Responding to Skyrocketing Numbers of Abandoned 401(k) Accounts, RSI Introduces Retirement Plan Roll-In Service for Employers

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Dec 07, 2011, 09:36 ET

CHARLOTTE, N.C., Dec. 7, 2011 /PRNewswire/ -- RSI, a provider of retirement-related employee assistance programs, today unveiled its new roll-in service that enables employers to help eligible employees roll their savings from previous workplace retirement plans into their current plan, thereby consolidating their retirement savings and increasing their retirement readiness.

The new service comes in response to the growing trend of abandoned workplace retirement savings plan accounts. Frequent job changes and increased use of auto-enrollment have created a growing number of abandoned retirement plan savings accounts that can add to plan costs, create administrative headaches, and potentially hurt employees' ability to save for the long run.

With the roll-in service, licensed professionals from RSI's Retirement Plan DecisionDesk™ proactively contact clients' eligible employees to provide balance-blind, brand-neutral, one-on-one information and guidance about their options and the potential long term implications of their choices. In addition to enabling employees to make fully-informed decisions, the DecisionDesk™ provides end-to-end assistance in executing the sometimes complex and intimidating process that often discourages employees from taking action.

When the service was piloted recently at one large company, the number of employees rolling into the plan increased by 100 percent and the amount of assets rolled into the plan rose by almost 200 percent compared to 2010.

The new offering is part of RSI's suite of Employee Transition Services™ that provide support to both employees and employers. RSI's DecisionDesk™ offers personal, one-on-one guidance to employees facing reitrement plan savings decisions as they move in and out of jobs. RSI's SponsorServices™ enables employers to establish programs that address:

Retirement savings education and assistance for transitioning employees;
Automatic rollovers;
Plan terminations;
Uncashed or stale dated checks
Missing employees, and the challenge of 'Returned Mail'; and
Other retirement plan related issues.

"Our end-to-end services help employers enhance their retirement savings programs by providing support and guidance to transitioning employees at critical points in time, whether they are newly hired or leaving employment," said RSI CEO Spencer Williams. "At the same time, we help employers run their plans more efficiently and cost-effectively by eliminating the staff distractions, administrative headaches, and associated costs related to employee transitions that can drag down the performance of plans and drain time and resources."

Employers who want more information should contact Mike Wilder at 866-827-9608 or [email protected].

About RSI
RSI, of Charlotte, NC, is the leading independent provider of retirement-related assistance programs for transitioning employees facing retirement plan savings decisions and the employers trying to help them. RSI's Employee Transition Solutions™, through its Retirement Plan DecisionDesk™, provides employees with balance-blind, brand-neutral, one-on-one information, guidance and transaction assistance that helps keep employees invested in retirement. Its Retirement Plan SponsorServices™ enables employers to reduce the number of employees cashing out of retirement plans, increase plan assets through roll-ins, and better manage their plans' potential liabilities, communications and reporting requirements. RSI is part of The RLJ Companies enterprise.

Contact: Kathleen Gilroy
978-358-7282
[email protected]

Patrick Collins
617-553-0349
[email protected]

SOURCE RSI