How Job Changing Impacts Retirement Savings
In conjunction with Boston Research Technologies, RCH announced the findings of a groundbreaking research study on America’s mobile workforce, providing insights into participant behaviors regarding retirement savings portability. The study offers plan sponsors with strategies to stem cashouts and to improve retirement outcomes. On May 28th, RCH and Boston Research Technologies teamed with PLANSPONSOR to deliver a webcast, where attendees were presented the study’s key findings, implications and action items.
- A majority of participants base their distribution choice at the time of job change on convenience and thereby harm their retirement readiness.
- Participants are overwhelmingly receptive to using their qualified plan as their primary retirement account during their working careers, and rate employer-sponsored roll-in services as an excellent and valuable benefit.
- Portability solutions are needed to make in-plan consolidation the default option for those segments of the participant population that are uncertain about their distribution decision.
- Every plan sponsor can benefit from this research!
- Download the Webcast Slides
- Download the Executive Summary
- Download the Webcast Transcription (coming soon)
Transciption of Webcast:
Alison Cooke Mintzer (ACM): Good morning, good afternoon everyone this is Alison Cooke Mintzer. I’m editor and chief of PLANSPONSOR and Plan Advisor and I’m pleased to be your host and moderator for today’s webcast titled, Actionable Insights for Your Mobile Workforce: Portability Solutions Key to Improving Retirement Outcomes. We’ve got a great presentation for you today and I’m really excited about it. I of course want to thank Retirement Clearinghouse for making today’s presentation possible for all of you. Before we get started and I introduce today’s speakers, I’d like to take a moment, if I can, to go through a couple of house-keeping items. First, we will be taking Q&A at the end of the session and so if you’d like to ask us a question, please feel free to do so using that lower little box you see on the lower right hand side of your screen, titled Q&A. You can write your questions in it anytime and we’ll cue them up for the end.