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Consolidation Corner Blog

Consolidation Corner is the Retirement Clearinghouse (RCH) blog, and features the latest articles and bylines from our executives, addressing important retirement savings portability topics.


Spencer Williams

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As President and CEO, J. Spencer Williams applies more than 25 years of experience in starting, building and leading businesses in the financial services industry. Under his leadership, Retirement Clearinghouse has introduced new industry best practices, been recognized for innovation, improved the operations of thousands of retirement plans, and enhanced the retirement prospects of hundreds of thousands of retirement plan participants.
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Recent Posts

Oct
21
2019

Safe-Harbor IRAs are Supposed to be Temporary

ebnimageFifteen years ago, when safe-harbor IRAs were first proposed as a destination for small, stranded 401(k) accounts that can be automatically rolled out of plans, then-U.S. Assistant Secretary of Labor Ann L. Combs spelled out what these investment vehicles were supposed to accomplish.

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Sep
10
2019

Cash-Out Leakage is Still Too High—and Auto Portability can Help

Employee Benefit News Logo401(k) account cash-outs remain a potent threat to Americans’ retirement-readiness and by all accounts the U.S. Department of Labor agrees, having issued its final Prohibited Transaction Exemption (PTE) for auto portability at the end of July.

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Aug
20
2019

The Safe-Harbor IRA: Friend or Foe?

ebnimageAutomatic rollovers of small, stranded 401(k) savings accounts are, on the surface, helpful for plan sponsors to keep their plans lean and healthy. However, “on the surface” is the key part of the previous sentence.

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Jul
31
2019

An Important Milestone: The DOL Issues Final Prohibited Transaction Exemption for Auto Portability

From The TopOn July 31st, the U.S. Department of Labor (DOL) released the final Prohibited Transaction Exemption (PTE) to Retirement Clearinghouse (RCH) for the RCH Auto Portability program, completing the regulatory framework and clearing the way for auto portability’s widespread adoption.   

This new development represents an important milestone on the path to auto portability, a private-sector innovation that will help prevent 401(k) cashout leakage, increase plan efficiencies and improve the prospects of a timely, comfortable and secure retirement for millions of Americans.

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Jul
16
2019

What’s Missing from the SECURE Act? A Provision to Plug Cash-Out Leakage

EBN

The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, passed by the House of Representatives on May 23, has the potential to make a positive impact on Americans’ retirement readiness. One of the bill’s key provisions involves removing restrictions on open multiple employer plans (MEPs), which would make it less costly for small businesses to offer retirement savings plans to employees.

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May
07
2019

A Plan Metric Every Sponsor Should Track: Participant-Retained Retirement Savings

EBN

When evaluating their defined contribution plans, plan sponsors understandably look at standard benchmarks such as rate of participation, average deferral percentage, and average account balance. However, given the highly mobile nature of today’s American workforce, sponsors should also consider tracking the average percentage of retirement savings that participants retain during their job tenure, and when they leave to join another employer.

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Apr
08
2019

Cybersecurity is Augmented by Auto Portability

EBN

All companies that manage personal consumer data, regardless of where they are based or what industry they are part of, are right to be concerned about cybersecurity. The scope and scale of cyberattacks continue to increase around the world, as last year’s breach compromising 50 million Facebook users demonstrated.

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Mar
27
2019

Tax Day is Coming—Encourage Millennial Participants to Incubate Saver’s Credits

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April 15 is just around the corner. While many Americans dread Tax Day, April 15 presents defined contribution plan sponsors with an opportunity to demonstrate their value as fiduciaries, and as financial wellness advocates.

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Feb
28
2019

5 Ways to Check if Your ARO Program Needs an Upgrade

EBN logoThe long-awaited Department of Labor (DOL) guidance on the legal and regulatory framework for auto portability has cleared the way for plan sponsors to further enhance and optimize their automatic rollover programs. By explicitly recognizing auto portability’s potential benefits to retirement savers, the DOL acknowledges that existing ARO programs have flaws which auto portability can fix.

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Jan
29
2019

Want to Help Minority Participants Save More for Retirement? Adopt Auto Portability

From the Top Spencer WilliamsMuch has been written about America’s retirement-savings shortfall. Much has also been written about one of the major reasons for this shortfall—the lack of technology and operating standards to make seamless plan-to-plan savings portability easy for America’s highly mobile workforce. The cumbersome and costly nature of DIY portability has made prematurely cashing out small-balance 401(k) savings accounts, or stranding them in former employers’ plans, the easiest options for many participants after they change jobs.

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