DALLAS, June 18, 2019 – Custodia Financial, the creator of Retirement Loan Eraser (RLE), announced today that it has appointed Drinker Biddle & Reath LLP Partner Bradford Campbell to its Strategic Advisory Council (SAC). Representing Drinker Biddle, as a part of the SAC Mr. Campbell will provide legal, public policy, and regulatory guidance to Custodia on its mission to automatically improve retirement outcomes by solving America’s $2.5T 401(k) loan default problem.
Based in Washington DC, Mr. Campbell provides employee benefits advice to plan sponsors and financial service providers, particularly in relation to ERISA Title I issues, including fiduciary conduct and prohibited transactions. He is the former Assistant Secretary of Labor for Employee Benefits and former head of the Employee Benefits Security Administration. As ERISA’s former “top cop” and primary federal regulator, Mr. Campbell provides his clients with insight and knowledge across a broad range of ERISA plan-related issues.
“I couldn’t be happier about how our Strategic Advisory Council is coming together,” said Tod Ruble, CEO of Custodia Financial. “Helping plan fiduciaries meet their obligations under ERISA is a key aspect of Retirement Loan Eraser. Brad is one of the best legal minds in the ERISA world, and having him on board the SAC will help to ensure strong alignment between ERISA regulations and our solution.”
“The Custodia team has been doing groundbreaking work to increase awareness of 401(k) loan defaults, which represent a significant fiduciary challenge in a changing regulatory environment,” said Mr. Campbell. “As a member of the SAC, representing Drinker Biddle, I look forward to supporting Custodia’s efforts to help plan sponsors meet their fiduciary obligations. A better understanding of the loan default problem across industry stakeholders, and adoption of solutions to address it, will only be good for the state of retirement in America.”
Mr. Campbell joins a growing group of industry leaders on Custodia’s SAC, including Dave Liebrock, former President of Workplace Investing at Fidelity Investments, and Mark Herman, formerly President and COO of CNA Insurance’s Specialty Lines business. Custodia’s objective for the SAC is to continue to add seasoned leaders in complementary disciplines critical to solving the 401(k) loan default problem. The SAC will advise Custodia on a range of strategic issues, including product development, distribution, insurance, and regulatory matters. Custodia’s SAC will support its full-time team of retirement experts that includes former senior executives from Fidelity Investments, Financial Engines, SunGard, Voya Financial, and Wells Fargo.
About Retirement Loan Eraser
Loan defaults in 401(k) plans are coming into focus as a significant problem harming retirement readiness. Retirement Loan Eraser (RLE) is an automated loan insurance program that prevents 401(k) loan defaults, protecting plan assets, and immediately improving retirement outcomes. RLE is the only solution available that helps plan sponsors prevent loan defaults by repaying the outstanding loan balance of borrowers losing their jobs, while reducing fiduciary risk.