U.S. Department of Labor Employee Benefits Security Administration Advisory Opinion on RCH Auto Portability Program

This document is about an advisory opinion from the U.S. Department of Labor's Employee Benefits Security Administration regarding the fiduciary status of parties involved in the Retirement Clearinghouse (RCH) Auto Portability Program. The opinion addresses the fiduciary responsibilities of plan sponsors in selecting and monitoring the RCH Program, as well as the fiduciary status of RCH in transferring default IRA funds to a participant's new employer's plan. The opinion concludes that RCH acts as a fiduciary in directing the transfer of default IRA funds to a new employer's plan without the participant's affirmative consent.