401(k) Fridays Podcast

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,

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 Dr. David Kelly is the Chief Global Strategist and Head of the Global Market Insights Strategy Team for J.P. Morgan Asset Management. With over 20 years of experience, David provides valuable insight and perspective on the economy and markets to the institutional investor and financial advis

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 Tom Conlon is Head of Client Relations at Betterment for Business, a technology-led 401(k) provider that aims to deliver better retirement outcomes and personalized advice. Tom has spent the last 10 years in the retirement services industry where he has held various positions leading teams and helping plan sponsors accomplish their goals for their retirement plans. His focus has always been on helping plan sponsors s

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 listen

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 t

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 Jeffrey is an Investment Strategist and oversees capital market and economic research, contributing thought leadership on these topics that is frequently quoted in the financial media, including the Wall Street Journal, CNBC and CNN. He joined ClearBridge Investments in 2014 and has 13 years of investment industry experience. Prior to joining ClearBridge, Jeffrey was a Portfolio Specialist at Lord Abbett & Co., LLC. He received a BS in Finance from Rutgers Un

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 Pr

When we get the question of “What is the best strategy for me to save for retirement” and it comes for an entrepreneur, the answer is seldom as simple as it might seem.  So, where and how do you start?   We thought it would be helpful to cover a few key concepts and then follow the progression of an entrepreneur along their journey from a “solopreneur” with an idea or inspiration for a business to experiencing some success, hiring employees, scaling and eventually selling the business and weave in along the way how different retirement plan strategies could potentially support their personal and business goals along the way.  While I know some in our audience are not necessarily entrepreneurs, however I bet you know someone who is or maybe you might be one down the road!  Be sure to share with your friends, colleagues or social networks that might have entrepreneurs, sole proprietors or business owners who could benefit!  They can easily find the podcast on iTunes, their favorite podcast app by searching 401

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. Addi

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 Af

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 Michael P. Barry is a senior consultant at October Three and President of O3 Plan Advisory Services LLC, which provides retirem

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 Nati

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 Charles Nelson is chief executive officer of Retirement and Employee Benefits for Voya Financial, Inc. (NYSE: VO

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

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 lear

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 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 s

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 William Harmon is president of Retirement Corporate Markets for Voya Financial. In his role, Harmon oversees all aspects of the Corporate 401(k) market, including sales, relationship man

This episode was a real treat for me and hopefully will be for you. I am excited share my conversation with The Honorable Phyllis Borzi, the former Assistant Secretary of Labor for the Employee Benefits Security Administration under President Obama.  We covered a range of topics that regardless of your involvement with workplace retirement plans should keep your interest. I am also proud that while we talked about her time at the DOL, the majority of our focus was looking forward and exploring how her experience can help employers today and those who want to shape the future of the workplace retirement system.  We also hit on two pieces of unfinished business Phyllis wished she had more time to work on while she was at the DOL, what the Perez Principle is and whether employers also suffer from choice overload in retirement plans.  Finally, we cover a few topics near and dear to her heart and what she thinks of some of the current retirement proposals in front of congress today to reform the retirement system.

Maybe I'm a little early with the football analogy, but it seemed to fit. Today, we welcome back Tom Clark, an ERISA Attorney and Partner at The Wagner Law Group as we discuss five 401(k) fiduciary fumbles we see plan sponsors make.  As a return guest who I have gotten to know  pretty well, we have a little fun and share some insight along the way. Whether it is clarifying the importance of fiduciary analysis vs. process, mistakes to avoid when "outsourcing" fiduciary responsibility, or the inevitable fumbles around fees.  Oh, and Tom gives us his feedback from the front lines as to whether the tide has been turning in favor of employers or plaintiffs in ERISA litigation.    Guest Bio Tom Clark is a partner at The Wagner Law Group, a law firm specializing in ERISA & Employee Benefits. He leads the firm’s St. Louis office. His expertise encompasses all aspects of employee benefits programs, including the design, implementation and compliance of retirement plans, health and welfare plans, and executive and