Auto Portability on LinkedIn: #retirement #401k #autoportability #dei #csr (2024)

The Truth About Old-School Automatic RolloversWriting in 401(k) Specialist Magazine, RCH’s Tom Hawkins takes on “old-school” automatic rollover programs which produce massive amounts of cashout leakage and strand millions of participants’ balances in safe harbor IRAs. While old-school automatic rollovers have one foot in the past, Hawkins writes: “automatic rollovers that incorporate #AutoPortability are the way of the future, with the industry-led Portability Services Network leading the way forward.” For plan sponsors, contends Hawkins, “auto portability delivers all the plan optimization features of old-school automatic rollover programs but goes one key step further” by automatically rolling-in eligible balances for new plan participants. #401k #retirement #CSR #DEIRead the full article: https://hubs.ly/Q02BQv1f0

The Truth About Old-School Automatic RolloversWriting in the Consolidation Corner blog, RCH’s Tom Hawkins takes on “old-school” automatic rollover programs which produce massive amounts of cashout leakage and strand millions of participants’ balances in safe harbor IRAs. While old-school automatic rollovers have one foot in the past, Hawkins writes: “automatic rollovers that incorporate #AutoPortability are the way of the future, with the industry-led Portability Services Network leading the way forward.” For plan sponsors, contends Hawkins, “auto portability delivers all the plan optimization features of old-school automatic rollover programs but goes one key step further” by automatically rolling-in eligible balances for new plan participants. #401k #retirement #DEI #CSRRead the full article: https://bit.ly/4ebbNWC

Robert L. Johnson Talks #AutoPortability, Racial Wealth Gap at EBRI Spring Policy ForumWriting in 401(k) Specialist Magazine, Renée Wilder Guerin, RCH EVP, Public Policy, provides readers with a summary of the May 16th keynote address by Robert L. (Bob) Johnson, Chairman of The RLJ Companies, Retirement Clearinghouse (RCH) and the Portability Services Network (PSN), to the 2024 EBRI Spring Policy Forum, co-hosted by the American Benefits Council. In Johnson’s address, entitled “Helping to narrow the nation’s lingering racial wealth gap” – the legendary Black American entrepreneur gave Forum attendees insight into the businessman’s long, purpose-driven journey to create entrepreneurial solutions to social problems, including his current efforts in the retirement sector, where he’s become laser-focused on leveraging public/private sector solutions that narrow the wealth gap for minorities and women. #DEI #CSR #401k #retirementRead the full article: https://bit.ly/4bJ7fVD

Harness the Power of Retirement Savings ConsolidationConsolidation is a powerful force in our world, and when it comes to retirement savings, #401K account consolidation is inherently efficient and exerts a protective effect on retirement savings as participants change jobs. Writing in 401(k) Specialist Magazine, Tom Hawkins offers readers six key facts about #retirement savings consolidation, providing ample evidence on the efficacy of consolidation in improving participants’ retirement outcomes. #AutoPortability #DEI #CSRRead the full article: https://hubs.ly/Q02yYB2y0

Robert L. Johnson Gives Keynote Address at 2024 EBRI Spring Policy ForumOn May 16th, Robert L. (Bob) Johnson, Chairman of The RLJ Companies, Retirement Clearinghouse (RCH) and the Portability Services Network (PSN), delivered the keynote address to the 2024 EBRI Spring Policy Forum, co-hosted by the American Benefits Council. In Johnson’s address, entitled “Helping to narrow the nation’s lingering racial wealth gap” – the legendary Black American entrepreneur gave Forum attendees insight into the businessman’s long, purpose-driven journey to create entrepreneurial solutions to social problems, including his current efforts in the #retirement sector, where he’s become laser-focused on leveraging public/private sector solutions that narrow the wealth gap for minorities and women.Read the full article: https://hubs.ly/Q02y0bC70

Expanding #Retirement Plan AutomationPlanAdviser's Natalie Lin reports on the 5/16/24 EBRI Spring Policy Forum, where an expert panel was convened to discuss how automation features can help underserved communities save for retirement. In that discussion, Jason Jagatic, head of global and workplace thought leadership at Fidelity, pointed to #AutoPortability as "beneficial to underserved communities in particular, as they are often made up of part-time workers who shift employers frequently." Lin added that "Fidelity, along with some of the country’s other largest recordkeepers, is part of the Portability Services Network providing the porting of retirement assets. The services went live among some recordkeepers in November 2023, with others coming online this year and into the future." #DEI #CSRRead the full article: https://hubs.ly/Q02x_WSH0

The 5 changes to the #401k that could make a big difference to your retirementWriting in MarketWatch, Alessandra Malito identifies five specific changes that could improve 401(k) #retirement savings plans for the better. In the #3 spot, Malito examines the problem of preretirement withdrawals, also known as cashout leakage. Malito frames up the cashout leakage problem, citing research from EBRI and the Savings Preservation Working Group, and closes her analysis by describing the effort of the Portability Services Group, "a consortium of large 401(k) plan administrators" focused on the widespread adoption of #AutoPortability. #DEI #CSRRead the full article: https://hubs.ly/Q02xj_XZ0

6 Steps to a Strong Missing Participant PolicyHaving a documented missing participant policy is about fulfilling a plan sponsor’s fiduciary duty to act in the best interests of plan participants, and to ensure that they receive benefits they are owed. It not only guides a plan sponsor’s actions, but it can also signal to regulatory agencies that a sponsor is serious about undertaking reasonable efforts to identify and locate #missingparticipants. Writing in 401(k) Specialist Magazine, RCH’s Tom Hawkins provides readers with six steps that are useful for building a strong missing participant policy, and in establishing the framework that guides efforts to locate participants. #HRAdmin #HRBestPractices #retirementRead the full article: https://bit.ly/3K53rlj

Harness the Power of #Retirement Savings ConsolidationConsolidation is a powerful force in our world, and when it comes to retirement savings, #401k account consolidation is inherently efficient and exerts a protective effect on retirement savings as participants change jobs.Writing in RCH’s Consolidation Corner blog, Tom Hawkins offers readers six key facts about retirement savings consolidation, offering ample evidence on the efficacy of consolidation in improving participants’ retirement outcomes. #AutoPortability #DEI #CSR Read the full article: https://bit.ly/3QBhgfa