On November 7th, Retirement Clearinghouse (RCH) issued a press release announcing the results of the first-ever implementation of auto portability, as evaluated by Boston Research Technologies (BRT)’s Warren Cormier in his just-published white paper “Making the Right Choice the Easiest Choice: Eliminating Friction and Leaks in America’s Defined Contribution System.”
Those of us who have worked diligently to bring auto portability to fruition have intuitively known it’s value in preserving small-balance retirement savings. Still, it was highly gratifying to have this view confirmed by the analysis presented in BRT’s white paper.
Auto Portability’s First Implementation
On July 11th, 2017, a small group of retirement services professionals at Retirement Clearinghouse (RCH) successfully conducted the first-use of a new and important financial technology. Known as “locate & match” -- the technology represents a breakthrough in the ability to automatically move small balances forward in America’s defined contribution system, and forms the backbone of RCH Auto Portability.
For the first time, auto portability is now live in America’s defined contribution system.