News

This Earth Day, recycle 401(k) savings to avoid IRA landfill

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. Writing in Employee Benefit News, RCH President & CEO Spencer Williams uses the occasion of Earth Day to extend the recycling concept to our nation's 401(k) system, where auto portability can facilitate the emergence of a more sustainable paradigm, increasing retirement security for millions of Americans.

Saver’s Match Has Potential to Incentivize Retirement Savings for Lower-Income Americans

PLANSPONSOR's Remy Samuels reports on new research conducted by Boston Research Technologies and Retirement Clearinghouse on the Saver's Match program, which surveyed more than 3,000 retirement savers who would meet the qualifications to be eligible to receive a program matching contribution. Samuels reports on the survey's findings indicating that the program would incentivize more savings and could benefit minorities disproportionately. Samuels also points to findings that the program may face challenges in routing matching contributions to valid, qualified accounts, due to worker mobility.

Tapping retirement funds is a terrible idea

Writing in AOL / Yahoo Money, retirement correspondent Kerry Hannon informs readers about the pitfalls of prematurely cashing out retirement savings. Hannon turns to WISER Women's Cindy Hounsell, who counsels savers to utilize the Retirement Clearinghouse (RCH) cashout calculator to understand how much retirement savings they'll be forgoing if they make this unfortunate decision.

Federal saver’s match could spur 8.5 million Americans to save for retirement

Pensions & Investments correspondent Margarida Correia reports on the results of a new survey-based analysis of the Saver's Match program, which, consistent with recent research from EBRI, projects an 8.5 million net increase in retirement savers as a result of the initiative, which goes live for tax years following 2017. The survey was a collaboration between Boston Research Technologies (BRT) and Retirement Clearinghouse (RCH) and surveyed over 3,000 savers and non-savers who could be eligible for a federal matching contribution under the program. Correia quotes BRT CEO and Co-Founder Warren Cormier on the positive behavioral impacts of the Saver's Match program revealed in the survey.

Saver’s Match Looks Like a Game-Changer for Under-Saved Workers

401k Specialist Editor-in-Chief Brian Anderson evaluates the new survey findings on the Saver's Match program, resulting from a collaborative effort between Retirement Clearinghouse (RCH) and Boston Research Technologies (BRT). Anderson reviews the survey's key findings and quotes RCH President & CEO Spencer Williams, as well as BRT CEO and Co-Founder Warren Cormier. Anderson emphasizes the disproportionate benefits from the Saver's Match that could accrue to minorities, terming the program a "boon for minority savers."

Saver’s Match provides big incentive for 401(k) contributions

InvestmentNews' Emile Hallez examines the 4/9/24 Saver's Match survey analysis released by Retirement Clearinghouse (RCH) and Boston Research Technologies (BRT), which "builds on research showing the provision's potential reach and effect on retirement security." Hallez turns to RCH President & CEO Spencer Williams, who states that the program "could have a multiplier effect, as it not only encourages people to sign up for accounts and contribute more but also makes them more likely to receive employer matches as well as the federal government match." Hallez also quotes EBRI's Craig Copeland, who authored a 2/29/24 EBRI Issue Brief that estimated the population of savers eligible for a matching contribution at 21.9 million.

How the Saver’s Match Could Kick-Start Financial Inclusion: Study

NAPA Net's Ted Godbout covers newly-released research on the Saver's Match program, noting that the survey (How the Saver's Match Could Promote Financial Inclusion: A Survey-Driven Analysis of the Saver's Match Program) was a collaboration between Boston Research Technologies (BRT) and Retirement Clearinghouse (RCH). The survey 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. Godbout's piece quotes RCH President & CEO Spencer Williams, as well as with BRT's CEO and Co-Founder Warren Cormier.

Also featured in ASPPA Net

Corporate Adviser Podcast: Pot for Life around the world

In a podcast featured on UK-based Corporate-Adviser.com, host John Lappin discusses various international solutions for “small pots” (i.e., small balance accounts) that could be applied in the UK. Lappin turns to two AON consultants, who provide a country-by-country rundown on international best practices, with the U.S. and auto portability receiving mention around the 7:30 mark in the podcast. The show's guests also mention a “retirement clearinghouse” that operates the auto portability solution, which they characterize as being innovative, but still in the early phases of implementation.