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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.


May
04
2017

80th EBRI Policy Forum to Address Key Retirement Policy Issues

Employee Benefit Research Insititute EBRIOn Thursday, May 11th, the Employee Benefit Research Institute (EBRI) will conduct their 80th Policy Forum, sponsored by the EBRI Education and Research Fund (ERF). Hosted at the 20 F Street, NW Conference Center, the Forum is scheduled from 8:30am to 12:30pm.

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Apr
26
2017

Automatic Cash-Outs Undermine Efforts to Enhance Financial Wellness

Employee Benefit NewsIn the spirit of Financial Literacy Month, retirement plan sponsors are to be commended for their commitment to enhance financial wellness among participants. In fact, 76% of employers offer financial health programs for employees, according to the seventh annual survey on corporate health and well-being conducted by Fidelity Investments and the National Business Group on Health® in 2016.

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Apr
19
2017

New EBRI Research Finds $2T Saved From Automated Portability

Portability Sponsors EBRI FSR, RCH, WISER

As much as $2 trillion could be retained in the U.S. retirement systems if Auto Portability were fully implemented, according to new research by the Employee Benefit Research Institute (EBRI). The research establishes Auto Portability as a leading retirement industry public policy initiative, placing it ahead of auto IRA initiatives and just behind universal DC coverage in terms of impact on total retirement savings shortfall.

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Apr
06
2017

Financial Wellness Requires Mending Fractured Retirement Savings

Employee Benefit NewsIf you’ve ever broken a bone—playing sports, engaging in outdoor activities, or even just from a slip and fall—it doesn’t take long before the pain signals that you need to go see a doctor, and the sooner the better. The friction encountered while moving a retirement savings account from an old-employer plan to a current-employer plan when changing jobs sends similar pain signals through most participants. With the Employee Benefit Research Institute (EBRI) indicating that the average participant will have 7.4 jobs in their adult working career, the risk of participants incurring a fracture in their retirement savings is very high.

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Mar
23
2017

March 30th Washington DC Forum to Showcase Retirement Plan Portability & Public Policy

Portability Event Sponsors - EBRI, FSR, WISERAn upcoming event in Washington, DC, to be held on March 30th and hosted by the Financial Services Roundtable, promises to be both highly-interesting and informative, addressing the very latest in retirement plan portability research and development.

The event, Retirement Plan Portability & Public Policy: Unlocking the potential in portability, will take place at the Financial Services Roundtable’s headquarters [map] from 10:30 a.m. to Noon, and is free to attend. Click here to view a full agenda. 

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Mar
14
2017

The Stealth Solution to America’s Retirement Savings Crisis

Auto Portability Radar ScreenOver the past year, the Department of Labor’s Fiduciary Rule has been highly-visible, presenting major ramifications for the retirement industry and looming large on the radar screens of retirement services providers.  

The underlying rationale for the rule, as stated by the Obama administration in an April 6, 2016 press briefing, was to save retirement investors $17 billion per year in lost retirement savings that result from conflicts of interest in retirement advice. Certainly, anything that protects $17 billion in retirement savings is a worthy goal, if it helps more Americans meet their retirement income needs.
However, there’s a larger hole in our retirement system – cash-out leakage – that inflicts far greater harm to American retirement savers, yet this threat continues to fly beneath our collective radar.   

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Mar
02
2017

Auto Portability Helps Everybody, and Hurts Nobody

Employee Benefit News“So, whose ox are you goring with auto portability?”

This is what a senior, well-respected retirement policy official asked my team at a sit-down meeting in Washington, D.C. Over the course of her long career, she had heard innumerable proposals to correct the savings shortfall in the U.S. retirement system. Many of them had a downside for at least one constituency in the retirement services universe, and she assumed that auto portability had one too.

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Feb
16
2017

Incubate Small Retirement Accounts, Don’t Throw Them Away

Auto Portability Win-Win SolutionOn February 3rd, the U.S. Chamber of Commerce, the world’s largest business federation representing the interests of more than 3 million businesses, released Securing America’s Retirement, their legislative roadmap aimed at strengthening the U.S. retirement system.

The Chamber’s goals are admirable.

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Feb
02
2017

One Small Improvement for 401(k) Plans, One Giant Leap for Retirement Readiness

401K Plans Retirement Readiness Moon Boot FootprintBaby boomers will never forget Neil Armstrong’s famous quote in 1969, after becoming the first human being to set foot on the moon:

“That’s one small step for (a) man, one giant leap for mankind.”

Today, America faces a different, more down-to-earth challenge: delivering our citizens a comfortable and timely retirement. And similar to the moon landing – a ‘small step’ in the right direction can have a huge impact on the course of our lives.

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Jan
24
2017

How to Remove 'Friction' from the 401(k) System

Tales From the Front Lines Part 3 Roll-In Retirement FinanceIn consolidated testimony before the ERISA Advisory Council  on the topic of Participant Plan Transfers and Account Consolidation for the Advancement of Lifetime Plan Participation, EBRI’s Craig Copeland and Retirement Clearinghouse’s Tom Johnson presented “Auto Portability Research & Simulation: Automating Plan-to-Plan Transfers for Small Accounts” – providing the Council with the latest information & research on Auto Portability, as well as describing the present state of plan-to-plan transfers (“roll-ins”).

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