Charlotte, NC (March 13, 2013) - Retirement Clearinghouse, LLC (RCH) has appointed E. Thomas Johnson Jr. as a senior advisor to help promote awareness of the costs and complexities associated with the estimated 9 million employees entering and exiting workplace retirement plans each year, and RCH's innovative suite of services for addressing them.
Johnson, who also will serve on the firm's executive management team, joins an experienced team of industry veterans and thought leaders.
In his role, Johnson will promote:
- RCH solutions that enable sponsors of 401(k) and other retirement plans to help employees more easily and prudently save for retirement by consolidating their savings, generally in the workplace, when changing jobs; emerging best practices for plan sponsors to manage retirement plans with greater efficiency, less risk and lower costs; and
- the advantages of helping participants consolidate workplace retirement savings, including increased savings, fewer cashouts, and greater ease in tracking and managing savings.
- Automatic Rollover (ARO) Plus:
"Tom, whose late father is known as the "godfather" of the 401(k) for his role in creating the first 401(k) plan, will use his unique combination of experience, commitment and relationships to raise awareness of the challenges facing our retirement system and to elevate our brand in the marketplace," said J. Spencer Williams, president and CEO of RCH. "We're delighted to have him on our team and leading the effort to get people in our industry thinking about these important issues."
Each year, an estimated 9 million workers enter and exit workplace retirement plans. When they do, they often make bad choices about what to do with their retirement plan savings, such as cashing out, keeping their savings in multiple IRAs, or leaving their 401(k) accounts behind them in their former employers' plans.
By contrast, RCH's services enable plan sponsors to establish programs that help employees consolidate retirement savings when moving from job to job. The services simultaneously help sponsors manage plan costs and risks.
Johnson said that working with RCH will enable him to contribute to fulfilling the 401(k) system's promise by promoting simple and cost-effective retirement plan enhancements that will make it easier for more Americans to build, manage and consolidate their retirement savings.
"The 401(k) system has helped millions of people save trillions of dollars for retirement, and they're better off because of it," he said. "Still, there are opportunities to improve the system for all workers and especially for the little guys that often are overlooked. RCH is the only company I know with the leadership and innovation to address these critical challenges facing workers and employers today."
Johnson has more than 30 years of experience as a senior executive in the retirement savings and retirement income industries with such leading institutions as Federated Investors, MassMutual Financial Group, and most recently New York Life Insurance Co. He is involved in many industry groups and associations.