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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.


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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Feb
22
2019

How Auto Portability Serves Participants’ Best Interests, Part 1: Dramatically Improved Participant Outcomes

AP_definition_best_interestsPlan sponsors considering the adoption of auto portability must determine that, by participating in the auto portability program, they are acting prudently and solely in the interests of their plan’s participants and beneficiaries.

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Feb
13
2019

Auto Portability Boosts 401(k) Plan Results in New EBRI Research

EBRIThe Employee Benefits Research Institute (EBRI) has added yet another study to a growing body of research supporting the substantial retirement savings public policy benefits of auto portability.

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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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Jan
22
2019

Sidecar Accounts Can Plug Some 401(k) Leakage—But Not Most Leakage

Employee Benefit News“Not having enough emergency savings for unexpected expenses” is the No. 1 financial concern for Millennials and members of Generation X, and the No. 2 financial concern among Baby Boomers, after retirement security. These findings from a PwC Employee Financial Wellness Survey released last year shouldn’t surprise members of the retirement services industry, since too many defined contribution plan participants dip into their 401(k) savings—through loans, hardship withdrawals, or cash-outs upon changing jobs—to fund emergency expenses.

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Jan
14
2019

Retirement Industry Associations Weigh in on Auto Portability

Retirement Industry Associations Weigh in on Auto PortabilityOn 11/7/18, the U.S. Department of Labor (DOL) proposed a Prohibited Transaction Exemption (PTE) for Retirement Clearinghouse’s (RCH) auto portability program, allowing for public comments by 12/24/18. On 1/7/19, after a brief delay triggered by the partial federal government shutdown, all official public comments were posted.

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Dec
20
2018

2018: A Great Year for Retirement Clearinghouse

2018_VideoAs we pause at the end of 2018 to count our blessing and to celebrate the Holidays, we at Retirement Clearinghouse (RCH) find ourselves grateful for a very successful year.

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Nov
28
2018

What is Auto Portability? It Depends on Who’s Asking.

AP_definitionWith 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?”

With so many different -- and important -- perspectives on the matter, the best answer will depend on who’s asking the question. 

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Nov
26
2018

Auto Portability is Like Bacon—It Makes Everything Better

BaconWhen auto enrollment was widely adopted under the Pension Protection Act of 2006, it was a well-intentioned idea for helping Americans save more for retirement.

But in this case, what seemed like the perfect recipe for increasing retirement savings for hardworking Americans was missing a key ingredient.

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Nov
12
2018

Department of Labor Issues Auto Portability Advisory Opinion

DOL Issues AP AOThe Department of Labor (DOL) has issued its 11/06/18 Advisory Opinion 2018-01A on Auto Portability, which can be accessed on the DOL’s website at this link.

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