Retirement Clearinghouse (RCH), which specializes in automating the movement of savings from one retirement account to another when plan participants change jobs, said that it has completed consolidations for more than 155,000 retirement accounts with over $4 billion in total assets as of October 26, 2018.
RCH works with plan sponsors, record-keepers, and participants to complete assisted rollovers, automatic rollovers, assisted roll-ins, and automatic “roll-ins,” which transfer and consolidate retirement savings into a participant’s existing 401(k) or IRA accounts.
In a release, Charlotte, NC-based RCH said it has assisted rollovers into existing IRAs, numbering 82,700 accounts with $2.9 billion in total saving into existing IRAs. It has also facilitated “roll-ins” of more than $980 million in assets from 46,700 accounts to participants’ current-employer 401(k) plan. The roll-ins included more than 1,000 automatic transfers completed by the year-old RCH Auto Portability service.
RCH Auto Portability consists of:
- An electronic-record “location” function to search and identify instances where an individual has multiple retirement accounts.
- A proprietary “match” algorithm confirming that the located accounts belong to the same participant.
- Receipt of the participant’s affirmative consent for the transfer of their assets in an automated roll-in transaction, either electronically or via a representative.
- The implementation and completion of the automated roll-in transaction.
Originally established as RolloverSystems in 2001, Charlotte, N.C.-based Retirement Clearinghouse works with more than 24,000 retirement plans and has helped guide over 1.3 million plan participants with more than $19 billion in retirement savings. Retirement Clearinghouse is a portfolio company of The RLJ Companies, founded by Robert L. Johnson.
© 2018 RIJ Publishing LLC. All rights reserved.