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Consolidation Corner Blog

Consolidation Corner is the Retirement Clearinghouse (RCH) blog, and features the latest articles and bylines from our executives, addressing important retirement savings portability topics.


Thomas Hawkins

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As Vice President of Sales & Marketing, Tom Hawkins oversees all key operational aspects of sales and marketing, including RCH's web presence, digital marketing and plan sponsor proposals. In other roles for RCH, Hawkins has performed product development, helped lead the company's re-branding, evaluated & organized industry data and made significant contributions to RCH thought leadership positions. Hawkins has had a long & successful career in both the consulting & financial services sectors. Prior to joining Retirement Clearinghouse, Hawkins led Firm Resolve, LLC, a consultancy serving independent businesses. For MassMutual, Hawkins played a variety of roles, including the CEO of MassMutual Japan, Regional Executive / Latin America & Europe, and Division Head, Structured Settlements. Hawkins was also Senior Vice President, First Union National Bank and leader of their International Product Services group. Finally, Hawkins served as senior consulting manager for Accenture. Hawkins holds a bachelor of arts degree from the University of North Carolina - Charlotte, and a master's in business administration from the Babcock Graduate School (Wake Forest University).
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Recent Posts

Jun
15
2018

The Missing Piece in 401(k) Retirement Income: Consolidation

Missing piece in retirement income: consolidation

As Baby Boomers begin to retire in record numbers, they’re shifting their attention from saving for retirement to the process of decumulation, or converting their 401(k) savings into retirement income.

For many Boomers, their current-employer’s 401(k) plan wants to come to the rescue, offering them a dizzying array of retirement income solutions. Unfortunately, as these solutions begin to encounter reality, Boomers are finding that one simple, yet critical element is missing that prevents them from working as intended – the consolidation of their retirement savings.

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May
31
2018

401(k) Consolidation: What Every Plan Sponsor Should Know

Plan sponsors intuitively know that an explosion of small-balance 401(k) accounts held by terminated participants can create problems.  Unfortunately, few sponsors are clear on the factors that give rise to small accounts, and fewer still understand how they can utilize consolidation programs to solve the problem.

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May
23
2018

Understanding and Solving the Problem of Women’s 401(k) Cashout Leakage

Solving the problem of women's cashout leakageOn May 22ndat a Women’s Institute for a Secure Retirement (WISER) roundtable addressing strategies, choices and decisions for women’s retirement income, important new data was presented that highlights the challenges faced by women in preserving their 401(k) savings when changing jobs – particularly for women with balances less than $5,000.

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Apr
09
2018

America’s Modern Throwaway – 401(k) Retirement Savings

Retirement Savings 401K Cashout LandfillFollowing World War II, America saw the rise of a “throwaway” society – consuming, squandering and discarding vast quantities of national resources. Gradually, an awakening occurred as we realized that conservation was a more-sustainable path. Recycling models emerged, and once fully-adopted, they became deeply-ingrained in our psyches and formed a pillar of corporate social responsibility.   

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Mar
30
2018

Are you all-in on roll-in?  Encourage new hires to rollover old 401(k) balances into your plan

Over the past six years, there’s been a steady drumbeat pointing the way to increased portability and in-plan consolidation (“roll-ins”) as the next big strategic focus for defined contribution plans.   

While this path may soon lead to the widespread adoption of auto portability, a process that automatically rolls in small balances into a participant's new-employer plan, many plan sponsors are already embracing programs that support roll-ins for all participants, regardless of balance size.

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Jan
30
2018

Why America Urgently Needs a ‘Sustainable’ Defined Contribution System

America’s defined contribution system is unsustainable RecycleAmerica’s defined contribution system is unsustainable – urgently requiring an upgrade to effectively deliver on its intended goal – helping millions of Americans enjoy a timely and comfortable retirement. 

 

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Jan
02
2018

Auto Portability Makes Everything Better

Bacon SizzlingBeginning in 2000 and continuing for a decade, American consumers were overtaken by “bacon-mania” – an obsession with the tasty, fried cured-pork treat that included cookbooks, exotic new products and a catchy slogan: “Bacon Makes Everything Better.” Great all by itself, bacon was hailed as having the added virtue of improving the taste of almost any dish it was added to.

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Oct
25
2017

In Search Of: Guidance for Locating Missing Participants

In Search of GuidanceTwo weeks ago, I authored an article applauding the American Benefits Council for their October 2nd, 2017 letter to the Department of Labor (DOL), which clearly identified the root causes of missing participants: a highly-mobile workforce and a lack of retirement savings portability. Extending the Council’s insight, I maintained that what’s really “missing” in our defined contribution system are initiatives that move retirement savings forward when participants change jobs, such as auto portability. When implemented, these initiatives could serve to dramatically decrease the overall incidence of missing participants.

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Oct
13
2017

Bringing Clarity to the Murky Problem of Missing Participants

The Murkey Problem of Missing ParticipantsOn October 2nd, 2017, the American Benefits Council delivered a letter to the Department of Labor (DoL), urging the DoL to act on the problem of unresponsive or missing participants, an issue that has proven to be a significant point-of-pain for plan sponsors.

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Sep
18
2017

The Explosion of Small 401(k) Accounts

Small 401K Account ProblemsIt’s generally accepted that the small-balance accounts of terminated 401(k) plan participants have been a problem for plan sponsors, resulting in increased plan costs, fiduciary risk and other ancillary problems, such as missing participants and uncashed distribution checks.

Now, based on new information from EBRI and other sources, we’re learning that small accounts are a large and growing problem for active participants as well.

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