401(k) Fridays Podcast

The 401(k) world if nothing else loves its acronyms. Today, I am excited to welcome Alison Cohn, a Partner and attorney with Ferenczy Benefits Law Center to the podcast! Alison brings her quick wit and enthusiasm to a conversation around PEPs, MEPs, and SEPs which can generally be confusing or just plan dull. With new regulations coming online, understanding the differences, pros and cons and decision points will be important as we head into 2021. Also, I loved her analogy involving ships and barnacles. I will definitely be stealing that one in the future.  General reminder, if you have been enjoying the podcast, please share with a friend, colleague or give us a shout out on social media. As our audience continues to grow, so does the caliber of guests I am able to bring to keep you informed and sometimes entertained.  That’s it, I hope you enjoy my conversation with Alison!   Guest Bio Alison J. Cohen, J.D., APA, APR is a Partner with Ferenczy Benefits Law Center in Atlanta, Georgia.  Alison advises clients

A major challenge for let's call it 40% of the workforce here in the United States is access to a retirement plan at work. Recently, several states have launched retirement plans to help provide more access to workers and close the coverage gap. To discuss this and more, I am happy to welcome back to the podcast, Lisa Massena, Principal at Massena & Associates. During our conversation Lisa shares her experience and insights helping launch the state retirement plan in Oregon and now actively partnering with other states and institutions looking to improve retirement security for millions of workers.    Coming up on the podcast, we have episodes which hit on the new Pooled Employer Plans or PEPs, the impact of COVID on workplace retirement plans, a conversation with Vanguard about their decision to partner with Infosys, thoughts on retirement policy in the upcoming election and more! If you are not subscribed to the podcast, take care of that today by searching 401(k) Fridays on your favorite podcast app or

We have talked about Regulation BI and the DOL’s Fiduciary Rule before on the podcast, however, it has been a while. Reg BI is now live and the DOL’s Fiduciary Rule has been revamped after its prior version was vacated a while back. To share an overview of what each are, the impact on plan sponsors, participants and industry I am happy to welcome Chris Giorgi and Carrol Waddel, both with Empower Retirement to the podcast. Chris provides great background and perspective on the legal front as Associate General Counsel and Carrol offers her insights on how all of this will impact plan sponsors and workplace retirement plan participants. We also hit on the role of advice in the post COVID world and what that could mean for all involved.    That’s it for now, I hope you enjoy my conversation with Chris and Carrol!   Guest Bios   Chris Giorgi is Assistant General Counsel for Empower Retirement. Prior to joining Empower, he served as Senior Counsel in the legal and compliance department for Putnam Investments and as

Is private equity on its way to 401(k) plans? What actually is private equity? How could this work? What is the investment need that is not being filled? We discuss all of this and more with Doug Keller, Head of Private Wealth and Defined Contribution at the private equity firm Pantheon. Coincidentally, Doug and his firm were also one of the private equity firms to request the information letter from the Department of Labor that has been making headlines and prompting a lot of questions. I learned a lot from this conversation, I hope you will also. If we missed anything today let me know. Send me an email to feedback@401kfridays.com or shoot me a message on LinkedIn.    That’s it, I hope you enjoy my conversation with Doug!   Guest Bio Doug Keller, Head of Private Wealth and Defined Contribution (joined 2013, 10 years of private markets experience) Doug is Head of Private Wealth and Defined Contribution at Pantheon. He focuses on the origination, structuring and marketing of registered and unregistered offeri

With the COVID related volatility in the financial markets and the impact on employees and businesses, one question lingering in the back of employers minds has been, am I more likely to be the target of a 401(k) lawsuit now? To answer this and some other topical questions that have come up, I am excited to welcome back Carl Engstrom, a 401(k) plaintiff’s attorney with Nichols Kaster. Carl and his firm have numerous lawsuits against retirement plan sponsors and to date have garnered over $150 million of dollars in settlements on behalf of 401(k) plan participants. In addition to some answers on the first question, we hit on why employers are getting sued, where 401(k) litigation is likely headed and some thoughts on other timely developments. With that said, since we recorded the episode and our release date, there have been a few announcements on private equity and ESG investment strategies we did not discuss. As those situations evolve, we will surely revisit them in the future.  Guest Bio Prior to joining

Recently, there has been a lot of money, trillions of dollars, pumped into the markets and economy. What is the impact on inflation, how could this impact the broader markets, what do near zero interest rates mean? To tackle this and much more, I am happy to welcome back Rich Weiss, a Senior Vice President and Chief Investment Officer, Multi-Asset Strategies for American Century Investments. Rich brings some great stories, ability to break down complex topics and make them understandable and a few jokes to the podcast today.    Before we get started, we have some great new episodes coming up featuring my conversation with a 401(k) plaintiff’s attorney, another one talking with one of the private equity firms who applied for the recent DOL information letter to get their thoughts on allowing private equity in 401(k) plans and a detailed look at Regulation BI which takes effect on June 30th. If for any reason you are not subscribed to the podcast, you can take care of that by searching 401(k) Fridays on your fa

Student debt or student loans has been a hot topic and a challenge for millions for several years now. So much so that employers are now including some type of student loan assistance in their benefits program or even their 401(k) plan. There was also a provision in the CARES Act which addressed what employers can do to help employees who have student debt. To chat about this and more, I am excited to welcome Romy Parzick, the CEO of Vault to the podcast. During our conversation, she effortlessly addresses every question I could think to ask her about student loans, what the current reality of student debt is, the impact from COVID, how employers are addressing them in their benefits programs, will the 401(k) matching program gain traction and what she sees still on the horizon.    Before we get started, I apologize for the gap in episodes early this month. We are back on track and will be putting out more valuable episodes here in the coming weeks. As a reminder, if you have an idea for a guest, topic or que

This week, I am happy to share my conversation with Tom Clark, ERISA Attorney and COO of the Wagner Law Group! Tough to put a nice bow around this one, as we delved into a host of issues retirement plan sponsors face in the wake of COVID and as people start planning for their businesses to reopen. We hit on plan design issues, employee education, fiduciary considerations and much more. Tom has been a regular guest on the podcast, had to go back and confirm but this was his fifth episode on the podcast If you like what you heard today, be sure to check on his prior appearances on the podcast. He consistently brings his A game! Before we get started, a big welcome to our new listeners. Don’t forget to subscribe to the podcast on your favorite podcast app or by going to 401kfridays.com/subscribe. This way, you will always know when we have a new episode for your enjoyment.  Guest Bio Tom Clark serves as the firm's Chief Operating Officer and leads the firm’s St. Louis office. His expertise encompasses all aspect

This week I had a timely conversation with a new guest, Chris Anast, CFA, and Senior Vice President, Senior Retirement Strategist with the Retirement Strategy Group at American Funds, part of Capital Group. We focus mostly on the paper he authored with DCIIA about the "Five Practical Barriers to Better Retirement Outcomes.” Interestingly, this was released shortly after the world was turned on its ear with the COVID pandemic. While I wont’ steal his thunder on the five practical barriers, I will say we thoroughly vet if their findings are still relevant today. Towards the end, we take a little tangent and think about other barriers employees face on their journey to retirement and how employers can help. You can find a copy of the report and more information on this episode at 401kfridays.com/barriers   Before we get started, thank you to all of our loyal listeners. I hope the content has helped you navigate this crazy time in the markets and economy. As a reminder, please share the podcast or any takeaways y

One common question amongst employers during the COVID-19 pandemic has been how their employees have been reacting in their 401(k) plans. To delve through this, I am excited to welcome back Josh Dietch, VP of Retirement Thought Leadership at T. Rowe Price. During our conversation, we hit on a few of the obvious thinks like stats around investment and contribution changes, but quickly delve into some of the bigger challenges retirement savers face as a result of recent events. Josh also shares some eye popping numbers on the new CARES act provisions and how their clients are approaching them. Since we missed this point in our conversation, Josh is pulling his data and observations from the over 5,700 retirement plans and 2 million participants that T. Rowe Price works with.   Before we get started, if you have been enjoying the podcast please mention it to anyone you think would benefit from listening. If they already like podcasts, suggest they search 401(k) Fridays on their favorite podcast app, if they are

Have questions about where the financial markets are today, interested in how things could unfold as the world re-opens? We cover this and more with my guest Frances Donald, a Managing Director, and Global Chief Economist & Global Head of Macroeconomic Strategy for Manulife Investment Management. In her role, Frances forecasts global macroeconomic and financial trends, analyzes the economy and capital markets for potential opportunities and risks, and serves as a thought leader both within the firm and externally. As you will hear, Frances makes this all very understandable and has some good stories to help explain some very unique events we are living through.  Before we get started, if you are not receiving invites to our new Webinar Wednesdays events you aren’t on our email list. To take care of that, go to 401kfridays.com/subscribe. What is Webinar Wednesdays, well it is a timely webinar series that I host every other Wednesday where we digest timely retirement related issues plan sponsors should be t

I hope this episode finds you safe and healthy during these crazy times. This episode had a lot of twists and turns to get to you. My guest today, Sherrie Boutwell, ERISA Attorney with Boutwell Fay and I had planned this originally as a conversation about some of the trickier distribution scenarios employers face and what to do about them. As things unfolded, we felt it would be helpful to include some commentary on the new COVID related distribution and loan options. So, we start with COVID related topics and then pivot to some of the trickier distribution options that relate to divorce, death and hardship requests.  Before we get started, with many conferences and other traditional sources of information for people wanting to keep up with retirement plan information postponed or canceled, please share the podcast with your friends, colleagues, within a professional group or with anyone who has an interest in key topics and trends to managing 401(k) plans. You can send them to 401kfridays.com or suggest they

I hope this episode finds you safe and healthy in these unprecedented times. There are a lot of questions about coronavirus, the new CARES Act, the bear market. All of these moving parts also brings up inevitable concern in the back of many employers heads, will we be sued over how we have handled our 401(k) plan during this time in the future? To help wade through this I am happy to welcome back David Levine, ERISA Attorney with Groom Law Group to the podcast. He shares his perspectives on administrative or business decisions employers are being asked to make. We also delve into the fiduciary considerations and decisions employers are currently or could be faced with in the future. David also delves into what we have learned from some recent major 401(k) litigation, including one that went to the Supreme Court. While we tackled a lot, if we missed something shoot me an email to feedback@401kfridays.com and we will get you an answer or address it on a future episode! Before we get started, you have my commitm

I hope this episode finds you safe and healthy! While there is no specific Coronavirus talk today, the concept of managed accounts could get a boost once the dust settles in the financial markets. To help us navigate things I am excited to welcome back David Blanchett, who is the head of retirement research for Morningstar Investment Management. We touch on many of the basics of managed accounts, then look at how they compare to TDFs, roboadvice, and how they are currently offered in workplace retirement plans. We also discuss where things are headed and how managed accounts could change some thinking about investment default options in retirement plans in the future.  Before we get started, two thoughts. First, if you are not subscribed to the podcast take care of that today. You can click subscribe on your favorite podcast or go to 401kfridays.com/subscribe as well. Second, if you like what you hear from David or our other guests on the podcast I would encourage you to follow them on social media. They usua

If you are looking for a great conversation about the realities, challenges and opportunities for individuals on their journey to retirement, this is the episode for you. If you want information and perspectives on the coronavirus, hold onto that thought for a minute. This episode features my conversation with Katherine Roy, Managing Director, Chief Retirement Strategist and Head of Individual Retirement for J.P. Morgan Asset Management. During our conversation we hit on many of the key points and Katherine’s perspectives on J.P. Morgan’s recently released Guide to Retirement. We talk about what she wishes people spent more time thinking about, thoughts on how your prioritize different savings goals, how employers can better support their employees as they prepare for retirement, an urban legend or two and one of Katherine’s favorite topics, the Roth 401(k) feature. You can find a link to JP Morgan’s Guide To Retirement and more information from this episode at 401kfridays.com/retirement2020. Great stuff, be

This episode is a first in nearly, 200 episodes. We don't have a guest. With as quickly as the financial markets, business conditions and the economy are changing I thought it might be helpful to share some timely information. My commentary is derived from a recent webinar I hosted and covers a brief update on the financial markets, ideas to communicate with employees, process to suspend your match, plan administrative questions and fiduciary considerations.  We have also have a second episode this week which I released separately which follows our more traditional path. It features my conversation with Katherine Roy of J.P. Morgan discussing her perspective on their Guide to Retirement report.  Finally, if you like this episode and would like me to do more of them when the times call for it, let me know. Either shoot me an email to feedback@401kfridays.com or leave a comment on LinkedIn. Hope you enjoy! 401(k) Fridays Podcast Overview Struggling with a fiduciary issue, looking for strategies to improve emplo

In this unprecedented economic and market environment it is more important than ever for employers and their retirement service partners to work well together. This week I am excited to welcome back Tom Kmak, the CEO of Fiduciary Benchmarks to share his perspectives. Tom has a great message that is simple in concept but not always followed by employers or their service partners. We also delve into his forward looking thoughts around the effectiveness of workplace retirement plans, creating retirement income for employees, as well as some potential threats and obstacles for employers and the retirement industry. If you like what you hear from Tom today, be sure to check out our prior conversations on the podcast as well.    Before we get started, I would encourage you to look up and follow our guests on the podcast on LinkedIn and Twitter. They love the connections and have a lot to share. Also, if for any reason you are not following me on LinkedIn or Twitter or you are not subscribed to the podcast you can t

Volatility, is an understatement when describing current conditions in the financial markets. To help interpret some recent events and offer thoughts on where we go from here, I am excited to welcome back Scott Kimball, CFA who is a Portfolio Manager with BMO Asset Management. During our conversation he shares very level headed thoughts on what triggered one of the quickest corrections in the stock market we have seen, the rationale for the rapid decline in interest rates, the driving force behind a fall in oil prices, what politics has to do with all this and how could we not talk about the impact of the Coronavirus or COVID-19. Also, be sure to stick around for his wrap up as he shares his thoughts for 401(k) plan sponsors and their employees. We also have a great bonus question this week, check that out at 401kfridays.com/volatility. One quick request, if you have been enjoying the podcast please be sure to mention it to a friend, colleague or anyone else you think might benefit. Easiest thing to do is sug

Managed accounts have been around for a while in workplace retirement plans. However, according to my guest Jason Roberts, the founder and chief executive officer of the Pension Resource Institute, a consulting firm that delivers compliance, training and technology-based solutions to financial institutions and plan fiduciaries, we are on the verge of major transition to managed accounts 2.0 which will have benefits and implications for retirement plans, employers and plan participants. We logically start with what a managed account is, some general pros and cons, how they differ from target date funds and more. Then we delve into the what managed accounts 2.0 will look like, how this could lead to high utilization as default funds in retirement plans, benefit participants and the fiduciary implications for employers. Jason, who is also the founder and managing partner of Retirement Law Group, a law firm specializing in ERISA, tax and investment related matters shares thoughts on how to monitor managed account

Originally, this was going to be a cyber episode, but based on a recent conversation with plaintiff’s attorney Jerry Schlichter and some subsequent litigation, thought it might be good to expand our horizons to include employee data. My guest today, Jenny Eller, Principal and co-head of the Fiduciary Practice at Group Law Group brings her experience and perspective to the conversation. We first dive into the data side of the conversation with some general thoughts on the business practices around data, whether it is a plan asset, and why it could be a hot topic for the foreseeable future. Then we make a soft pivot to cyber risks, share thoughts on where employers might be worrying too much and where maybe they are not worrying enough. Jenny also makes some interesting points on how ERISA doesn’t even contemplate some of the losses we are experiencing in plans today and what plan sponsors can to to protect their plan, participants and themselves. Good stuff!  Before we get started, I am so excited to share tha