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
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
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
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
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
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
Episode Description
Over the years, participant 401(k) plan loans have gotten a bad rap both with plan sponsors and within the industry. In this episode my guest, Todd Cowman, a Senior Consultant at the Principal Financial Group explores whether that bad reputation is deserved. Todd does a great job of explaining some of the fundamentals of 401(k) plan loans, which are often times misunderstood, and brings a frank overview of the pros and cons of 401(k) plan loans for participants and plan sponsors. Finally, he leaves plan sponsors with some thoughts on plan design and loan policy features to help limit the potential abuses of 401(k) loans.
Guest Bio
Todd Cowman is a Senior Consultant for the Principal Financial Group . Todd has been with the Principal Financial Group since 1993. He works primarily with Defined Contribution and Defined Benefit clients, both qualified and nonqualified, with up to $1B in retirement plan assets, designing an overall retirement program that is both cost effective to employers and meaningful to employees, while continuing to meet strict regulatory requirements.
Todd has focused much of his efforts around mergers and acquisitions, helping plan sponsors understand the unique plan design challenges that arise and navigating available options. He has assisted in developing multiple written documents related to this topic which are frequently used by plan sponsors and other financial professionals. Todd also assists plan sponsors in resolving plan operational/qualification failures and negotiating corrections with the Internal Revenue Service.
Todd is often asked to speak on various plan design topics at client specific and industry conferences as well as supporting our sales efforts in the field by participating in SWAT visits both in and outside our Corporate Center in Des Moines, IA. Todd earned his Qualified 401(k) Administrator (QKA) designation from ASPPA in 2008.
401(k) Fridays Podcast Overview
Offers companies of all sizes free strategic, educational and actionable content to improve their retirement plans. My name is Rick Unser and I am your host. All episodes leverage my nearly two decades of experience working with employers to bring you candid interviews with industry experts to enhance Fiduciary Protection, streamline Plan Operations and improve employee Retirement Readiness.
For more information please visit www.401kfridays.com
Episode Summary
You might have heard that Men are from Mars and Women are from Venus, you also might understand a thing or two about Millenials, Generation Xers and Baby Boomers. However, what you might not realize is that having a better grasp on how different generations and genders approach preparing for retirement could actually help you improve your retirement plan health. My guest, Margaret Rux, is a principal and head of Strategic Retirement Consulting at Vanguard. Her team of attorneys, actuaries, plan analysts, and senior benefits professionals offer consulting, analysis, and expertise on a variety of fiduciary and regulatory issues affecting plan design and compliance. Margaret shares great insights from their research on the differences between the generations and genders in retirement plans. For plan sponsors, she shares strong evidence that your go forward plan design can be the great equalizer between historical differences between the groups.
Guest Bio
Margaret Rux is a principal and head of Vanguard Strategic Retirement Consulting. Her team of attorneys, actuaries, plan analysts, and senior benefits professionals offers consulting, analysis, and expertise on a variety of fiduciary and regulatory issues affecting plan design and compliance. Ms. Rux joined Vanguard in 1987. She has spent most of her career in Institutional Client Services and has also held leadership positions in Vanguard's retail and international businesses. Ms. Rux earned a B.S. from Ithaca College and an M.B.A. from Saint Joseph’s University. She is also a certified ERISA paralegal.
401(k) Fridays Podcast Overview
Offers companies of all sizes free strategic, educational and actionable content to improve their retirement plans. My name is Rick Unser and I am your host. All episodes leverage my nearly two decades of experience working with employers to bring you candid interviews with industry experts to enhance Fiduciary Protection, streamline Plan Operations and improve employee Retirement Readiness.
For more information please visit www.401kfridays.com
Episode Summary
If you are at all curious about how rising interest rates here in the United States could impact your 401(k) investments, employees and the economy, my guest Chris Dillon a fixed income portfolio specialist with T. Rowe Price covers these topics and more! During our conversation Chris does a great job of explaining in an understandable way some fundamental concepts such as what a fixed income yield curve is and how interest rate changes impact bond prices. He also helps make sense of the Federal Reserve’s interest rate policy, how negative rates and deflation in some countries could impact the US markets and why inflation is a good thing. Finally, he provides great insights on strategies employers can use in your 401(k) to position your fixed income offerings and to provide options that could do well in a rising interest rate environment. This episode is packed, I hope you enjoy!
Guest Bio
Chris Dillon is a portfolio specialist in the Fixed Income Division at T. Rowe Price. He supports the Municipal Bond, International Bond, and Global Unconstrained Bond Strategies, working closely with clients, prospects, and consultants. Mr. Dillon is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.
Mr. Dillon has 19 years of investment experience, 10 of which have been with T. Rowe Price. Prior to joining the firm in 2006, he was an investment advisory research consultant for PNC Advisors. Before PNC Advisors, Mr. Dillon directed fixed income management research for Smith Barney Consulting Group.
Mr. Dillon earned a B.A., cum laude, in history/economics from the University of Delaware and an M.B.A. in business administration from Wilmington University. He also has earned the Chartered Financial Analyst designation.
401(k) Fridays Podcast Overview
Offers companies of all sizes free strategic, educational and actionable content to improve their retirement plans. My name is Rick Unser and I am your host. All episodes leverage my nearly two decades of experience working with employers to bring you candid interviews with industry experts to enhance Fiduciary Protection, streamline Plan Operations and improve employee Retirement Readiness.
For more information please visit www.401kfridays.com
Episode Summary
Well, I have to admit, this episode didn’t unfold quite the way I thought it was going to, however, thanks to my guest, Peter Dunn, aka Pete the Planner, it turned out to be the most inspirational and motivational episode of the 401(k) Fridays podcast yet. Pete the Planner® has a unique set of gifts as both an award-winning comedian and financial mind. He's a USA TODAY columnist and the author of ten books, and the host of the popular radio show The Pete the Planner Show. Pete has appeared regularly on CNN Headline News, Fox News, Fox Business as well as numerous nationally syndicated radio programs. During our conversation Pete draws on his years of experience working with individuals on their financial needs to cover a range of topics all relating to challenges participants face in saving for retirement. Most importantly, don’t miss the last several minutes of the podcast where Pete shares some very passionate and inspiring messages for employers about the important role you play in creating successful retirement outcomes for your employees.
Guest Bio
Peter Dunn a.k.a. Pete the Planner® is an award-winning comedian and an award-winning financial mind. He's a USA TODAY columnist and the author of ten books, six of which were featured in a nationwide launch at Barnes & Nobles stores in January of 2015. He is the host of the popular radio show The Pete the Planner Show on 93 WIBC FM and is a columnist for the Indy Star. Pete has appeared regularly on CNN Headline News, Fox News, Fox Business as well as numerous nationally syndicated radio programs. In 2012, Cision named Pete the fourth most influential financial broadcaster in the nation.
401(k) Fridays Podcast Overview
Offers companies of all sizes free strategic, educational and actionable content to improve their retirement plans. My name is Rick Unser and I am your host. All episodes leverage my nearly two decades of experience working with employers to bring you candid interviews with industry experts to enhance Fiduciary Protection, streamline Plan Operations and improve employee Retirement Readiness.
For more information please visit www.401kfridays.com
Episode Summary
Today's episode is absolutely packed with information for all plan sponsors regardless of the current “cash” or capital preservation strategy in your 401(k) plan. My guest, Brett Gorman, a SVP at PIMCO Investments and head of their Stable Value business shares valuable information about Money Market Reform and its impact on both plan sponsors and participants. He also lays out a great roadmap to help plan sponsors reevaluate their capital preservation strategy to find the right mix of principal protection, liquidity and real return. Be sure to listen for more details on what real return is and why it should be an important factor in your go forward capital preservation strategy.
Guest Bio
Mr. Gorman, a CFA Charterholder, is a senior vice president, an account manager in the defined contribution (DC) practice, and head of PIMCO’s stable value business. The PIMCO DC Practice, with over $100 billion of DC-related assets under management, is dedicated to promoting effective DC plan design and innovative retirement solutions and offers investment management for fixed-income, stable value and other capital preservation solutions, inflation protection, equities and asset allocation strategies such as target-date solutions. PIMCO has been managing stable value since 1992 and, with almost $30 billion in stable value assets under administration, provides a variety of stable value-related services to the market.
Mr. Gorman currently serves on the board of directors of Stable Value Investment Association (SVIA), an industry-peer elected position. The SVIA is dedicated to providing leadership and representation on issues related to stable value before the media, educators, legislators, regulators and opinion leaders, as well as serving as a forum for the exchange of ideas and discussion of issues important to the Stable Value industry. He has spoken at a variety of industry meetings and conferences, including at numerous SVIA Forums, the Merrill Lynch Wealth Management Global Wealth & Retirement Solutions Conference, DCIIA, the PIMCO DC Advisory Council, and the SPARK Institute.
Prior to joining PIMCO, Mr. Gorman was a director and senior portfolio manager with the Deutsche Asset Management stable value team and a fixed income portfolio manager for institutional and governmental clients at Merrill Lynch Investment Managers. He has 23 years of investment experience and holds an MBA from Rutgers University and a bachelor’s degree from Syracuse University.
401(k) Fridays Podcast Overview
Offers companies of all sizes free strategic, educational and actionable content to improve their retirement plans. My name is Rick Unser and I am your host. All episodes leverage my nearly two decades of experience working with employers to bring you candid interviews with industry experts to enhance Fiduciary Protection, streamline Plan Operations and improve employee Retirement Readiness.
For more information please visit www.401kfridays.com
Episode Summary
The new DOL Conflict of Interest Rule, what is also being referred to as the new DOL Fiduciary Rule, has introduced changes that some are calling the most significant since the introduction of ERISA over 40 years ago. While the rule will have a phased effective date beginning in April 2017, there are multiple items employers should begin exploring now. As usual, Sam does a great job of extracting specific elements of the 1100 page rule that employers should be aware of and provides questions to ask today along with specific next steps.
Guest Bio
Sam Henson, is a Vice President and Director of Legislative & Regulatory Affairs for Lockton Retirement Services. Sam also brings a unique perspective to our discussion today as prior to joining Lockton, he spent almost 10 years with the U.S. Department of Labor’s Employee Benefits Security Administration (EBSA), where he conducted more than 150 civil and criminal investigations of employee retirement and benefits plans, service providers, and fiduciaries. He capped off his career at the DOL as the 2011 recipient of the Secretary of Labor’s Exceptional Achievement Award. Needless to say, we are glad we have Sam on our side now and he is not out there banging down the doors of employers any more!
401(k) Fridays Podcast Overview
Offers companies of all sizes free strategic, educational and actionable content to improve their retirement plans. My name is Rick Unser and I am your host. All episodes leverage my nearly two decades of experience working with employers to bring you candid interviews with industry experts to enhance Fiduciary Protection, streamline Plan Operations and improve employee Retirement Readiness.
For more information please visit www.401kfridays.com
Episode Summary
While you might be familiar with the term behavioral finance, you have not heard my guest Stuart Ritter, from T. Rowe Price explain the origins, research and fundamentals behind why it is so important for employers to understand and embrace as they design their retirement plans. Stuart is a vice president and senior financial planner—designing, building, and implementing guidance and advice services to assist customers in achieving their financial goals. He has appeared on television and radio programs for networks like ABC News, Fox Business, and National Public Radio; and has been quoted by The Wall Street Journal, The New York Times, Kiplinger’s Personal Finance magazine, Money magazine, and other national news organizations. During our conversation, he shares useful and entertaining stories and analogies to help employers better understand the concepts of behavioral finance and why plan design options such as automatic enrollment and automatic increases are really not as foreign to employees as we may think. I hope you enjoy this fast paced and information packed episode!
Guest Bio
401(k) Fridays Podcast Overview
Offers companies of all sizes free strategic, educational and actionable content to improve their retirement plans. My name is Rick Unser and I am your host. All episodes leverage my nearly two decades of experience working with employers to bring you candid interviews with industry experts to enhance Fiduciary Protection, streamline Plan Operations and improve employee Retirement Readiness.
For more information please visit www.401kfridays.com
Episode Summary
If you feel like you are spending the “right amount of money” in your retirement plan but not getting the results you expect in either recruiting, retention or employee retirement outcomes, spending more money to get better results doesn’t have to be the answer. According to my guest, Marc Howell without increasing costs, you could improve all three of those metrics by breaking away from a traditional retirement plan design and moving towards plan design customization. Marc is a Vice President and head of Custom Retirement Solutions with Prudential Financial. In our conversation he tackles preconceived notions about 401(k) plan design, how employers can deliver retirement benefits with surgical precision to either incentivize or reward employee behavior and how some popular employer contribution strategies are actually setting your employees up for failure in preparing for retirement. If you have not already subscribed to the podcast, go to iTunes or GooglePlay and search 401(k) Fridays and click subscribe. And now, enjoy conversation!
Guest Bio
Marc Howell, FSA, EA, Vice President – Custom Retirement Solutions at Prudential Financial, has over 17 years of experience working with sponsors of defined benefit and defined contribution plans. He leads a team of actuarial consultants tasked with providing custom design solutions within the defined contribution market, aiming to deliver better benefits for employees while driving improved bottom line results for employers.
He has redesigned retirement programs for numerous plan sponsors including both union and non-union workforces. Marc has partnered with these organizations to create new pension, executive, and defined contribution plans. His retirement programs are in place with organizations across the U.S., ranging from manufacturing, healthcare, utilities, higher education, and professional services organizations. Marc’s innovative approach to plan redesign won his clients 1st place in the PSCA Signature Awards, for both 2013 and 2015, in the following categories: 2013 – Plan Administrative and Design Changes and 2015 - Fiduciary and Plan Decision Resources
Marc was a Joseph Wharton Scholar at the University of Pennsylvania's Wharton School of Business, where he graduated with a B.S. in economics. He is a Fellow in the Society of Actuaries, a Member of the American Academy of Actuaries, and an enrolled actuary.
401(k) Fridays Podcast Overview
Offers companies of all sizes free strategic, educational and actionable content to improve their retirement plans. My name is Rick Unser and I am your host. All episodes leverage my nearly two decades of experience working with employers to bring you candid interviews with industry experts to enhance Fiduciary Protection, streamline Plan Operations and improve employee Retirement Readiness.
For more information please visit www.401kfridays.com
Episode Description
If you are with a manufacturing company, this is a can’t miss episode. Be sure to listen for key points specific to manufacturing companies about industry trends that are impacting plan design, plan health and employee retirement readiness. Also, my guest Scott Francolini shares great advice on how manufacturers can help recruit younger workers and help older workers make a successful and timely transition into retirement. I hope you enjoy!
Guest Bio
Scott Francolini is Senior Vice President of Mid/Large Strategic Relationship Management at John Hancock Retirement Plan Services (JHRPS). He previously held the same role at New York Life Retirement Plan Services, which merged with JHRPS in April 2015. Scott joined our organization in 2009 and has more than 20 years of experience in financial services.
He was previously Retirement Practice Lead for our Manufacturing, Materials, and Retail/Distribution industry practice, where he was responsible for establishing its strategic direction and overseeing execution through a team of Relationship Managers, ERISA Consultants, Strategic Communication Consultants, and Investment Specialists.
Prior to joining our organization, he gained valuable retirement, brokerage, and advisory services experience at CIGNA Retirement & Investment Services, Prudential Financial, and Fidelity Investments.
Scott received a B.S. in Finance from Bryant College and an M.B.A. from the University of Hartford. In addition, he maintains his FINRA Series 7, 26, and 63 registrations and is licensed with the State of Massachusetts Insurance Department.
Outside of work, Scott enjoys traveling with his family, coaching youth soccer, and skiing.
401(k) Fridays Podcast Overview
Offers companies of all sizes free strategic, educational and actionable content to improve their retirement plans. My name is Rick Unser and I am your host. All episodes leverage my nearly two decades of experience working with employers to bring you candid interviews with industry experts to enhance Fiduciary Protection, streamline Plan Operations and improve employee Retirement Readiness.
For more information please visit www.401kfridays.com
Episode Description
If you are an employer and are at all curious about what’s happening in Washington D.C. that might impact your 401(k) plan, I am happy to report that my guest Joan McDonagh likely covers it in today’s episode! Our conversation includes:
Developments with state run retirement programs
The DOL’s proposed Fiduciary Rule
Initiatives to help participants generate lifetime income in retirement plans
Tax reform and how it could impact retirement plans
Potential impact of the upcoming presidential election on retirement plans
Guest Bio
Joan is an ERISA attorney with Empower Retirement and has been working with retirement plans for over 30 years. She is on the Government Relations Committee of the Society of Professional Asset-Managers and Record Keepers (SPARK) and Chairs the Public Policy Committee of the Defined Contribution Institutional Investment Association (DCIIA). She has written numerous articles and presented a variety of seminars on retirement plan issues. And, if all that wan’t enough she is also a co-author of the 401(k) Answer Book.
401(k) Fridays Podcast Overview
Offers companies of all sizes free strategic, educational and actionable content to improve their retirement plans. My name is Rick Unser and I am your host. All episodes leverage my nearly two decades of experience working with employers to bring you candid interviews with industry experts to enhance Fiduciary Protection, streamline Plan Operations and improve employee Retirement Readiness.
For more information please visit www.401kfridays.com
Episode Summary
Conflicts, compensation and reasonableness, what do these three words have in common? Ok, I ‘ll let you off the hook, these are the key issues at the heart of roughly 90% of the recent 401(k) litigation according to my guest, Jason Roberts ERISA Attorney and Founder of the Pension Resource Institute and the Retirement Law Group. Jason has been repeatedly recognized as one of the “100 Most Influential in Defined Contribution” by the 401(k) Wire and a “Rising Star” by SuperLawyers Magazine. To help employers with those three issues, this episode drills into selecting and monitoring 401(k) service providers, a key fiduciary responsibility and one that is often misunderstood by plan sponsors. Jason shares strategies to determine fee reasonableness in light of the value, six open ended questions to evaluate service providers and unique insights such as low cost at all cost might not be the best fiduciary protection strategy. Finally, be sure to stick around for when he alludes to a criminal lawyer performing an ERISA plan document review. Sorry, 401(k) humor, I hope you enjoy!
Guest Bio
Jason C. Roberts is the Founder and CEO of the Pension Resource Institute (PRI) providing strategic consulting and training to retirement plan service providers and fiduciary education to plan sponsors.
Prior to founding PRI, Jason was a partner and co-chair of the Financial Services Group at a leading, national ERISA law firm where his practice focused on employee benefits and securities regulation. Jason continues to provide counsel on ERISA and investment-related matters at Retirement Law Group, PC and is frequently retained as an expert on fiduciary responsibilities, Department of Labor (DOL) investigations and retirement plan product development, design and implementation.
Jason was named as one of the “100 Most Influential in Defined Contribution” by the 401(k) Wire and a “Rising Star” by SuperLawyers Magazine. He is an active member of the National Association of Plan Advisors (NAPA) and American Society of Pension Professionals and Actuaries (ASPPA). In 2014, Jason was appointed, for a two-year term, as an advisor for the Beach Cities Health District's finance committee.
Jason is a nationally-recognized speaker and has published numerous articles on fiduciary best practices, ERISA compliance and securities regulation. He is frequently quoted and interviewed by both professional and public publications.
Jason received his B.S.B.A. in Finance & Banking from the University of Missouri and his J.D. from the University of California, Los Angeles (UCLA) School of Law. He is a graduate of FINRA’s Compliance Boot Camp and has obtained the designation of Accredited Investment Fiduciary Analyst™ from the Center for Fiduciary Studies.
401(k) Fridays Podcast Overview
Offers companies of all sizes free strategic, educational and actionable content to improve their retirement plans. My name is Rick Unser and I am your host. All episodes leverage my nearly two decades of experience working with employers to bring you candid interviews with industry experts to enhance Fiduciary Protection, streamline Plan Operations and improve employee Retirement Readiness.
For more information please visit www.401kfridays.com
Episode Description
Let’s say you were running your 401(k) fiduciary committee meetings wrong, wouldn’t you want someone to tell you? Luckily, I was able to track down Jason Roberts, ERISA attorney and founder of the Pension Resource Institute to help set the record. straight. Jason has been repeatedly recognized as one of the “100 Most Influential in Defined Contribution” by the 401(k) Wire and a “Rising Star” by SuperLawyers Magazine. In this episode you will hear tremendous insights on why you should develop a well balanced and prudent fiduciary process, how current 401(k) litigation is shedding new light on employer fiduciary best practices and finally, why all the time you spend discussing plan investments might not be providing you the protection you have been lead to believe it does. If you don’t have a pen and paper handy, don’t worry, i have bios, notes, links and a full episode breakdown on the website at www.401kfridays.com. Without further ado, here we go!
Guest Bio
Jason C. Roberts is the Founder and CEO of the Pension Resource Institute (PRI) providing strategic consulting and training to retirement plan service providers and fiduciary education to plan sponsors.
Prior to founding PRI, Jason was a partner and co-chair of the Financial Services Group at a leading, national ERISA law firm where his practice focused on employee benefits and securities regulation. Jason continues to provide counsel on ERISA and investment-related matters at Retirement Law Group, PC and is frequently retained as an expert on fiduciary responsibilities, Department of Labor (DOL) investigations and retirement plan product development, design and implementation.
Jason was named as one of the “100 Most Influential in Defined Contribution” by the 401(k) Wire and a “Rising Star” by SuperLawyers Magazine. He is an active member of the National Association of Plan Advisors (NAPA) and American Society of Pension Professionals and Actuaries (ASPPA). In 2014, Jason was appointed, for a two-year term, as an advisor for the Beach Cities Health District's finance committee.
Jason is a nationally-recognized speaker and has published numerous articles on fiduciary best practices, ERISA compliance and securities regulation. He is frequently quoted and interviewed by both professional and public publications.
Jason received his B.S.B.A. in Finance & Banking from the University of Missouri and his J.D. from the University of California, Los Angeles (UCLA) School of Law. He is a graduate of FINRA’s Compliance Boot Camp and has obtained the designation of Accredited Investment Fiduciary Analyst™ from the Center for Fiduciary Studies.
401(k) Fridays Podcast Overview
Offers companies of all sizes free strategic, educational and actionable content to improve their retirement plans. My name is Rick Unser and I am your host. All episodes leverage my nearly two decades of experience working with employers to bring you candid interviews with industry experts to enhance Fiduciary Protection, streamline Plan Operations and improve employee Retirement Readiness.
For more information please visit www.401kfridays.com
Episode Description
I am excited to share the first episode in our Sponsor Spotlight segment of the podcast! I had the pleasure to sit down with Brad Champagne, Senior Director of Human Resources at Mission Linen Supply in Santa Barbara, CA We’ve worked together for a long time and I’ve always been impressed by his thoughtfulness and ability to focus on the bigger picture. Brad shares candid details about his company, their culture, their 401(k) plan and most importantly the circumstances surrounding some significant plan changes they made to put their employees on a better path to retirement. As you will hear, the retirement committee really struggled with the impact and disruption to both their employees and the company the potential changes could have. Hopefully this isn’t too much of a spoiler but both the short and long term results have been beyond their expectations. Finally, there are some great takeaways for employers who are contemplating changes in their retirement plans. Thank you for listening, and I hope you enjoy!
Guest Bio
Brad Champage in the Senior Director of Human Resources at Mission Linen Supply in Santa Barbara, CA.
Over the past 23 years, Mr. Champagne has held positions of increasing responsibility within Human Resources at Mission Linen after initially joining the company as a Management Trainee in Operations. He has played a key role in many important initiatives at the company, including the implementation of an Enterprise HR operating system, the development of improved performance management systems and the execution of a new compensation program for Sales and Operations.
As Director of Compensation and Benefits since 2011, Champagne has guided the company’s benefit plans through changes required by the ACA and overseen administration of the company’s 401k plan, which won an Eddy Award in 2014 for outstanding education campaign.
Mr. Champagne received a B.S. degree in Business Administration from Cal Poly San Luis Obispo and has earned both the Senior Professional in Human Resources (SPHR) and SHRM Senior Certified Professional (SHRM-SCP) designations. When he’s not working, Mr. Champagne enjoys running and watching his three children participate in their various activities.
401(k) Fridays Podcast Overview
Offers companies of all sizes free strategic, educational and actionable content to improve their retirement plans. My name is Rick Unser and I am your host. All episodes leverage my nearly two decades of experience working with employers to bring you candid interviews with industry experts to enhance Fiduciary Protection, streamline Plan Operations and improve employee Retirement Readiness.
For more information please visit www.401kfridays.com
Episode Description
Should there be a balance between employee and employer goals in a 401(k) retirement plan? This was a different statement and one that I felt employers could benefit from learning more about. This episode provides data and specific strategies on how and why everyone can benefit when their goals are aligned. My guest is Hugh O’Toole, President and founder of the Viability Advisory Group. During our conversation you will hear several unique insights and examples of the interplay between healthcare, wages, risk management and employee engagement as the main drivers of both employer and employee financial wellness. I hope you take as much away for this conversation as I did!
Guest Bio
Hugh O’Toole is Senior Vice President of the Viability Advisory Group, responsible for directing and promoting the firm’s efforts to quantify the value of helping employers and employees make the most of their retirement and other employee benefits.
O’Toole has an established track record as a disruptor in the retirement plans and benefits marketplaces. After founding Viability in 2014, O’Toole then joined MassMutual in 2015 when the insurer acquired the assets of his firm.
Previously, O’Toole headed distribution and relationship management for MassMutual for seven years, when the insurer more than doubled its retirement plan assets under management. MassMutual then doubled its assets again when O’Toole helped lead the acquisition of The Hartford’s Retirement Plans unit in 2013.
Before joining MassMutual, O’Toole led Principal Financial Group’s growth in the nonprofit and worksite insurance markets. He joined Principal after the insurer purchased his firm, Professional Pensions, Inc., which disrupted the nonprofit retirement plans market by making available lower-cost investment offerings previously available only to corporate retirement plans. O’Toole graduated from the State University of New York in Oneonta with a BS in psychology. He is a Registered Principal.
401(k) Fridays Podcast Overview
Offers companies of all sizes free strategic, educational and actionable content to improve their retirement plans. My name is Rick Unser and I am your host. All episodes leverage my nearly two decades of experience working with employers to bring you candid interviews with industry experts to enhance Fiduciary Protection, streamline Plan Operations and improve employee Retirement Readiness.
For more information please visit www.401kfridays.com
Episode Description
If you ever wondered how you can strategically and cost effectively partner with an ERISA Attorney to improve and protect your retirement plan, this episode with Sherrie Boutwell, ERISA Attorney and partner at Boutwell Fay, a boutique ERISA law firm should be very helpful to you. Our discussion covered:
Guest Bio
Sherrie Boutwell has focused for thirty years in the areas of employee benefits law and ERISA, with an emphasis on retirement and deferred compensation plans. She advises and counsels a broad range of clients, including employers, employees, plan fiduciaries, financial institutions and government agencies and trade associations, on a wide range of employee. Sherrie has extensive experience and is a highly sought after speaker and writer on employee benefits topics.
Sherrie has represented clients before the Internal Revenue Service, the United States Department of Labor, the Pension Benefit Guaranty Corporation, arbitrators from the American Arbitration Association and the United States District Court with respect to employee benefits issues. Sherrie has experience working with the unique deferred compensation issues that arise in the non-profit and governmental employer arena and also has many years of experience in the design and operation of non-qualified executive deferred compensation plans including the requirements under Section 409A of the Code.
Sherrie takes pride in bringing a practical and down to earth approach to resolving complex benefits issues involving qualified plans, non-qualified plans and health and welfare plans.
401(k) Fridays Podcast Overview
Offers companies of all sizes free strategic, educational and actionable content to improve their retirement plans. My name is Rick Unser and I am your host. All episodes leverage my nearly two decades of experience working with employers to bring you candid interviews with industry experts, new best practices and valuable perspectives on current events.
For more information please visit www.401kfridays.com
Episode Overview
If you are in the Not-for-Profit Healthcare sector and sponsor a retirement plan, I have some great information for you! This is the first in a series of industry profile episodes that I will be making over the next several months. This episodes features a broad and interesting conversation with Brodie Wood, Senior Vice President, Not-for-Profit Markets at Transamerica Retirement Solutions. He shared several great pearls of wisdom for employers who sponsor a 403(b) or 401(k) plans in this sector such as:
For more information on this episode, please go to www.401kfridays.com.
If you like what you hear, please share with a colleague, friend or peer. Also, please leave feedback on iTunes or Google Play.
Guest Bio
Brodie Wood, is a Senior Vice President, and head of Not-for-Profit Markets at Transamerica Retirement Solutions. In his role, Mr. Wood leads and is responsible for the company’s not-for-profit business and product development efforts. He was previously Vice President of Transamerica’s Participant Counseling Organization, a group dedicated to delivering employee education and retirement planning for plan participants.
He has also served on the board of the American Hospital Association’s Institute for Diversity in Health Management since 2010. He has been involved in the retirement plan field for the past fifteen years helping participants become retirement ready.
Mr. Wood earned his B.A. with a dual major in Spanish and Business from Utah State University. He has also completed his M.B.A. from Brigham Young University in 2002. He is a Six Sigma Green Belt and holds FINRA Series 26, 7, 63, and CRPC designations.
401(k) Fridays Podcast Overview
The 401(k) Fridays podcast offers companies of all sizes free strategic, educational and actionable content to improve their retirement plans. My name is Rick Unser and I am your host. All episodes leverage my nearly two decades of experience working with employers to bring you candid interviews with industry experts, new best practices and valuable perspectives on current events.
Introduction
The 401(k) Fridays podcast offers companies of all sizes free strategic, educational and actionable content to improve their retirement plans. My name is Rick Unser and I am your host. All episodes leverage my nearly two decades of experience working with employers to bring you candid interviews with industry experts, new best practices and valuable perspectives on current events.
Episode Summary
The main focus of our conversation is determining if some common employer beliefs about retirement plan audits are truth or myth. John also pulls from his experience to offer some tips to employers who are preparing for their first audit and best practices for some grizzled veterans to help their audit run smoothly.
Guest Bio
My guest today is John Russon, a retirement plan auditor and founder of Pension Assurance, a single purpose audit firm that specializes in auditing qualified retirement plans. In 2005, after spending several years working at both “Big Four” and local CPA firms, John launched a small, independent practice dedicated to the audit of retirement plans. This fledgling practice was merged with a local CPA firm in 2006. Over the next seven years, the practice grew substantially. In 2007, the practice performed he formed Pension Assurance. As of early 2016, John and his firm audit over 170 retirement plans. According to the recent Department of Labor study, this puts them in the top 2% of firms that audit retirement plans. This also gives them great perspective on what is happening in the marketplace.
Show Links
Retirement Plan Auditor Sample RFP Questions
DOL Study on Retirement Plan Auditors
For my information please visit www.401kfridays.com
Introduction
The 401(k) Fridays podcast offers companies of all sizes free strategic, educational and actionable content to improve their retirement plans. My name is Rick Unser and I am your host. All episodes leverage my nearly two decades of experience working with employers to bring you candid interviews with industry experts, new best practices and valuable perspectives on current events.
Episode Description
We have a great episode to share with you today and it is a must listen if you are concerned about a DOL investigation of your 401(k) plan. Our conversation is full of great information about how the DOL operates and how DOL investigations are triggered. Be sure to listen for important steps you should take if you receive a letter notifying you of a DOL investigation. Finally, we close out the conversation with some recommendations and best practices to help avoid DOL investigations and minimize the severity of potential findings.
Guest Bio
My guest is Sam Henson, VP – Director of Legislative & Regulatory Affairs for Lockton Retirement Services. Sam also brings a unique perspective to our discussion today as prior to joining Lockton, he spent almost 10 years with the U.S. Department of Labor’s Employee Benefits Security Administration (EBSA), where he conducted more than 150 civil and criminal investigations of employee retirement and benefits plans, service providers, and fiduciaries. He capped off his career at the DOL as the 2011 recipient of the Secretary of Labor’s Exceptional Achievement Award. Needless to say, we are glad we have Sam on our side now and he is not out there banging down the doors of employers any more!
For more information, please visit www.401kfridays.com
Introduction
The 401(k) Fridays podcast offers companies of all sizes free strategic, educational and actionable content to improve their retirement plans. My name is Rick Unser and I am your host. All episodes leverage my nearly two decades of experience working with employers to bring you candid interviews with industry experts, new best practices and valuable perspectives on current events.
Guest Bio
Jeff Judd is an Investment Analyst for Lockton Retirement Services. He graduated from the University of Kansas, go Jayhawks!, with a major in economics. Upon completion of his undergraduate degree, Jeff attended the University of Missouri-Kansas City, where he obtained his master’s degree in economics. He is also a CFA Level II Candidate. So he is basically an investment nerd. But, even with all of his technical knowledge, Jeff provided a very easy to follow commentary!
Episode Summary
Our conversation starts with a review of the market volatility we experienced in 2015 and thus far in early 2016. Jeff also shares valuable perspective for employers on how to evaluate your 401(k) plan investments during volatile markets. As you will hear, volatility can either highlight strengths or expose weakness in your mutual fund managers. Be sure to listen for important questions to help you evaluate the risk profile of your plan investments and tie that to how it could impact the performance of both your core mutual funds and target date strategy.
More Information
Please visit www.401kfridays.com