
The webinar’s presenters included Craig Copeland, Senior Research Associate, EBRI and Spencer Williams, President & CEO, Retirement Clearinghouse (RCH), and was moderated by Stacy Schaus, Founder & CEO, Schaus Group LLC.
Consolidation Corner is the Retirement Clearinghouse (RCH) blog, and features the latest articles and bylines from our executives, addressing important retirement savings portability topics.
On Earth Day 2019, as we focus on creating a sustainable and eco-friendly environment, it's worth considering how the application of similar principles would benefit our retirement system. America’s 401(k) system is unsustainable – urgently requiring an upgrade to effectively deliver on its intended goal – helping millions of Americans enjoy a timely and comfortable retirement. The good news is that we're beginning to see important signs of action that could ultimately address the problem.
In Part 3, I present evidence that the adoption of auto portability could lead to a reduction in plan expenses.
All companies that manage personal consumer data, regardless of where they are based or what industry they are part of, are right to be concerned about cybersecurity. The scope and scale of cyberattacks continue to increase around the world, as last year’s breach compromising 50 million Facebook users demonstrated.
April 15 is just around the corner. While many Americans dread Tax Day, April 15 presents defined contribution plan sponsors with an opportunity to demonstrate their value as fiduciaries, and as financial wellness advocates.
In their March 20th webinar "Achieving Retirement Income Equivalency Between Final-Average-Pay Defined Benefit Plans and Automatic Enrollment 401(k) Plans in the Private Sector", the Employee Benefits Research Institute (EBRI) revealed more research that supports the case for auto portability.
In this series, I identify five key reasons why an auto portability program serves the best interests of plan participants.
Previously, in Part 1, I examined the dramatically improved participant outcomes that will result from a program of auto portability.
In Part 2, I describe how auto portability, by enhancing and extending automatic rollover programs, represents an enhanced standard of care for participants.
The 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.
Plan 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.
The 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.
Individuals should consult their tax advisers or legal counsel for advice and information concerning their particular situation. Retirement Clearinghouse does not give legal, investment, or tax advice. IRA account fees and product information provided by Retirement Clearinghouse, LLC is subject to change without notice at the discretion of the IRA Provider. Securities are offered through RCH Securities, LLC, a wholly owned subsidiary of Retirement Clearinghouse, LLC and a member of FINRA (www.finra.org). RCH Shareholder Services is a wholly owned subsidiary of Retirement Clearinghouse, LLC and a registered transfer agent with the U.S. Securities and Exchange Commission.
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