BETHESDA, Md., March 2, 2016 /PRNewswire/ -- Robert L. Johnson, Founder and Chairman of The RLJ Companies and majority investor in Retirement Clearinghouse, LLC applauds Democratic Presidential candidate Hillary Clinton's policy statement Breaking Barriers for African American Financial Health. In her statement, Secretary Clinton states, "In America today, we have a racial wealth gap – really more like a wealth gulf, when it comes to African Americans." One of the critical policy changes she called for to address the wealth gap problem among minority Americans is auto portability of 401(k) accounts.
Johnson stated, "Secretary Clinton has shown to the African American community and to working class Americans, in general, that she is committed to closing the income gap and the wealth gap. She understands the fact that most African Americans drastically lack retirement savings. Her call for auto portability cures the twin issues of leakage and loss/missing accounts that plague the small balance segment of the mobile workforce, particularly the younger and lower income workers. The Secretary clearly recognizes as outlined in her policy statement that … Our country's current savings system has too many barriers that disproportionately hold African American families back…. By embracing auto portability, as an innovative solution to help minority employees plan for future retirement, the Secretary has put forward a policy proposal that I hope will encourage the U.S. Department of Labor, as President Obama did recently, to evaluate and hopefully implement 401(k) auto portability, as soon as possible.
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SOURCE The RLJ Companies