Spencer Williams
CEOSpencer Williams is CEO of Portability Services Network and Retirement Clearinghouse, a portability solutions provider.
Spencer Williams is CEO of Portability Services Network and Retirement Clearinghouse, a portability solutions provider.
The CARES Act waiver of penalties for premature 401(k) withdrawals may hurt the very American workers and families the Act is supposed to help.
With hardworking African-American and Hispanic workers far more likely to cash out than other participants, our nation has a serious retirement-saving crisis on its hands.
Most job-changing participants migrate to employers with large health plans, but account consolidation can help both companies reduce their plan fees.
Making savings automatic and quantifiable can streamline the process of getting employees involved in saving for retirement and other financial goals.
Over half of account holders neglect to move their funds, resulting in penalties and fees.
Despite auto portability’s proven ability to cut 401(k) withdraws, a solution addressing leakage and the lack of seamless plan-to-plan asset mobility is missing.
Despite auto portability’s proven ability to cut 401(k) withdraws, a solution addressing leakage and the lack of seamless plan-to-plan asset mobility is missing.
In addition to generally offering poorly performing investment options, these accounts also stick participants with potentially high administration fees.
In addition to generally offering poorly performing investment options, these accounts also stick participants with potentially high administration fees.
Without measures to help workers avoid the decision to withdraw their savings, the proposed law is less likely to achieve the stated goals of its supporters.