©2019 by Savings Preservation Working Group

Actionable Insights for Your Mobile Workforce: Portability Solutions Key to Improving Retirement Outcomes

Retirement Clearinghouse (RCH) and Boston Research Technologies (BRT)

"A groundbreaking research study finds that retirement plan participants are overwhelmingly receptive to using their 401(k) plans as their primary retirement accounts during their working years—particularly Millennials and Generation-Xers—but they find the roll-in process confusing, difficult to decipher and time-consuming. Among a host of new insights, key findings include: A majority of retirement plan cash-outs are unnecessary—a product of convenience rather than need. A large majority of separated participants intend to move their accounts from their former employers’ plans. A significant percentage of respondents rate employer-sponsored roll-in services as an excellent benefit. The survey further presents specific recommendations for plan design, including a multi-pronged approach to dampen cash outs and to dramatically improve plan portability."