Consolidation Corner
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Blog
- 401k Cash Outs
- 401k Consolidation
- 401k Plan Termination
- America's Mobile Workforce
- Assisted Roll-in
- Auto Enrollment
- Auto Portability
- Auto Portability Simulation
- Automatic Roll-In
- Automatic Rollover
- Automatic Rollovers
- Boston Research Technologies
- CARES act
- Common Mistakes
- DIY Roll-In
- DOL Advisory Opinion
- EBRI
- Employee Benefit News
- ERISA Advisory Council
- Financial Services Roundtable
- Financial Wellness
- How-To
- In-Plan Consolidation
- Leakage
- Lifetime Plan Participation
- Lost Participants
- Managed Portability
- Mandatory Distributions
- MarketWatch
- Missing Participant IRA
- Missing Participants
- National Retirement Savings Cash Out Clock
- Participant Transition Management
- PLANSPONSOR
- Portability Services Network
- PSCA
- Public Policy
- RCH Services
- Retirement Income
- Retirement Plan Portability
- retirement research
- Retirement Savings Consolidation
- Retirement Savings Portability
- Roll-In
- Safe Harbor IRA
- Saver's Match
- Security
- Small Accounts
- Stale Dated Checks
- Synthetic Tenure
- Uncashed Check Services
- Uncashed Distribution Checks
- Video
- Webcast
- What is a Missing Participant?
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.
America’s Mobile Workforce Meets Their Saver’s Match
A new survey of American workers who would be eligible to receive a Saver’s Match federal matching contribution confirms the significant public policy benefits that the program could have in leveling the playing field for lower income savers – particularly for Black and Hispanic workers – while also finding that high levels of worker mobility could pose challenges in administering millions of annual matching contribution payments.
Six Steps to a Strong Missing Participant Policy
Missing participants, defined as individuals who have become disconnected from their retirement savings – often through their own inaction – are a significant challenge that has long plagued defined contribution plans. Unfortunately, the responsibility for locating these persons falls squarely on the shoulders of plan sponsors.
This Earth Day, We are Reminded to Recycle 401(k) Savings, Instead of Adding to the Landfill of Safe Harbor IRAs
On April 22, we will celebrate the 54th annual Earth Day, which gives us the opportunity to celebrate our planet’s natural surroundings and contemplate how we can help preserve them. The advent, and ongoing expansion of recycling programs has enabled our society to reduce our waste—and although there is still quite a long way to go, we have evolved significantly from the post-World War II throwaway culture.
A More-Enlightened Approach to Uncashed Distribution Checks
No retirement plan sponsor likes the idea of dealing with uncashed distribution checks, nor do they wish to draw unwanted regulatory attention or to become embroiled in costly litigation because of their uncashed check policies.
Unfortunately, many plan sponsors place themselves in precisely that spot, becoming unnecessarily over-burdened with unresolved uncashed checks, while inviting unwanted regulatory scrutiny and/or legal challenges by embracing flawed uncashed check policies.
A more-enlightened approach to managing the problem of uncashed checks seeks to minimize their numbers, while simultaneously steering clear of the “red flags” that could land them in hot water.
Four Retirement Initiatives Vital to Closing the Racial Wealth Gap
Policymakers and stakeholders in America’s defined contribution system have made important progress in advancing initiatives that could help to close the large racial wealth gap. While much of the groundwork has been laid, it will ultimately fall to retirement plan sponsors to make the difference by supporting four key retirement initiatives that will generate increased wealth and enhance retirement security for millions of America’s minority workers.
Four Key Findings from the New Auto Portability Simulation
On the heels of the 11/7/23 announcement by the Portability Services Network that the industry-led consortium has launched its digital auto portability solution powered by Retirement Clearinghouse (RCH), RCH has made available the results from a new version of their Auto Portability Simulation (APS), a discrete event simulation that models the adoption of auto portability within America’s defined contribution system, over a 40-year period.
Auto Portability is Poised to Make an Even Bigger Impact in 2024
On the last day of 2023, a key provision of the SECURE 2.0 Act—increasing the limit on small 401(k) accounts subject to automatic rollovers into safe-harbor IRAs from $5,000 to $7,000—went into effect.
Auto Portability: It’s About the Participants
It’s sometimes easy to forget a basic tenet about auto portability.
Auto portability is about the participants.
And not just any participants. Auto portability is about the participants who truly need it, and – according to multiple surveys – have expressed a strong preference for it.
No One is Coming to Save You From Missing Participants
In horror movies, embattled humans facing a zombie apocalypse eventually realize that no one is coming to save them and must take decisive action to save themselves from oblivion.
There’s a lesson here for plan sponsors who must confront the problem of locating missing participants.
In the near-term, there’s likely nothing that will spare plan sponsors from addressing the missing participant problem head-on. In the face of uncertainty, they must take decisive action to avoid being overwhelmed, including implementing effective, common-sense search practices, and pairing those search practices with other actions that will minimize the incidence of missing participants over time.
A Perfect Storm is Brewing—But Automated Portability Could Defuse It
-
Blog
- 401k Cash Outs
- 401k Consolidation
- 401k Plan Termination
- America's Mobile Workforce
- Assisted Roll-in
- Auto Enrollment
- Auto Portability
- Auto Portability Simulation
- Automatic Roll-In
- Automatic Rollover
- Automatic Rollovers
- Boston Research Technologies
- CARES act
- Common Mistakes
- DIY Roll-In
- DOL Advisory Opinion
- EBRI
- Employee Benefit News
- ERISA Advisory Council
- Financial Services Roundtable
- Financial Wellness
- How-To
- In-Plan Consolidation
- Leakage
- Lifetime Plan Participation
- Lost Participants
- Managed Portability
- Mandatory Distributions
- MarketWatch
- Missing Participant IRA
- Missing Participants
- National Retirement Savings Cash Out Clock
- Participant Transition Management
- PLANSPONSOR
- Portability Services Network
- PSCA
- Public Policy
- RCH Services
- Retirement Income
- Retirement Plan Portability
- retirement research
- Retirement Savings Consolidation
- Retirement Savings Portability
- Roll-In
- Safe Harbor IRA
- Saver's Match
- Security
- Small Accounts
- Stale Dated Checks
- Synthetic Tenure
- Uncashed Check Services
- Uncashed Distribution Checks
- Video
- Webcast
- What is a Missing Participant?