back in the retirement pockets of minority Americans. So I just want to applaud you for that."

WhiteHouse.Gov: EO on White House Opportunity and Revitalization Council Features Auto Portability

On 12/12/18, President Donald J. Trump signed an executive order establishing the White House Opportunity and Revitalization Council, intended to facilitate long-term equity investments in low-income communities designated as "qualified opportunity zones." Among the distinguished guests at the event was entrepreneur Robert L. Johnson, founder of the RLJ Companies and majority owner of Retirement Clearinghouse. Mr. Johnson took the opportunity to congratulate the administration and Sen. Tim Scott (R-SC) for their role in the Department of Labor's recent Advisory Opinion on auto portability, noting that auto portability will preserve $800 billion in minorities' retirement savings.

Video available on YouTube's White House channel here (queued to start at the President's introduction of Mr. Johnson)

P&I: Experts optimistic over auto-portability proposal

Pensions & Investments' Washington reporter Brian Croce examines the RCH auto portability program, following the DOL's November guidance. Croce outlines key aspects of the RCH program, quoting noted Washington-based ERISA expert Michael P. Kreps, who states that a key outcome of the DOL's Advisory Opinion is to "provide plan sponsors with additional certainty that they're not taking on additional fiduciary responsibility or risk by selecting this product." Croce also quotes RCH CEO Spencer Williams, Boston College's Alicia Munnell and the American Benefits Council's Lynn Dudley.

Barron's: You Should Combine Your Small 401(k) Accounts. Here’s Why.

In her 12/9/18 opinion piece in Barron's, noted retirement researcher Alicia H. Munnell takes stock of the recent DOL actions on the RCH Auto Portability program, which she characterizes as "good news" and a "win for the 401(k) system." Munnell credits RCH's Spencer Williams and Tom Johnson for the solution, which automatically consolidates small accounts as employees change jobs, addressing the 401(k) system's cashout leakage problem.

BenefitsPRO: What is auto-portability? It depends on who’s asking.

With the announcement of the Department of Labor’s recent actions, auto portability has taken center stage in the retirement industry. While auto portability has been well-known to a relatively small group of industry insiders, its recent, widespread coverage in the media has many asking the question “what is auto portability?” In his December 2018 article in BenefitsPRO, RCH Senior Vice President Tom Hawkins suggests that the best answer may depend on who's asking the question, but one thing's clear: auto portability is an idea whose time has come.

MarketWatch: Combining small 401(k) accounts helps preserve retirement saving

In her 12/4/18 article in MarketWatch, noted economist and retirement researcher Alicia H. Munnell applauds the Department of Labor's favorable actions toward the RCH auto portability program. Munnell highlights the dilemma facing millions of Americans each year, who leave their jobs and cash out their retirement savings, and cites the ongoing efforts by RCH's Spencer Williams and Tom Johnson in crafting the solution, auto portability. Munnell aptly characterizes auto portability's recent progress as being "so lovely to see a win for the 401(k) system."

Also featured in Morningstar News (link)

Forbes: DOL To Help Job Hoppers With High-Stakes 401(k) Choices

Forbes contributor Christian Weller, a professor of public policy at the University of Massachusetts Boston and a senior fellow at the Center for American Progress, links the trend of increased job-changing in a strong labor market to the challenges of moving retirement savings forward. Acknowledging the inherent difficulties in managing multiple accounts and the hazards of cashing out, Weller points to the RCH auto portability program as a highly-positive development, stating that "the approach appears successful in reducing leakage and increasing workers’ retirement account balances."