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401(k) Fridays Podcast

The 401(k) Fridays Podcast features a weekly conversation with an expert guest to help employers and their service partners keep up with workplace retirement plan topics and trends. Listen today, improve your retirement plan tomorrow!
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Now displaying: June, 2016
Jun 24, 2016

Episode Summary

For most employees, making the transition into retirement means they have to come to grips with how they are going to live without a paycheck for arguably the rest of their life.  While this is a highly personal and individual decision, if you are their employer at the time, the decision about when and if they are ready to make the transition into retirement can have a big impact on you!  To help get more familiar with the struggles and challenges in preparing as well as the participant tools and resources needed to help make life without a paycheck a reality, I sat down with Jerry Patterson the Senior Vice President of Retirement & Investor Services at Principal Financial Group.  During our conversation he shares his experience, research and advice on how participants get tripped up by admiring a balance, not understanding fixed and variable expenses and falling victim to retirement drift.  We also spend time talking about strategies employers may explore to help their employees with decumulation, or converting the balances they have accumulated over their years into a stream of income.  Be sure to stick around after our interview ends for the 401(k) Fridays Fiduciary Fact and Folly. 

Guest Bio

Jerry Patterson has been a presence in the financial services industry for more than 25 years where he held a number of diverse and senior roles at some of the nation’s largest financial institutions.  Patterson currently serves as senior vice president, Retirement & Investor Services with the Principal Financial Group where he leads the company’s annuity, individual investor services, and broader retirement income efforts.  Key areas of focus in his current role include driving better retirement outcomes through more effective retirement plan designs, behavior-based education and engagement strategies, getting more Americans to understand and embrace the power of guaranteed retirement income, and addressing the unique and different needs of emerging Millennials and retiring Baby Boomers. 

Patterson is a national speaker and writer on a broad range of issues and topics, including financial and estate planning, behavioral finance, healthcare, wellness, Millennials, Boomers, and retirement.  He is a resident blogger for the Huffington Post where he focuses on financial wellness and overcoming human nature to attain better financial security outcomes.  He can be followed @JerryWPatterson.

Patterson is an active participant in a number of industry and community organizations focused on retirement security and the arts.  He is currently an active board member for the Insured Retirement Institute, Ballet Des Moines, and Des Moines Social Club.  Patterson’s education and early career focus was on accounting and law and he is a member of the Kansas and Missouri bars. 

401(k) Fridays Overview

Welcome to the 401(k) Fridays Podcast, where employers come to learn and retirement industry leaders come to share their unique stories, experiences and perspectives.  My name is Rick Unser, and I am your host.  Each episode leverages my nearly two decades of experience as a retirement consultant and features a candid interview with an industry expert to help enhance fiduciary protection, streamline plan operations or improve participant retirement readiness.  

For more information please visit www.401kfridays.com

Jun 20, 2016

Episode Summary

Here is another Sponsor Spotlight episode, where we interview an employer who took a different approach or strategy to change participant behaviors and outcomes.  In this episode, I had the pleasure of speaking with Sarah Redgrave, the Vice President of Total Rewards at KinderCare Education.  Sarah shares a unique approach she and her team took to integrate the 401(k) plan communication into their new total rewards strategy.  While the campaign had some surprising and positive results, the real benefit of this episode is Sarah’s introspective, honest and motivational thoughts she shares with employers on finding your north star, blazing new trails and bravery in business.  Finally, be sure to stick around after the interview for a new closing segment called the 401(k) Fridays Fiduciary Fact and Folly.  

Guest Bio

Sarah has over 15 years of international experience in benefits, compensation, internal communication, and change management. 

Currently she is accountable for the Total Rewards programs within KinderCare Education, a provider of early chilcare education with 30,000 employees across the United States.

Previously, she was accountable for Eddie Bauer’s Benefits, Compensation, Employee Communication, and Recognition Programs across the US, Canada, and Hong Kong. 

Prior to Eddie Bauer, she helped to build and lead the Communication and Change Management Practice at Hymans Robertson, a UK-based HR consulting firm. She spent five years as a communication consultant for Eckler Partners in Toronto, a pension and benefit consulting firm, where she consulted to clients across a wide variety of industries; and provided solutions that helped keep employees informed and engaged through times of significant cut-backs. 

401(k) Fridays Overview

Welcome to the 401(k) Fridays Podcast, where employers come to learn and retirement industry leaders come to share their unique stories, experiences and perspectives.  My name is Rick Unser, and I am your host.  Each episode leverages my nearly two decades of experience as a retirement consultant and features a candid interview with an industry expert to help enhance fiduciary protection, streamline plan operations or improve participant retirement readiness.  

For more information please visit www.401kfridays.com

Jun 14, 2016

Episode Description

It should be no surprise that 401(k) plan fees have been the hot topic of discussion amongst both plan sponsors and the industry.  With fee disclosure regulations, a growing number of lawsuits and the press all swirling around the issue the need for plan fiduciaries to have a process to both understand and evaluate plan fees for reasonableness has never been more important.  My guest, Tom Kmak, the CEO and co-founder of the firm Fiduciary Benchmarks which provides independent, comprehensive and informative fee benchmarking services is in a unique position in this conversation, over the past 9 years they have evaluated and benchmarked the fees of over 80,000 retirement plans.  During our conversation, Tom specifically shares his experience and perspective on how to create a meaningful fee benchmarking process.  As a 30 year industry veteran, he also shares great stories, analogies and opinions to help employers understand and process some of the more controversial and complex topics around 401(k) plan fees.  Be sure to listen for his thoughts on flat dollar participant fees, why the DOL did not use the word “lower” in their recent fee disclosure regulations and much more!

Guest Bio

CEO and co-founder of Fiduciary Benchmarks, 2007 to current.  Fiduciary Benchmarks (FBi) is a premier and patented benchmarking service (U.S. Patent 8,510,198) for defined contribution plans that uses various mathematical models to help fiduciaries determine whether the fees they are paying to their service providers are reasonable in light of the value being received.  Through their construction and presentation, FBi reports give plan decision makers the context necessary to improve decisions and positively affect the measures of long-term plan success.  FBi reports are available primarily through advisor/consultants, recordkeepers, TPAs and other plan service providers. 

Prior to founding FBi, Tom Started the JPMorgan Retirement Plan Services business in 1990 with American Century.  Upon leaving in October 2007, that business employed 1,100 people serving 200 large plan sponsors with over 1.5 million participants and more than $115 billion in assets.

During his 18 years with Retirement Plan Services, the company initiated numerous industry firsts including no blackout conversions and the innovative employee education program, Audience of One.  Tom also served on the Executive Committee for JPMorgan’s asset management business.

Named by Ingram’s magazine as one of Kansas City’s inaugural class of “Forty most influential people under Forty,” Tom is a recognized expert in the retirement services industry who has been a featured speaker at various conferences and has published articles in some of the most well-known periodicals in the industry.

Graduated Phi Beta Kappa from DePauw University with B.A. degrees in Economics and Computational Mathematics.  He is also the first graduate of the Management Fellows Program and 3 year letterman in inter-collegiate basketball.

401(k) Fridays Overview

Welcome to the 401(k) Fridays Podcast, where employers come to learn and retirement industry leaders come to share their unique stories, experiences and perspectives.  My name is Rick Unser, and I am your host.  Each episode leverages my nearly two decades of experience as a retirement consultant and features a candid interview with an industry expert to help enhance fiduciary protection, streamline plan operations or improve participant retirement readiness.  

For more information please visit www.401kfridays.com

Jun 10, 2016

Episode Description

As the Greek Philosopher Heraclitus said, the only thing that is constant is change.  At no time has that statement likely been more accurate about 401(k) plans than where we are today in the retirement market.  My guest George Castineiras is the Managing Director of Gibraltar Ventures.  He spends his time speaking to and making investments in companies that are shaping what the next several decades of the retirement industry will look like, as a preview things will likely be very different.  Our conversation highlights George’s experience focusses specifically on the concepts, trends and topics that employers should start thinking about today and keep an eye on over the next several years.  Throughout, as only George can, he provides great examples, insights and predictions that will definitely leave you thinking!

Guest Bio

George Castineiras is responsible for exploring, developing and investing in transformational ideas and business strategies to power the ambitions of people, institutions, and communities. 

Prior to leading Gibraltar Ventures, George ran the Total Retirement Solutions business where he oversaw sales, service, operations and product development for Prudential’s defined contribution, defined benefit and nonqualified executive benefit solutions. He joined Prudential in 2002 as head of Western Region Sales and was soon thereafter named senior vice president, National Corporate Sales. Later, he became senior vice president of Client Relations and Business Development for Prudential Retirement’s distribution and key account relationship management teams.  He held a similar position with Prudential’s Institutional Income Innovations group. 

Early in his career, George held sales leadership positions with Metropolitan Life Insurance Company and The Principal Financial Group.   

He is also the Founder and CEO of Castineiras Ventures, LLC. George has three patents, 10 patents pending and 16 trademarks. 

George earned an MBA at the MIT Sloan School of Management and a dual bachelor’s degree in finance and economics from Loyola Marymount University. He has completed executive programs at Harvard, University of Michigan, Wharton, NYU, and LIMRA. 

401(k) Fridays Podcast

Welcome to the 401(k) Fridays Podcast, where employers come to learn and retirement industry leaders come to share their unique stories, experiences and perspectives.  My name is Rick Unser, and I am your host.  Each episode leverages my nearly two decades of experience as a retirement consultant and features a candid interview with an industry expert to help enhance fiduciary protection, streamline plan operations or improve participant retirement readiness.  

For more information please visit www.401kfridays.com

Jun 2, 2016

Episode Summary

Sometimes employers will comment, we don’t hear to much about the 401(k) from our employees, well that’s not because your employees don’t have questions, it’s likely because they are going elsewhere to get their answers!  To help uncover what 401(k) participants are doing outside the watchful eyes of their employers, is my guest Catherine Golladay, the Senior Vice President of Participant Services and Administration at Charles Schwab. During our conversation, we explore how 401(k) participants are engaging with call centers, onsite education teams and advice offerings.  Catherine does a great job pulling from her experience to share specific stories and examples for employers to help leverage what she has learned with her participant services teams. Finally, be sure to listen for her perspectives on the importance of merging plan design, technology and people as the key ingredients to improve plan health and participant retirement outcomes.

Guest Bio

Catherine Golladay is senior vice president of participant services and administration and has been with Charles Schwab since 1996. Ms. Golladay is responsible for plan administration, participant service centers and support teams, third party advice services, and education presenters within Schwab Retirement Plan Services.

Previously, Ms. Golladay was vice president of participant programs in Charles Schwab’s Corporate & Retirement Services business, where she was responsible for overseeing third party advice and education teams.

Ms. Golladay has been serving retirement plan clients since 1990 and has held management positions in compliance, client services, communication consulting, and participant service centers. Prior to joining Charles Schwab, Ms. Golladay was vice president of ERISA compliance at Key Bank. Before that she served as a Certified Public Accountant at S.R. Snodgrass and Co., LPA.

She is a Certified Public Accountant and a qualified 401(k) administrator (QKA). She also holds FINRA Series 7, 9/10, 24, 63, and 66 registrations.

Ms. Golladay earned a bachelor of science in accounting from the University of Akron. She also has a master of business administration from the Weatherhead School of Management at Case Western Reserve University.

401(k) Fridays Podcast Overview

Welcome to the 401(k) Fridays Podcast, where employers come to learn and retirement industry leaders come to share their unique stories, experiences and perspectives.  My name is Rick Unser, and I am your host.  Each episode leverages my nearly two decades of experience as a retirement consultant and features a candid interview with an industry expert to help enhance fiduciary protection, streamline plan operations or improve participant retirement readiness.  

For more information please visit www.401kfridays.com

 

 

 

Jun 2, 2016

Episode Description

By leaps and bounds, target date funds, or lifecycle funds are the fastest growing investment in 401(k) plans primarily due to their popularity with plan sponsors as the qualified default investment alternative, or QDIA in their 401(k) plan.  As some fiduciaries are starting to realize, evaluating target date funds can be a bit tricky due to the numerous variances in style from one fund to another.  For that reason, I invited Rich Weiss, Senior Portfolio Manager at American Century Investments to help demystify target date funds and help employers better understand what they should focus on as they evaluate options in the market.  Rich does a great job of effortlessly explaining both the fundamentals of target date funds and more specific concepts of risk that employers should be aware in their monitoring and evaluation process.  He also discusses the three pillars of differentiation amongst target date managers, glide path construction, investment diversification and management style.  As you will hear, some of his perspectives might make you rethink some things about your go forward strategy. 

Guest Bio

Rich Weiss, is a Senior Vice President and Senior Portfolio Manager at American Century Investments.  He is the co-portfolio manager for the firm’s asset allocation strategies, including Strategic Allocation, Global Allocation and One Choice Portfolios®. He also serves as a member of the firm’s Asset Allocation Committee, which is responsible for establishing investment policy and reviewing investment decisions for all of our asset allocation products.

Prior to joining the firm in 2010, Rich was executive vice president and chief investment officer of City National Bank, where he was responsible for their $12 billion investment management group and directed investment policy and strategy. Previously, he was executive vice president and chief investment officer at Sanwa Bank California, where he managed all aspects of their investment department. Earlier in his career, Rich held senior investment positions at Vantage Global Advisors, TSA Capital Management, PaineWebber and Mellon Bank. He has worked in the investment industry since 1984.

Rich holds a bachelor’s degree in finance from the Wharton School of the University of Pennsylvania and an MBA from the University of Chicago. He has authored several academic papers and is well known for his advanced work in the field of global investing.

401(k) Fridays Podcast Overview

Welcome to the 401(k) Fridays Podcast, where employers come to learn and retirement industry leaders come to share their unique stories, experiences and perspectives.  My name is Rick Unser, and I am your host.  Each episode leverages my nearly two decades of experience as a retirement consultant and features a candid interview with an industry expert to help enhance fiduciary protection, streamline plan operations or improve participant retirement readiness.  

For more information please visit www.401kfridays.com 

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