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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: May, 2018
May 25, 2018

In case you hadn’t noticed, Target Date Funds (TDFs) are kind of a big deal in workplace retirement plans.  My guest, Jeff Holt, a Director of Multiasset Strategies at Morningstar and one of the authors of their 10th annual Target Date Landscape report cites their use as default funds in retirement plans as one of the key reasons they hit $1 Trillion dollars in assets in 2017. 

 

During our conversation today, we discuss the significance of that accomplishment and hit a few other highlights including thoughts on the flood of money into “passive” target date funds, how TDFs are actually performing, whether you can glean useful information by evaluating the underlying holdings in TDFs and how the competitive environment in TDFs is affecting the industry.  Also, don’t miss our discussion on a newer statistic Morningstar has developed comparing the cost of a target date fund with the percent of that fund that is index based.  

 

Whether you are TDF novice or expert, there is something here for you.  If you feel like we missed something on TDFs, let me know and we can tackle it on a future episode.  Shoot me an email to feedback@401kfridays.com.

Guest Bio

Jeff Holt, CFA, is director of multiasset and alternative strategies for Morningstar Research Services LLC, a wholly owned subsidiary of Morningstar, Inc. He has covered target-date funds and other multiasset funds from various asset managers.   

 

Before joining Morningstar in 2014, Holt spent nearly nine years at Jeffrey Slocum & Associates (since acquired by Pavillion Financial), where he was responsible for investment research to support the firm’s defined-contribution practice. He covered target-date funds, stable value funds, and other asset classes specific to defined-contribution clients.

 

Holt holds a bachelor’s degree in management, with a concentration in corporate finance, from Brigham Young University. He also holds the Chartered Financial Analyst® designation. 

 

401(k) Fridays Podcast Overview

Struggling with a fiduciary issue, looking for strategies to improve employee retirement outcomes or curious about the impact of current events on your retirement plan? We've had conversations with retirement industry leaders to address these and other relevant topics! You can easily explore over one hundred prior on-demand audio interviews here. Don't forget to subscribe as we release a new episode each Friday!

May 18, 2018

With the continued focus on fees in workplace retirement plans I thought it might be good to pivot the conversation and tackle some of the realities around the what actually goes into running a successful and compliant plan.  To add some muscle to the conversation I have Ed Murphy, President of Empower Retirement.  Ed and his team are responsible for over 30,000 of thousands of retirement plans and over 8 million participants.  Our conversation ranges from what it takes to keep the proverbial trains running on time, why scale is important in retirement services, how they predict where the puck is going to allocate discretionary spending, and much more.  I learned a lot during our conversation and hopefully this will provide you with some helpful perspective when you face the inevitable questions about your retirement plan fees.  

 

Before we get started, we have some exciting new episodes in store where tackle where 401(k) fits in your open enrollment strategy, is financial wellness working, trends in target date funds, input on employer attitudes about retirement plans and much more.  However, we definitely want your feedback on other topics to pursue. When you have a suggestion for a guest or topic please just shoot us an email to feedback@401kfridays.com.  We will take it from there.  

 

Guest Bio

Edmund (Ed) Murphy provides leadership and strategic direction for Empower Retirement’s 5,000 associates.1 He directs all defined contribution, defined benefit, institutional and IRA markets. He also oversees all sales, marketing and global operations.

Ed brings 30 years of broad industry experience to his role. Before his 2014 appointment as President of Empower, he had served as Managing Director of the Defined Contribution and Investment Only business at Putnam Investments since 2009. He joined the firm’s operating committee in 2011.

Previously, Ed held executive leadership roles for 17 years at Fidelity Investments in its institutional, private equity and retail businesses. He also served as President and CEO of Veritude, LLC, as well as a board member of BostonCoach, Advisor Technology Services, Seaport Hotel, World Trade Center and several other Fidelity-owned businesses. Earlier, he spent six years at Merrill Lynch.

Ed has written articles on retirement-related matters and has testified in Washington, D.C., before the House Committee on Ways and Means. He has also testified before the Department of Labor, the Treasury Department and the IRS. He speaks on topics ranging from investment advice to lifetime income solutions for retirees.

Ed is a board member of the Employee Benefit Research Institute, Cristo Rey School, Boston College Wall Street Council and the New England Council. He holds a bachelor’s degree from Boston College. Ed is a graduate of the General Manager Program at Harvard Business School.

401(k) Fridays Podcast Overview

Struggling with a fiduciary issue, looking for strategies to improve employee retirement outcomes or curious about the impact of current events on your retirement plan? We've had conversations with retirement industry leaders to address these and other relevant topics! You can easily explore over one hundred prior on-demand audio interviews here. Don't forget to subscribe as we release a new episode each Friday!

May 11, 2018

The DOL Fiduciary Rule died, or did it?  Maybe its coming back to life in another form, through another government agency or even the states will take a crack at it.  What should employers know? How will this impact employees?  In this timely and action packed episode I am excited to have Fred Reish, ERISA Attorney extraordinaire with Drinker Biddle and the closest follower I know of the long and winding path of the fiduciary rule.  For many, Fred requires no introduction.  If you are not familiar Fred is perennially listed as one of the most influential individuals in the retirement industry, he has been named one of the “Legends” in the development of retirement plan by PLANSPONSOR Magazine and given multiple lifetime achievement awards and other honors.  On top of that, Fred is a great guy with an easy to follow communication style as he shares his insights today.  If you want to learn more about Fred or subscribe to his blog that we reference today you can find him at fredreish.com

As a quick aside, I worked in several questions we got from listeners who are email subscribers or follow me on LinkedIn.  If you want an opportunity to submit questions to future guests go to 401kfridays.com/subscribe to get connected.  Finally, Fred was an inspiration for me to start the podcast.  More on that in my wrap-up if you are interested.  

Guest Bio

Fred Reish is an ERISA attorney whose practice focuses on fiduciary responsibility, prohibited transactions and plan qualification and operational issues. He has been recognized as one of the “Legends” of the retirement industry by both PlanAdviser magazine and PlanSponsor magazine. Fred has received awards for: the 401(k) Industry’s Most Influential Person by 401kWire; one of RIABiz’s 10 most influential individuals in the 401(k) industry affecting RIAs; the Commissioner’s Award and the District Director’s Award by the IRS; the Eidson Founder’s Award by the American Society of Professionals & Actuaries (ASPPA); the Institutional Investor and the PlanSponsor magazine Lifetime Achievement Awards; and the ASPPA/Morningstar 401(k) Leadership Award. He has also received the Arizona State University Alumni Service Award. Fred has written more than 350 articles and four books about retirement plans, including a monthly column on 401(k) fiduciary issues for PlanSponsor magazine. Fred Co-Chaired the IRS Los Angeles Benefits Conference for over 10 years, served as a founding Co-Chair of the ASPPA 401(k) Summit, and has served on the Steering Committee for the DOL National Conference.

401(k) Fridays Podcast Overview

Struggling with a fiduciary issue, looking for strategies to improve employee retirement outcomes or curious about the impact of current events on your retirement plan? We've had conversations with retirement industry leaders to address these and other relevant topics! You can easily explore over one hundred prior on-demand audio interviews here. Don't forget to subscribe as we release a new episode each Friday!

May 4, 2018

With so much focus on employee engagement and financial wellness, what happens when you actually get your employees attention and they use the tools they are provided to help calculate what they need to do to have a successful retirement, and they are given bad information? My guest today, Tom Kmak, CEO of Fiduciary Benchmarks has thought a great deal about it, so much so that I think he even admitted talking to retirement calculators, but in all seriousness he has some timely input and food for thought for employers.  This is the third time I have had Tom on the podcast and love when he shares his perspective from over 30 years in the retirement industry which includes running JP Morgan’s retirement business and founding Fiduciary Benchmarks a decade ago.  When Tom invests a lot of time and gets passionate about something, that usually means its important and things will change in the future.  

Guest Bio

CEO and co-founder of Fiduciary Benchmarks, 2007 to current. Fiduciary Benchmarks (FBi) is a premier benchmarking service for defined contribution plans that is designed 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’s patented methodology and 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 ofOne. 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 afeatured 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. First graduate of Management Fellows Program and 3 year letterman in inter-collegiate basketball.

401(k) Fridays Podcast Overview

Struggling with a fiduciary issue, looking for strategies to improve employee retirement outcomes or curious about the impact of current events on your retirement plan? We've had conversations with retirement industry leaders to address these and other relevant topics! You can easily explore over one hundred prior on-demand audio interviews here. Don't forget to subscribe as we release a new episode each Friday!

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