--- title: RCH Consolidation Corner | Spencer Williams (4) description: "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.\n (4)" --- [![Retirement Clearinghouse Logo](https://blog.rch1.com/hs-fs/hubfs/raw_assets/public/Retirement_Clearinghouse_May2022/images/logo.png?width=1000&height=648&name=logo.png "Retirement Clearinghouse Logo")](https://rch1.com/) [Privacy Policy](https://securities.rch1.com/common/PrivacyStatement.pdf) [Sponsors/Service Providers](https://rch1.com/plan-sponsors) [Individuals](https://rch1.com/individuals) [Login](https://rch1.com/#) - [Home](https://rch1.com/home-page) - [Individuals](https://rch1.com/individuals) - [Individuals Home](https://rch1.com/individuals/individuals-home) - [Who is RCH?](https://rch1.com/individuals/who-is-rch) - [Why Does RCH Have My Retirement Savings?](https://rch1.com/individuals/why-does-rch-have-my-retirement-funds) - 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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. [Follow me on my website](http://www.rch1.com/corporate-profile/management-team/j-spencer-williamspresident-and-ceo) [Follow me on LinkedIn](https://www.linkedin.com/in/spencer-williams-01894a9) [Follow me on Twitter](https://www.twitter.com/RCHConsolidate) ## Menu - [News](https://rch1.com/news) - [Press Releases](https://rch1.com/press-releases) - [Thought Leadership](https://rch1.com/thought-leadership) [Retirement Clearinghouse](https://rch1.com/retirement-clearinghouse) [Retirement Industry](https://rch1.com/retirement-industry) [Public Policy](https://rch1.com/public-policy-thought) - [Events](https://rch1.com/events) - - - - [Blog](https://blog.rch1.com/blog) - [401k Cash Outs](https://blog.rch1.com/blog/topic/401k-cash-outs) - [401k Consolidation](https://blog.rch1.com/blog/topic/401k-consolidation) - [401k Plan Termination](https://blog.rch1.com/blog/topic/401k-plan-termination) - [America's Mobile Workforce](https://blog.rch1.com/blog/topic/americas-mobile-workforce) - [Assisted Roll-in](https://blog.rch1.com/blog/topic/assisted-roll-in) - 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[Saver's Match](https://blog.rch1.com/blog/topic/savers-match) - [Security](https://blog.rch1.com/blog/topic/security) - [Small Accounts](https://blog.rch1.com/blog/topic/small-accounts) - [Stale Dated Checks](https://blog.rch1.com/blog/topic/stale-dated-checks) - [Synthetic Tenure](https://blog.rch1.com/blog/topic/synthetic-tenure) - [Uncashed Check Services](https://blog.rch1.com/blog/topic/uncashed-check-services) - [Uncashed Distribution Checks](https://blog.rch1.com/blog/topic/uncashed-distribution-checks) - [Video](https://blog.rch1.com/blog/topic/video) - [Webcast](https://blog.rch1.com/blog/topic/webcast) - [What is a Missing Participant?](https://blog.rch1.com/blog/topic/what-is-a-missing-participant) [Tweets by @RCHConsolidate](https://twitter.com/RCHConsolidate) ### 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. --- Aug 06 2020 ## [How to Mitigate COVID-19’s Potentially Catastrophic Impact on Americans’ Retirement Readiness](https://blog.rch1.com/blog/how-to-mitigate-covid-19s-potentially-catastrophic-impact-on-americans-retirement-readiness) [![ebn logo](https://blog.rch1.com/hs-fs/hubfs/Publications/EBN/ebnimage.jpg?width=200&name=ebnimage.jpg)](https://www.benefitnews.com/opinion/mitigating-covid-19s-catastrophic-impact-on-retirement-readiness)It’s bad enough that more than 50 million Americans have filed claims for unemployment benefits since the start of the COVID-19 pandemic and lockdown. But in addition to the disruption, financial hardship, and uncertainty that unemployed Americans (and their families) are experiencing right now, this crisis also threatens their financial security during retirement. [Read More](https://blog.rch1.com/blog/how-to-mitigate-covid-19s-potentially-catastrophic-impact-on-americans-retirement-readiness) Jun 02 2020 ## [COVID-19 Pandemic Demonstrates the Need for Institutionalized Portability](https://blog.rch1.com/blog/covid-19-pandemic-demonstrates-the-need-for-institutionalized-portability) [![ebn logo](https://blog.rch1.com/hs-fs/hubfs/Publications/EBN/ebnimage.jpg?width=200&name=ebnimage.jpg)](https://www.benefitnews.com/opinion/without-auto-portability-terminated-employees-will-miss-out-on-retirement-funds)The COVID-19 crisis has created a situation where tens of millions of American workers are in danger of seeing their retirement savings depleted. In addition to the awful death toll, the COVID-19 outbreak has led to extreme disruption in daily life, financial markets, and the economy—especially employment. As of May 28, more than 40 million Americans filed claims for unemployment benefits in the previous 10 weeks. This deadly combination of 1) levels of unemployment not seen since the Great Depression, 2) a significant market downturn, and 3) the ongoing plan-to-plan portability gap, has serious implications for these Americans’ retirement outcomes. [Read More](https://blog.rch1.com/blog/covid-19-pandemic-demonstrates-the-need-for-institutionalized-portability) Apr 20 2020 ## [To Show Participants You Care, Help Them Avoid Cashing Out Post-CARES Act](https://blog.rch1.com/blog/to-show-participants-you-care-help-them-avoid-cashing-out-post-cares-act) [![ebn logo](https://blog.rch1.com/hs-fs/hubfs/Publications/EBN/ebnimage.jpg?width=200&name=ebnimage.jpg)](https://www.benefitnews.com/opinion/to-show-participants-you-care-help-them-avoid-401k-cash-outs)It goes without saying that we are not living in normal times. The health and safety of our families and communities are paramount, and measures to ease burdens and hardships are always appreciated. These include the [Coronavirus Aid, Relief, and Economic Security (CARES) Act](https://www.congress.gov/bill/116th-congress/senate-bill/3548/text), the massive fiscal stimulus signed into law on March 27, 2020. [Read More](https://blog.rch1.com/blog/to-show-participants-you-care-help-them-avoid-cashing-out-post-cares-act) Mar 30 2020 ## [Think Twice Before Tapping Your 401(k) for Short-Term Needs](https://blog.rch1.com/blog/think-twice-before-tapping-your-401k-for-short-term-needs) [![Wall Street Journal](https://blog.rch1.com/hs-fs/hubfs/Publications/The%20Wall%20Street%20Journal/WSJ-Logo.jpg?width=200&name=WSJ-Logo.jpg)](https://www.wsj.com/articles/all-those-401-k-s-in-the-time-of-coronavirus-11585337257)In extraordinary times like these, it is understandable that Americans need emergency cash injections to pay expenses. But before tapping their 401(k)s, workers should at least follow the advice offered by the old saying “think twice,” and consider all sources of short-term cash, before prematurely cashing out their 401(k) savings ([WSJ: “The Emergency 401(k) Button,” March 20](https://www.wsj.com/articles/the-emergency-401-k-button-11584660255)). Even if tax and other penalties on 401(k) cash-outs during this period are waived, Americans who cash out forfeit the additional savings which the sums they receive would have accrued by retirement, had they remained incubated in the U.S. retirement system. [Read More](https://blog.rch1.com/blog/think-twice-before-tapping-your-401k-for-short-term-needs) Mar 16 2020 ## [The Institutionalization of Portability is Key to Reducing Cash-Out Leakage](https://blog.rch1.com/blog/the-institutionalization-of-portability-is-key-to-reducing-cash-out-leakage) [![Employee Benefit News Logo](https://blog.rch1.com/hs-fs/hubfs/Publications/EBN/ebnimage.jpg?width=200&name=ebnimage.jpg)](https://www.benefitnews.com/advisers/opinion/the-institutionalization-of-portability-is-key-to-reducing-cash-out-leakage)Although defined contribution plan recordkeepers and sponsors have made considerable progress helping participants retain savings through reduced fees over the past decade, job-changing participants’ 401(k) savings account balances remain in a state of dangerous limbo, as participants often succumb to the temptation of cashing out. EBRI reports that at least 4.5 million—or 40%—of [job-changing participants](https://www.benefitnews.com/opinion/job-hopping-a-challenge-to-portable-401k-retirement-benefits) cash out $92.4 billion in 401(k) savings from the U.S. retirement system every year. [Read More](https://blog.rch1.com/blog/the-institutionalization-of-portability-is-key-to-reducing-cash-out-leakage) Feb 05 2020 ## [How Sponsors can Help Minorities Save More for Retirement](https://blog.rch1.com/blog/how-sponsors-can-help-minorities-save-more-for-retirement) [![Employee Benefit News Logo](https://blog.rch1.com/hs-fs/hubfs/Publications/EBN/ebnimage.jpg?width=200&name=ebnimage.jpg)](https://www.benefitnews.com/opinion/how-sponsors-can-help-minorities-save-for-retirement)Every year, our nation’s retirement system loses $92 billion in savings because 401(k) plan participants prematurely cash out their accounts when they change jobs. This is the most recent estimate from the Employee Benefit Research Institute (EBRI), and while this finding affects all American workers, minorities are hit hardest.   [Read More](https://blog.rch1.com/blog/how-sponsors-can-help-minorities-save-more-for-retirement) Dec 24 2019 ## [A Financial Wellness Program You Can Actually Measure](https://blog.rch1.com/blog/a-financial-wellness-program-you-can-actually-measure) [![Employee Benefit News](https://blog.rch1.com/hs-fs/hubfs/Publications/EBN/ebnimage.jpg?width=200&name=ebnimage.jpg "Employee Benefit News")](https://www.benefitnews.com/opinion/how-financial-wellness-programs-can-encourage-employee-participation-in-retirement-savings) Although the [financial wellness of employees](https://www.benefitnews.com/opinion/the-rallying-cry-for-improving-financial-wellness) has emerged as a top priority for employers in recent years, too many workers are still struggling to improve their financial health. [Read More](https://blog.rch1.com/blog/a-financial-wellness-program-you-can-actually-measure) Nov 19 2019 ## [The Surprising Migratory Patterns of Job-Changing Participants](https://blog.rch1.com/blog/the-surprising-migratory-patterns-of-job-changing-participants) [![Employee Benefit News](https://blog.rch1.com/hs-fs/hubfs/Publications/EBN/ebnimage.jpg?width=200&name=ebnimage.jpg "Employee Benefit News")](https://www.benefitnews.com/opinion/how-employees-who-change-jobs-are-save-employers-money-on-health-plan-fees)Much has been written in the media, [including this column](https://www.benefitnews.com/opinion/how-auto-portability-can-improve-retirement-readiness-for-a-mobile-workforce), about the increase in mobility of today’s American workforce. [Read More](https://blog.rch1.com/blog/the-surprising-migratory-patterns-of-job-changing-participants) Oct 21 2019 ## [Safe-Harbor IRAs are Supposed to be Temporary](https://blog.rch1.com/blog/safe-harbor-iras-are-supposed-to-be-temporary) [![Employee Benefit News Logo](https://blog.rch1.com/hs-fs/hubfs/Publications/EBN/ebnimage.jpg?width=200&name=ebnimage.jpg)](https://www.benefitnews.com/opinion/safe-harbor-iras-should-not-be-a-long-term-retirement-solution)Fifteen 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. [Read More](https://blog.rch1.com/blog/safe-harbor-iras-are-supposed-to-be-temporary) Sep 10 2019 ## [Cash-Out Leakage is Still Too High—and Auto Portability can Help](https://blog.rch1.com/blog/cash-out-leakage-is-still-too-high-and-auto-portability-can-help) [![Employee Benefit News Logo](https://blog.rch1.com/hs-fs/hubfs/Publications/EBN/ebnimage.jpg?width=200&name=ebnimage.jpg)](https://www.benefitnews.com/opinion/auto-portability-can-help-401k-cash-out-leakage)401(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](https://rch1.com/news/press-release--final-exemption-completes-regulatory-framework-for-auto-portability). 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