DALLAS, July 31, 2019 – Custodia Financial, the creator of Retirement Loan Eraser (RLE), announced today that it has appointed Chuck Hill, former Chief Human Resource Officer of Pfizer Inc., to its Strategic Advisory Council (SAC). In his role on the SAC, Chuck will provide the “voice of the plan sponsor,” and support distribution efforts for Retirement Loan Eraser across his broad network of senior HR executives and industry practitioners.
While at Pfizer, one of the world’s largest research-based biopharmaceutical companies with over $50 billion in revenue, Mr. Hill was responsible for all enterprise human resource programs, including compensation and benefits. Pfizer’s primary savings plan is one of the largest 401(k)s in America, with approximately $14 billion in assets and over 50,000 participants. Mr. Hill joined Pfizer’s Human Resources team in 1987, supporting the Pharmaceutical Sales Force. After that, he held a number of roles including HR Director of Pfizer’s Global Manufacturing facility in Groton, CT; Vice President HR, Corporate Finance; and Senior Vice President HR, Worldwide Biopharmaceuticals Businesses. Prior to joining Pfizer, Mr. Hill served for eight years in the United States Air Force as an instructor fighter pilot and flight commander. At Pfizer, he supported veterans and active military by serving as the executive sponsor of the Pfizer Colleague Council, Veterans in Pfizer, which works to maximize the unique role that veterans and active military personnel play in driving workplace and marketplace outcomes.
“Having a former CHRO and plan sponsor with Chuck’s experience, network, and values on the SAC is imperative for Custodia and for the employers we serve,” said Tod Ruble, CEO of Custodia Financial. “Chuck understands from years of experience the goals, challenges, and risks that large plan sponsors face, so his voice on the SAC—and advocacy in the marketplace—will be invaluable.”
“Upon learning about Custodia’s mission, I felt drawn to the critically important work that Tod and the team are doing. Preventing leakage caused by loan defaults is a challenge that should be on every large plan sponsor’s radar,” said Mr. Hill. “I’m thrilled to be working with the Custodia team to raise awareness among HR executives that Retirement Loan Eraser is an effective solution that automatically improves employees’ retirement outcomes, while minimizing fiduciary risk.”
Mr. Hill joins a growing group of industry leaders on Custodia’s SAC, including Dave Liebrock, former President of Workplace Investing at Fidelity Investments, Mark Herman, formerly President and COO of CNA Insurance’s Specialty Lines business, Bradford Campbell, former Assistant Secretary of Labor for Employee Benefits and a Partner at Drinker Biddle & Reath LLP, and Roger Ochs, former CEO of HD Vest. 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.
