Numerous guests have hinted at the capital market forecasts they or others have made with the common theme of anticipating lower returns than we had in the last decade. I thought it might be timely and helpful to steer into this and talk about what that could mean for workplace retirement plan investment menus.  With me today, I have Andy Pyne, Executive Vice President and Equity Strategist at PIMCO to dive into the equity piece of the conversation.  We start with a quick discussion on the go forward predictions about growth and what that means for the markets, what late cycle means, address some of the challenges active managers had in the last decade and what the next decade could mean for them and whether plan sponsors as well as participants are performance chasers.  Andy also shares some specific investment concepts workplace retirement plans should consider going forward.  

Guest Bio

Mr. Pyne is an executive vice president and strategist in the Newport Beach office, focusing on PIMCO’s equity strategies. Prior to joining PIMCO in 2011, he was a managing director and client portfolio manager for fundamental equity at Goldman Sachs Asset Management, serving as a member of the growth team investment committee. Before joining Goldman Sachs in 1997, Mr. Pyne was responsible for product management at Van Kampen Investments. He has 26 years of investment experience and holds an undergraduate degree in business/economics from Wheaton College in Illinois.

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 and fifty prior on-demand audio interviews here. Don't forget to subscribe as we release a new episode each Friday!

Today we explore the changing landscape of Third Party Administrators, better known as TPAs.  With me, I am excited to have Jerry Bramlett, Head of TPA Solutions for Acensus.  During our wide ranging and insightful conversion we cover the current realities and challenges of TPAs, why consolidation wave has begun and how will the business and service models of TPAs either change or stay the same going forward.  We also hit on a few questions I received from listeners such as the impact of fee compression on TPAs, whether their will be any local TPAs going forward and how do things like ERISA 3(16) fiduciary services and payroll integration evolve.  Fun stuff!

Guest Bio

Jerry Bramlett was the Founder, President and CEO of The 401(k) Company (1983), which was sold to Charles Schwab in 2007. At the time of the sale, The 401(k) Company had 350 employees and served over 100 clients with approximately $25 billion in plan assets and more than 425,000 plan participants.

After the sale of The 401(k) Company Mr. Bramlett assumed the role of President and CEO of BenefitStreet, a financially troubled firm with 7,000 retirement plans under administration, over 400 employees and 10 subsidiaries. After taking BenefitStreet through a restructuring process, Mr. Bramlett and Peter Lynch, Vice Chairman of Fidelity Investments, acquired the assets of BenefitStreet and founded a new firm, NextStep, which was sold to The Newport Group in 2010.
Between 2010 and 2018, Mr. Bramlett has been engaged in industry consulting with some of the largest defined contribution investment advisory and asset management firms in the country.

In 2018, Mr. Bramlett became head of Ascensus TPA Solutions, which has acquired over 20 TPA firms since 2016. These firms, which offer services through 41 locations across the country, administer over 34,000 retirement plans.

Mr. Bramlett holds a bachelor’s degree in Sociology from Southern Methodist University

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!

The worst nightmare of many retirement plan fiduciaries is to find themselves the target of a class action ERISA or 401(k) lawsuit.  My guests today, are intimately familiar with that feeling and more importantly, lived to tell about it.  Returning to the podcast I have Jamie Fleckner, ERISA Litigation Chair at Goodwin and Diane Gallagher, the Chair of the American Century Corporate Retirement Plan Committee. During this fascinating conversation you will hear how the 401(k) class action against American Century got started, what the plaintiffs were alleging, what it was like to be personally named in a multi-million dollar lawsuit, defending fiduciary decisions at trial and much more.  This episode is probably one of the more timely, informational and even emotional ones to date, enjoy!  

Guest Bios

Diane Gallagher is the Chair of the American Century Investments Corporate Retirement Plan Committee.  She is responsible for developing content and value-add programs for clients and is also a spokesperson on retirement investing. 

Diane originally joined American Century Investments in 1995 and developed communication programs for clients of J.P. Morgan/American Century Retirement Plan Services. Prior to returning to American Century in 2012, Diane was vice president, Retirement Insights for J.P. Morgan Asset Management. Previously, she led product marketing for J.P. Morgan Retirement Plan Services and directed the participant communications and education department. Prior to 1995, Diane served as media relations manager for the Mutual Fund Education Alliance (MFEA). She also worked in Corporate Communications and Marketing for Sinai Health Care System in Detroit, Michigan. 

Diane earned a bachelor’s degree in communications, magna cum laude, from the University of Detroit. She is accredited by the International Association of Business Communicators (IABC) and has earned many awards for her communication programs. She is a Board member of the Hands & Hearts Auxiliary for Children for Children’s Mercy Hospital and is a member of the Greater Kansas City Chamber of Commerce’s Centurions Leadership Program, class of 2019. 

She is Past-President of the Board of Directors of Ronald McDonald House Charities of Kansas City and currently serves on its Advisory Board. In 2007, Diane was named one of Kansas City’s “40 Under 40” leaders by Ingram’s magazine. A frequent conference speaker, she holds Series 7, 63 and 24 licenses.

Maybe its just that time of year again, but a few articles have popped up recently about how we need to overhaul 401(k) plans, or how we need to scrap the 401(k), you get the picture.  However, my guest today, Sarah Holden, Senior Director of Retirement & Investor Research at the Investment Company Institute has some powerful data which tells a different story.  While few would suggest that 401(k) plans are perfect, Sarah and ICI have spent years delving into  what people really think about their 401(k) plans.  I won’t spoil this too much, but safe to say Sarah will leave you feeling good about 401(k) plans and the benefits they offer employees and the positive feelings they evoke even from people who don’t have one yet.  

Guest Bio

Sarah Holden, Investment Company Institute (ICI) senior director of retirement and investor research, leads the Institute’s research efforts on investor demographics and behavior and retirement and tax policy. Holden, who joined ICI in 1999, heads efforts to track trends in household retirement saving activity and ownership of funds as well as other investments inside and outside retirement accounts. She is responsible for analysis of 401(k) plan participant activity using data collected in a collaborative effort with the Employee Benefit Research Institute (EBRI), known as the EBRI/ICI Participant-Directed Retirement Plan Data Collection Project. In addition, she oversees The IRA Investor Database™, which contains data on more than 17 million IRA investors and allows analysis of IRA investors’ contribution, rollover, conversion, and withdrawal activity, and asset allocation. Before joining ICI, Holden served as an economist at the Federal Reserve Board of Governors. She has a PhD in economics from the University of Michigan and a BA in mathematics and economics, cum laude, from Smith College.

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!

It’s been a little while since we have focussed an episode on plan design of behavioral finance.  So, no time like the present to make that happen!  To provide the mental muscle behind the conversation I was excited to have Steve Shu, a Managing Principal at Digitai and a Researcher, at the City University of London.  As an expert in behavioral science and someone who has worked with the likes of Schlomo Bernartzi and other pioneers in the field, he brings some current and unique insights on how behavioral finance continues to drive retirement plan design, technology and influences retirement outcomes.  We start with an update on the auto features, move to nudges, predictive technology, deaccumulation, digital fiduciary concept and much more.  Be sure not to miss Steve’s thoughts on democratizing of behavioral science.  

Guest Bio

Steve Shu specializes in incubating new initiatives and business lines with a primary focus on services, technology, and behavioral science. He serves as a Managing Principal at Digitai, a behavioral economics consultancy and innovation firm. Steve has consulted to or had management roles at organizations such as The Voya Behavioral Finance Institute for Innovation, Allianz Global Investors Center for Behavioral Finance, Allscripts, Nortel Business Consulting, PRTM Management Consultants (acquired by PwC), and numerous startups.
Steve holds an MBA from the University of Chicago and both an ME and BS in Electrical Engineering from Cornell University. In parallel with Steve’s work with Digitai, he conducts behavioral finance research as part of City, University of London, Cass Business School.

Steve has put his decades of experience into his solo-authored books, Inside Nudging: Implementing Behavioral Science Initiatives and The Consulting Apprenticeship.

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!

Whether you are passing or failing your discrimination testing, this is a great episode to help get your arms around some of the key concepts and fundamentals behind coverage and discrimination testing.  My guest is Doug Van Galder, a Compliance Analyst with the ERISA Law Firm Boutwell Fay, who has worked with countless employers over his 35 year career to help them navigate the sometimes challenging testing waters.  We start with the basics, discuss strategies to improve testing results and believe it or not, we don’t even mention the concept of safe harbor until the very end!  As you’ll hear, its all about getting the  math to work in your favor!

Guest Bio

Douglas Van Galder is a Compliance Analyst who is committed to the favorable tax-qualified status and success of the private and public pension systems in America. Therefore, Doug assists Boutwell Fay LLP Clients and their service providers in properly administering retirement plans that remain compliant and deliver the intended benefits.

Boutwell Fay LLP is a highly rated, women-owned law Firm specializing in employee benefits and ERISA. We have seven Attorneys with Offices in Newport Beach, CA and New York City, NY. Boutwell Fay LLP is the only boutique law firm in Orange County, CA that focuses exclusively on employee benefits and ERISA. The Firm provides high quality legal services normally associated with large law firms, while its smaller size allows us to be more accessible to our Clients and more responsive to their needs. The Firm helps Clients with legal issues that arise in the context of: Qualified and Non-Qualified Plans, Health and Welfare Plans, Plan Corrections and Government Audits, ERISA and Fiduciary Consulting and ERISA Claims and Disputes.

In his capacities as a Compliance Analyst, Third Party Administrator (TPA), Record Keeper, Executive, Plan Sponsor/Trustee and Fiduciary Administrator, Doug has amassed 34 years of experience in the intricate business development, compliance and consulting aspects of retirement plans. Most recently, Doug was an Executive Vice President with both QBI, LLC and Fiduciary Administration, LLC serving as Defined Contribution Practice Leader and a Fiduciary Administrator, respectively. He previously founded and was the President of Strategic Pension Services, Inc. (SPS), where he led expert teams of Consultants and Administrators. SPS was acquired by QBI, LLC in January of 2015.

Doug is an Enrolled Retirement Plan Agent and earned the American Society of Pension Professionals & Actuaries' designation of Qualified Pension Administrator. He is also the President for the Orange County Chapter of the Western Pension & Benefits Council.

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!

Today we gaze into the future and explore how retirement service providers business models and product offerings to employers and employees could evolved in the coming years.  My guest, Dick Darian, the founder and CEO of Wise Rhino Group brings his tremendous enthusiasm for the topic and his years of diverse experience leading firms like BlackRock, MFS and ING, now Voya to the conversation.  Be forewarned, there is definitely some inside baseball and with as busy as Dick is these days, I had to corner him on his cell phone so the audio is good, but not great.  However, his insights, the most important part are fantastic.  We hit on the ongoing impact of technology in retirement services, how private equity and venture capital could disrupt the industry, whether outside players could enter the business and what that would mean, and the ultimate customer the retirement industry is after. 

Guest Bio

Today we take leave the world of 401(k) plans and enter the parallel universe of nonqualified deferred compensation (NQDC) plans.  This is a new topic on the podcast and was happy to have Will Tysse and Taylor French, Partners and co-chairs of the employee benefits and executive compensation practice at the law firm McGuireWoods join me.  This is a broad topic so we started picking away at it by discussing why employers start nonqualified plans, how they are similar and different from 401(k) plans and some pitfalls to be aware of right out of the gates.  There is also some discussion of a Rabbi.  

Guest Bios

G. William Tysse - Will is co-chair of the McGuireWoods employee benefits and executive compensation group. He focuses his practice on employee benefits and executive compensation. He has extensive experience advising public, private and nonprofit clients on all aspects of non-qualified deferred compensation arrangements, including excess and supplemental retirement plans, cash and equity incentive plans, and employment and severance agreements.

Taylor French - Taylor is co-chair of the McGuireWoods employee benefits and executive compensation group. His employee benefits practice covers a wide-range of traditional executive compensation and employee benefits matters along with a variety of inter-disciplinary practice areas and industries that are affected by executive compensation and employee benefits laws.

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!

If you are looking for a some timely insights on where the economy and markets head from here, my conversation today with Dr. David Kelly, CFA Managing Director and Chief Global Strategist for J.P. Morgan Asset Management hits the mark.  We cover arguments for why the bull market may continue and why a bear market could set in.  We also share some thought provoking points for individuals sitting in the proverbial conference room making decisions about their investment  menu design.  And towards the end, don’t miss a great new quote, well it was from a Greek philosopher so not sure if that counts as new but, it involves a man and a river, pretty good analogy for where we are today in the market and economy.  

Guest Bio

I don’t know who said it first, but every company is a technology company.  That becomes very evident during my conversation with Tom Conlon of Betterment, a start-up fintech company or what some also refer to as a Robo Advisor in the 401(k) space.  Tom does a great job sharing how technology enabled companies are looking to disrupt the 401(k) space for companies and plans of all sizes.  You will hear him comment on different strategies they use to attract clients, how technology is drives their business and his responses to some criticism tech enabled 401(k) providers have received.

Guest Bio

The mere thought of a 401(k) lawsuit can send shivers down the spine of even the most experienced retirement plan fiduciary.  However, when you have a grasp on why workplace retirement plans are being sued, how the economics of a lawsuit work and what you can do to make the job of a plaintiff’s attorney harder, the risk can be a little easier to manage.  For answers to these and more questions, I thought it was time to invite Jerry Schlichter, the plaintiff’s attorney who has sued numerous 401(k) and 403(b) plans around the country and even successfully argued a 401(k) case before the US Supreme Court back to the podcast to share his thoughts. 

I was also able to work in several questions from our listeners into the episode.  If you missed your opportunity to submit a question be sure are one of our email subscribers, we often send announcements out about future guests and give you the opportunity to share your questions in advance.  Go to 401kfridays.com/subscribe today to take care of that.  If after listening to this episode you feel like you need a little fiduciary refresher, check out last week’s episode with Jason Roberts.  Some good points there to help you sleep better and keep the boogeyman away.  

Guest Bio

Jerry is founding and managing partner of the firm. He has been repeatedly elected by his peers for inclusion in "Best Lawyers in America” and “Lawyer of the Year” and is listed in the 2019 edition.

Jerry has been designated legal counsel for the Brotherhood of Locomotive Engineers for many years and is currently designated legal counsel for the United Transportation Union and the International Brotherhood of Electrical Workers. He has represented railroad workers in trials in many states and has had record-setting jury verdicts in numerous jurisdictions. He obtained a verdict of $27 million for the widow and children of a St. Louis firefighter for a defective breathing apparatus which caused the firefighter's death. This verdict, which was increased to $40.4 million with pre and post judgment interest, was the highest jury verdict in Missouri in 2007 and one of the highest in the United States. The entire amount was collected after appeal. He has also obtained multiple precedent-setting judgments against railroads, including successfully requiring a railroad and the Federal Railroad Administration to modify rules on certification of railroad engineers; successfully obtaining a permanent injunction against the Union Pacific Railroad on behalf of all of its employees, which stopped the railroad's practice of interfering with employees' ability to pursue injury claims; and obtaining the first and only jury verdict in the United States in which a jury determined that a locomotive was not crashworthy, resulting in a jury verdict of $4.75 million, which was the highest verdict against that railroad by an injured employee in its history.

Throughout his career, he has also handled major precedent-setting class action and mass tort cases on behalf of individuals.

Jerry has been featured in numerous national publications, including the New York Times, Reuters, Bloomberg, USA Today, and the Wall Street Journal, for his and the firm’s success in pioneering claims of excessive fees in 401(K) plans and obtaining precedent-setting results involving claims of excessive fees against large employers, and for the reduction in fees his cases have caused throughout the 401(k) industry.

He and the firm have obtained settlements in these 401(k) excessive fee cases of more than $300 million for employees and retirees, in addition to significant improvements in their 401(k) plans; in total, this relief has been valued at more than $1.5 billion. He also was lead attorney for the firm in the first and only full trial of an excessive fee case in the country, resulting in a verdict of $36 million. In recent rankings of the most influential people in the 401(k) industry by 401kWire.com, Jerry has repeatedly ranked in the top 5.

According to a recent article published in Reuters, the CEO of Brightscope, an independent company which evaluates 401(k) plans, stated, speaking of Mr. Schlichter’s national impact on 401(k) plan fees, that “[h]is impact has been humongous." The New York Times has referred to Jerry as “a Lone Ranger of the 401(k)’s,” and he has been referred to by Investment News as “public enemy no. 1 for 401(k) profiteers” and by Chief Investment Officer as “the industry’s most feared attorney.” In describing the effect of his work on behalf of employees in 401(k) plans, the Wall Street Journal referred to it as being “Schlicterized”.

In 2014 and 2015, Mr. Schlichter’s firm obtained the two largest 401(k) excessive fee settlements in history. The first was a settlement for $62 million against Lockheed Martin on behalf of Lockheed Martin employees, which included significant changes to the Lockheed Martin 401(k) plan. The second was a settlement for $57 million from Boeing, which likewise included significant non-monetary relief.

Also in 2015, Mr. Schlichter won a unanimous 9-0 decision in the U.S. Supreme Court in Tibble v. Edison, the first U.S. Supreme Court case to consider fees in 401(k) plans.

In an order in the case of Nolte v. Cigna Corporation in 2013, the U.S. District Court judge stated: “As the preeminent firm in 401(k) fee litigation, Schlichter, Bogard & Denton has achieved unparalleled results on behalf of its clients. Jerome Schlichter and Schlichter, Bogard & Denton’s work throughout this litigation stands as yet another example of the firm’s acting as a private attorney general, risking breathtaking amounts of time and money while overcoming many obstacles for the benefit of employees and retirees. . . . Mr. Schlichter and the Schlichter, Bogard & Denton firm’s actions have led to dramatic changes in the 401(k) industry, which have benefited employees and retirees throughout the country by bringing sweeping changes to fiduciary practices.”

The U.S. District Court in Tussey v. ABB similarly found of “special importance . . . the significant, national contribution” made by the team led by Mr. Schlichter, which has “educated plan administrators, the Department of Labor, the courts and retirement plan participants” about the fiduciary obligations of 401(k) plan administrators.

Another example of his work on behalf of individuals is his representation of a class of African-American employment applicants in the case of Mister v. Illinois Central Gulf Railroad, a case in which he obtained an extraordinary Seventh Circuit Court of Appeals decision in which the court stated: "One could not imagine a stronger case of discrimination short of an announcement of it." This resulted in a $10 million settlement. In the Mister case, the U.S. District Court judge described his work stating: "The Court is unaware of any comparable achievement of public good by a private lawyer in the face of such obstacles and enormous demand of resources and finances." The judge also stated: "This Court finds that Mr. Schlichter's experience, reputation, and ability are of the highest caliber."

Jerry handled the nationally-recognized Times Beach dioxin case in which he represented a group of people in the community of Times Beach, Missouri who were exposed to dioxin when their streets were sprayed with the chemical. He obtained a record setting $19 million settlement on behalf of the residents against a chemical company in that case.

Jerry handled a national employment discrimination class action case on behalf of all women employees of Rent-a-Center. In that case, he confronted for the first time in a national employment discrimination class action a "reverse auction" in which the defendant attempted to destroy the case by an inadequate settlement with others. Jerry successfully defeated this attempt and obtained a $47 million settlement for the class as well as a complete revamping of company policies. This is one of the largest class action settlements for women in the United States and the U.S. District Court judge stated: "In essence, it is an example of advocacy at its highest and noblest purpose, and Class Counsel accomplished a great public good." The judge further stated: "I have never seen an effort like that effort put forth by the plaintiffs' counsel' – it's beyond an extraordinary effort."

Jerry is a past national President of the Academy of Rail Labor Attorneys and is a member of the Million Dollar Advocates. He has authored articles in the field of personal injury litigation and has spoken at numerous seminars on trial techniques, mass torts, class actions, and complex litigation. He has taught trial techniques as an adjunct professor at Washington University School of Law.

Jerry has also been recognized for his involvement in community initiatives. He and his wife founded Mentor St. Louis, Inc., a not-for-profit organization which obtains adult mentors for disadvantaged elementary students in the St. Louis Public Schools, which has become the largest volunteer program in the St. Louis Public Schools and has been nationally recognized. He also successfully initiated and spearheaded the passage of a law, "The Missouri State Historic Tax Credit," which has been widely acknowledged for its role in revitalizing St. Louis and the State of Missouri, and which is the national model for legislation aimed at revitalizing older communities. He has also spearheaded and led the effort to pass the Missouri "Rebuilding Communities Act" designed to attract businesses to distressed communities and the "Neighborhood Preservation Act" to develop housing in distressed communities.

Jerry has received numerous awards, such as the Levee Stone Award and "What's Right with the Region Award" for his contributions to revitalization of the city of St. Louis and the state of Missouri.

In December 2013, Jerry was honored with the prestigious St. Louis Award, given to the person who has accomplished the most in the prior years for the development of St. Louis.

Jerry spearheaded the founding and development of another St. Louis not for profit, Arch Grants, which is a global competition for startup businesses in which winning entrepreneurs come to St. Louis, receive $50,000.00 and a broad package of support services including business mentoring, discounts on office space, and free legal, accounting, and marketing services. Arch Grants has provided grants of $50,000.00 to 114 startups since its founding in 2012, and has been the subject of numerous national articles describing its building of entrepreneurial businesses in St. Louis.

Education: University of Illinois, B.S., Business Administration, 1969, (in 3 years) with honors; James Scholar. University of California at Los Angeles, J.D. 1972; Associate Editor, UCLA Law Review.

Admitted: California (1972); Illinois (1973); Missouri (1982).

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!

Happy New Year and here is looking forward to another successful year on the 401(k) Fridays Podcast! We kick things off with my conversation with Jason Roberts, ERISA Attorney and the Founder & CEO of the Pension Resource Institute.  As a prior and early podcast guest, the two prior episodes we did are still very relevant.  While you don’t need to listen to them prior to this conversation, they are good to check out when you have a minute.  

Prior Episodes: Are You Running Your 401(k) Committee Meeting Wrong & A Misunderstood Risk In Your 401(k) Plan

This time we connect on what has or hasn’t changed relating to fiduciary governance since we last got together, we also delve into the three distinct buckets of fiduciary duties Jason recommends plan sponsors think about, what the Department of Labor has on their focus list, the double edge sword of fee disclosure, everyone’s favorite fiduciary topic, target date funds, and some unique insights on “proprietary” investments.  Jason also hits on a the hot topic of missing participants and a few investment policy statement tips and a few other nuggets.  

Guest Bio

Jason C. Roberts, Esq. is the founder and CEO of the Pension Resource Institute (PRI), a consulting firm that delivers strategic, compliance, training and technology-based solutions to financial institutions, retirement plan sponsors and asset managers. He is also a founder and shareholder at Retirement Law Group (RLG), a law firm specializing in ERISA and investment-related matters.

Prior to founding PRI and RLG, Jason was a partner and co-chair of the Financial Services Group at a leading ERISA law firm and the head of the Investment Fiduciary practice for a prominent securities industry legal defense firm.

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 2015, he was selected by InvestmentNews as one of the “Top 40 Advisors and Associated Professionals under 40” in the financial planning industry.

Jason has published numerous articles focusing on ERISA and securities compliance, fiduciary best practices and is a frequent speaker at retirement plan and financial industry conferences. He is a contributing author and faculty member for the Practicing Law Institute (PLI). Jason is also currently serving a two-year term as an advisor to the finance committee for the Beach Cities Health District.

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

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!

With market volatility picking up and unique things happening on almost a daily basis, my conversation today with Jeff Shulze, CFA and Investment Strategist withClear Bridge investments is both timely and full of perspective.  In classic 401(k) Fridays Podcast fashion be define a few important terms and concepts that keep popping up in the headlines and offer some perspective on how they are moving markets, the economy or both.  Jeff also offers a few points of optimism and his input on what could impact the markets in 2019 and beyond.  

Guest Bio

Stable value funds, what are they, how do they work and what should you consider if you have one, thinking about moving to a new one or making the switch from a money market account.  My guest, Bob Madore, a Vice President and Stable Value Portfolio Manager with T. Rowe Price answers these questions and much more.  I start out with a pretty pointed question right out of the gate that sets the tone for the rest of the conversation.  We also cover in great detail the impact of interest rates on stable value funds, why managers have been enforcing their exit provisions and clarify some confusing terms and concepts around stable value.  This is a must listen and very timely.  

Guest Bio

Bob Madore is a portfolio manager in the Fixed Income Division at T. Rowe Price. Mr. Madore has lead portfolio management responsibilities for the Stable Value Strategy as well as several large Stable Asset Management team accounts. He is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., and T. Rowe Price Trust Company.

Mr. Madore has 37 years of investment experience, 16 of which have been with T. Rowe Price. Prior to joining the firm in 2001, he was a senior vice president and portfolio manager at Putnam Investments. At Putnam, Mr. Madore had senior-level responsibility for its stable value business, which included Putnam's Stable Value Fund. Before joining Putnam, he was a founding partner at Fiduciary Capital Management.

Mr. Madore earned a B.A. from the University of Connecticut. He served on the Board of Directors of the Stable Value Investment Association from 2002 to 2007 and again from 2015 to present, currently serving his fourth three-year term. Mr. Madore also is an active member of its Accounting and Government Relations Committees.

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!

This is a pretty straightforward episode, Collective Investment Trusts, or CITs are more widely available as options for plan fiduciaries and their service providers to utilize in their investment line-ups, they are still misunderstood by many.  To help inform the conversation I have Rob Barnett, Vice President of Wilmington Trust and Head of their Institutional Retirement Sales & Service.  I am not going to spoil what the one question is that all retirement plans need to ask, but what you will hear is Rob has a great deal to say about what a Collective Investment Trust is, how they differ from mutual funds and helps dispel some common concerns and misperceptions employers and service partners have.  In the current environment which is hyper sensitive to fees, we also discuss how CITs are many times able to offer lower fees for a similar investment strategy than the comparable mutual fund. 

Guest Bio

Rob Barnett manages and provides leadership for the institutional retirement sales and service teams. Additionally, he is responsible for national and regional key account relationships. Rob is a subject matter expert in collective investment trusts, retirement advisory solutions, and trust and custody services. 

He has over a decade of industry experience, with more than half of those spent with Wilmington Trust, N.A. focused on the institutional retirement services market. 

Mr. Barnett earned a Bachelor of Arts degree in Finance from Washington State University.

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!

Today is a real treat, not only is this a timely episode based on current market conditions but we welcome back Rob Arnott, the Founder & Chairman of Research Affiliates who manages billions of dollars and who for the third time, shares his insights with us on the podcast.  If you have missed any of our prior conversations go check them out after you finish this one, in 2016 we talked about whether Third Pillar Investment Belong In Your 401(k) Plan, then in 2017 we talked about Avoiding the Bubble in Complacency and this year doesn’t disappoint.   With the recent volatility in the financial markets, Rob shares his thoughts on interest rates, inflation, market valuations and how diversification is a double edged sword.  We also hit on a few important topics such as smart beta, factor investing and the challenges that come with potential low investment returns in the future. I won’t steal his thunder, trust me this is a good one.  

Guest Bio

Rob Arnott is the founder and chairman of the board of Research Affiliates. He is also portfolio manager on the PIMCO All Asset and All Asset All Authority family of funds and the PIMCO RAE™ suite of funds.

Over his career, Rob has endeavored to bridge the worlds of academic theorists and financial markets, challenging conventional wisdom and searching for solutions that add value for investors. He has pioneered several unconventional portfolio strategies that are now widely applied, including tactical asset allocation, global tactical asset allocation, tax-advantaged equity management, and the Fundamental Index approach to investing. His success in doing so has resulted in a reputation as one of the world’s most provocative practitioners and respected financial analysts.

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!

Maybe you’re are like me, you have heard the term blockchain before, but if someone asked you to define it, you would have a tough time.  Hopefully after you listen to my conversation with Micheal Barry, an author and President of O3 Plan Advisory Services, you will have a better idea of what blockchain is, and how it could impact 401(k) and other workplace retirement plans in the future. During our conversation we hit on distributed ledger technology and how it relates to blockchain, how providers will use blockchain in the future & the issues that could come up. We also hit on bitcoin and how it does or doesn’t relate to blockchain as they seem to be used in the same sentence often times and share some thoughts on the balance between privacy and universal data. We touch on a ton of new topics here and hopefully do it in a way that won’t leave you with a headache.  

Guest Bio

From time to time we will take a side trip off the 401(k) path and explore other related topics.  Today is a great example of this where we take a minute to explore the 401(k) cousins if you will, in 403(b) and 457 plans.  My guest, Sandy Blair is a Director and CALSTRS or the California Teachers Retirement System and a board member at the NAGDCA, or the National Association of Governmental Defined Contribution Administrators.  As you will hear, while there are some similarities among governmental plans and their cousins in the corporate world, there are also some important and material differences.  We also hit on some important topics and trends we have talked about in many prior episodes such as fees, the use of auto features, fiduciary responsibility and RFPs that have some different nuances to them in the governmental plan world. Finally, Sandy also highlights the resources NAGDCA has to offer anyone who finds themselves in the world of governmental plans, specifically some highlights of next week’s National Retirement Security Week.  

Guest Bio

Ms. Blair began her CalSTRS management career in 2009 in the client outreach and guidance business area, where she was instrumental in establishing the model of CalSTRS first Member Service Center in West Sacramento. She became a field manager, overseeing centers in West Sacramento, Glendale and Santa Clara. Under Ms. Blair’s leadership, the CalSTRS defined contribution plan, Pension2®, experienced tremendous growth. It currently administers nearly $600 million in assets on behalf of more than 10,000 plan participants.

Prior to joining CalSTRS, Ms. Blair worked in the private sector in consumer banking, finance and tax preparation. She holds a Bachelor of Science in business administration and finance from California State University, Sacramento.

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!

Do the largest 0.1% of workplace retirement plans in the country or the “Mega Plans” do things the same as the other 99.9% of plans? As you will hear from my guest, Charlie Nelson, CEO of Retirement & Employee Benefits of VOYA Financial, sometimes they do, sometimes they don’t. I had a few technical issues and distractions on my end to deal with right before we got started but once we got going this is a fast paced conversation where we hit on some topics things you might expect us to talk about when it comes to what mega retirement plans trends, but we also delve into on a few important topics you might not be thinking about like helping employees figure out what the next best financial decision for them is, whether the prevalence of 401(k) lawsuits in large plans influence their decision making and how some trends in the large market are actually influenced by the small market.  

Guest Bio

If you have been searching for a candid overview on the state of workplace retirement plan education in the world of automatic enrollment and changing technology, then look no further than this episode with Catherine Golladay, Senior Vice President for Participant Services & Administration at Charles Schwab.  During this fast paced conversation we hit on what is working and not working with 401(k) education, why if you are still offering pizza lunch and learns you aren’t getting the results you are hoping for and a few ideas to rethink your approach to group meetings.  We also provide a fresh update on the age old debate of education vs. advice and discuss how there is a disconnect between the retirement industry, employers and employees on the topic.  And, how could we talk about education trends without at least an honorable mention of financial wellness.  Oh, an stick around for our closing thoughts on how fee competition is also forcing employers to rethink their approach to education.  Good stuff and this episode should get you thinking.  

Guest Bio

Catherine Golladay is senior vice president of participant services and administration and has been with Charles Schwab since 1996. 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, 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.

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, 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.

Golladay earned a Bachelor of Science degree in accounting from the University of Akron. She also has a Master of Business Administration degree from the Weatherhead School of Management at Case Western Reserve University.

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!

Based on the recent IRS private letter ruling I though this would be a good episode from the archives to repost. While this episode is almost two years old, my guest, Tony Aguilar, who at the time was the co-founder and CEO of Student Loan Genius could not be more current and relevant about the realities and challenges that come with student debt. What you might be surprised to hear is that nearly half of your workforce could be impacted and its not just a millennial thing!  Tony also does a nice job framing how employers have been adding solutions to help employees with their student loan debt as part of their wellness programs and how some employers are even making contributions towards employee student loans as a recruiting and retention tool!  What is the tie in to retirement you ask, well it wouldn’t be the 401(k) Fridays podcast if we didn’t address that at some point.  As you will hear, paying off debt has an impact on your employees’ ability to save for retirement, however I was pretty excited to learn about some of the new tools and resources employers may offer to help to tackle both loan repayments and retirement savings!

Guest Bio

Tony Aguilar is co-founder and CEO of Student Loan Genius, Austin-based inventor of the first complete student loan employer benefits solution. Today he uses his years of experience as a financial advisor and founder of Amiti Advising and Campus Slice to help crush America’s $1.3 trillion student loan problem. Featured in the Wall Street Journal, Money Magazine, and on CNN, his commitment to helping professionals get ahead and live a life free from debt is the common thread in all of his work. When he’s not leading the team at Student Loan Genius, Tony is spending time with his 3-year old daughter. He can also be found guest lecturing at the University of Texas and Concordia University on entrepreneurship and personal finance, serving as Chairman of Concordia University’s Emerging Leaders Advisory Board, or mentoring fellow social entrepreneurs and startups.

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!

This episode is a perfect example of one where I get to use the podcast as my own research lab and learn right along side of you.  Environmental, Social & Governance investments, or ESG or is it ES&G strategies, is a new topic here on the podcast and one that i have been looking forward to exploring.  Their popularity seems to have ebbed and flowed in the 401(k) investment world, but as a strategy it is defiantly  here to stay.  My guest, Sean Kenney, A CFA and Managing Director for MFS Investment Management is, as you will hear, incredibly knowledgable and passionate about all things ESG. We hit on a few familiar themes such as whether the decision to add an ESG strategy or strategies to your workplace retirement plan should be done by evaluating different products or through a broader process. We also discuss who in your population ESG might appeal to, the fiduciary and regulatory implications for offering ESG investments in your plan and close with some solid takeaways and next steps for employers.  

Guest Bio

Guest Bio

Kevin Murphy is a senior vice president and Head of the Defined Contribution Strategic Accounts team for Franklin Templeton's US Investment-Only division. He is responsible for directing and expanding sales of mutual funds and sub-advised portfolio products in employer-sponsored retirement plans. In addition to leading the team of Strategic Account Managers, his primary focus is on mid-market advisory firms with a national footprint, and serves as the primary liaison with these firms at their home offices. Mr. Murphy also leads the firm's Health Savings Account (HSA) initiative. 

Mr. Murphy's primary objective is to help more Americans achieve optimal retirement outcomes. He approaches this by offering thought leadership in retirement plan services and investments and working diligently as a key business partner to retirement plan advisory firms, consultants and retirement plan sponsors. His expertise spans qualified plans, investments, current industry trends and Franklin Templeton products and services. 

Mr. Murphy began his career in the financial services industry in 1999 and joined Franklin Templeton Investments in 2011. Prior to that, he was a regional vice president on Columbia Management's Defined Contribution Investment Only team. He also served as vice president and regional sales director of corporate retirement plans at Wachovia Retirement Services. 

Mr. Murphy holds a B.Sc. in Agriculture from the University of Delaware. He was selected by National Association of Plan Advisors (NAPA) for its list of the Top 100 Defined Contribution Wholesalers in the industry in 2014, 2015, 2016 and 2017. Among his sales accolades, Mr. Murphy was named Franklin Templeton's Investment-Only Specialist of the year in 2012 and 2014. Kevin, his wife Shannon and their four children reside in Kinnelon, NJ. He is a FINRA registered representative. 

We have talked about financial wellness on the podcast before, but not like this. My conversation today with Bill Harmon, President of Retirement Corporate Markets for Voya Financial illustrates how a thoughtful approach to financial wellness can help you become the employer of choice in your market and make a meaningful difference in the battle to attract and retain key talent. As you will hear, Bill shares a very personal and emotional story about how he found comfort in leaving his prior employer of nearly 30 years to join Voya in large part due to their approach in one key area of wellness.  He also hits on a few other high value low cost wellness strategies for your consideration.  Despite this being the most heartfelt episode I have done, there is a surprising amount of concrete and relevant data as well.  

Guest Bio