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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

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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Sep
06
2017

Don’t Wait Until It’s Too Late: Prepare Now for Year-End 401(k) Plan Terminations

DC Plan Terminations CountdownAs we enter the 4th quarter of 2017, many plan sponsors (as well as their advisors) will face the prospect of terminating a 401(k) plan.  For most, this will be the first -- and only -- time that they’ll undertake this important initiative, typically without the benefit of prior experience.

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Aug
16
2017

The Cashout Clock is Still Ticking: Let’s Stop It!

National Retirement Savings Cashout ClockOn May 12th, Retirement Clearinghouse announced the National Retirement Savings Cashout Clock, a virtual clock that calculates 2017 year-to-date cashout leakage from America’s defined contribution system in real time.

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Jul
25
2017

A Big Step Forward for Auto Portability

On July 11th, 2017, a small group of retirement services professionals at Retirement Clearinghouse (RCH)  successfully conducted the first-use of a new and important financial technology.  Known as “locate & match” -- the technology represents a breakthrough in the ability to automatically move small balances forward in America’s defined contribution system, and forms the backbone of RCH Auto Portability.

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Jun
29
2017

Plug the Leaks Before Expanding Access to Defined Contribution Plans

Preserved Savings 401K AccessIn recent months, our attention has been drawn to some deserving public policy initiatives that would dramatically expand access to workplace retirement savings accounts and address the “access gap” encountered by millions of American workers who are presently offered no such option.

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Jun
01
2017

The Fundamentals of 401(k) Cashout Leakage

The Fundamentals of 401(k) Cashout Leakage videoHow Big is the 401(k) Cashout Leakage Problem? We’ve known for some years now that 401(k) cashout leakage is a very big problem, but have lacked a thorough understanding of its many dimensions. 
This video presentation provides viewers with the latest data characterizing the problem of 401(k) cashout leakage, a major challenge that faces 401(k) participants when they change jobs.

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