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SOURCE Retirement Clearinghouse LLC (RCH)
CHARLOTTE, N.C., Feb. 26, 2013 /PRNewswire/ -- Robert L. Johnson, chairman of the board and majority owner of RolloverSystems, LLC, today announced the company has rebranded to Retirement Clearinghouse, LLC (RCH) and is expanding its innovative suite of services that enable 401(k) plan sponsors to better address the costs, risks, complications -- and $74 billion in ill-advised cashouts – that result from 9 million employees entering and exiting retirement plans each year.
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RCH's expanded suite of services addresses a significant gap in workplace-based retirement savings programs that results in job changers stranding their accounts in their old defined contribution and defined benefit plans; attempting the confusing task of rolling over their savings by themselves; or -- worse -- cashing out of the retirement system altogether, incurring penalties and taxes that severely compromise their retirement saving efforts.
RCH provides personalized intervention from start to finish that cuts cashouts and stranded accounts among job-changing participants, including those with low account balances who are at greatest risk of cashing out. The retirement system would retain $1 trillion over 10 years by cutting cashouts in half, according to Employee Benefit Research Institute estimates. Reducing the number of stranded accounts would save an estimated $50 billion in plan expenses over 10 years.
"This new strategy will result in a dynamic change in the retirement industry and we believe will be a solution for millions of 401(k) account holders to better manage their retirement assets," said Johnson. "I am very excited that Retirement Clearinghouse CEO J. Spencer Williams has authored this unique mission for the company and believe his leadership will guide the future success of Retirement Clearinghouse."
"Our services let retirement plan sponsors help new hires, existing participants, and those who are exiting the plan to consolidate their 401(k) and pension plan savings and to do so with personalized guidance that ensures successful completion of the process," said Williams. "We're not about asset gathering. We're a brand-neutral transaction engine that helps participants move and consolidate savings, resulting in better outcomes for sponsors, the system itself, and – most importantly – the participants who are working hard to save for retirement."
Retirement Clearinghouse's approach combines innovative systems and processes with personalized, start-to-finish support from its DecisionDeskSM counselors. RCH's services include:
Retirement Clearinghouse also offers specialty services for plan sponsors who need:
As an independent company, Retirement Clearinghouse provides these services while remaining brand-neutral, balance-blind, and unbiased in their recommendations to both sponsors and participants.
Retirement Clearinghouse's services require no major retirement plan changes. The company works with a sponsor's existing recordkeeper and conforms to retirement plan rules. Moreover, Retirement Clearinghouse services are available to both defined contribution and defined benefit plan sponsors.
For more information on Retirement Clearinghouse, an RLJ company, visit www.RCH1.com.
Retirement Clearinghouse Media Contacts:
Patrick Collins
617-553-0349
Kathleen Gilroy
978-358-7282
media@rch1.com
The RLJ Companies Media Contact:
Traci Otey Blunt, The RLJ Companies
240-744-7858
press@rljcompanies.com
About Retirement Clearinghouse
Retirement Clearinghouse (RCH) is the leading specialist in employee retirement transition (job changer) services, with best practices designed to improve outcomes for retirement plan sponsors, participants, and providers. RCH's programs increase plan assets, improve plan efficiency, lower plan costs and reduce fiduciary risk while providing participants with one-on-one, beginning-to-end assistance in the complex process of consolidating and managing their workplace retirement savings accounts. In keeping with its commitment to ease of use, RCH works with sponsor's existing recordkeepers and conforms to existing plan rules, requiring no major plan changes. RCH has streamlined more than 10,000 sponsor plans, helped more than 625,000 participants, guided billions of dollars in transactions, and reduced cashouts. RCH's experienced management team has a long record of thought leadership and innovation in the retirement savings industry. An RLJ company, RCH is based in Charlotte, NC, and is on the web at www.rch1.com.
About The RLJ Companies
The RLJ Companies, founded by Robert L. Johnson, is an innovative business network that provides strategic investments in a diverse portfolio of companies. Within The RLJ Companies portfolio, Johnson owns or holds interests in businesses operating in hotel real estate investment; private equity; financial services; asset management; insurance services; automobile dealerships; sports and entertainment; and video lottery terminal (VLT) gaming. The RLJ Companies is headquartered in Bethesda, MD, with affiliate operations in Charlotte, NC; Little Rock, AR; Los Angeles, CA; San Juan, PR; and Monrovia, Liberia. Prior to founding The RLJ Companies, Johnson was founder and chairman of Black Entertainment Television (BET). Visit www.rljcompanies.com.
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