401(k) Fridays Podcast

Excited to welcome back Peter Dunn, a.k.a. Pete the Planner to the podcast!  Our conversation was definitely one of the more entertaining ones that I have had on the podcast in recent memory.  This episode was inspired by a few recent discussions I had with workplace retirement plan sponsors who were wondering why their employees couldn't just go talk to their broker/advisor/wealth manager to get help planning for their retirement.  Why did they as the employer have to get in the middle of it.  Without stealing too much of Pete's thunder, the real issue comes down the issue of access to the financial services market, much of which is determined by how much money someone has.  Great stuff with some concrete takeaways to bring with you to your next retirement plan committee meeting! Guest Bio Peter Dunn a.k.a. Pete the Planner® is an award-winning comedian and an award-winning financial mind. He’s a USA TODAY columnist and the author of ten books, six of which were featured in a nationwide launch at Barnes &

2017 started off with the winds of change blowing through Washington DC and to date has been nothing short of interesting and unexpected with the Trump administration at the helm for over seven months. Back in January, I discussed with Bob Holcomb, the head of legal and regulatory affairs at Empower Retirement some of the anticipated changes to workplace retirement plans that seemed imminent.  In this episode, I revisit some of these topics with Sam Henson, Director of Legislative & Regulatory Affairs at Lockton Retirement Services to see well, what has or hasn’t actually happened!  We cover a lot of ground with topics such as tax reform and how it could affect the 401(k) industry, recent developments with state plans, why the DOL fiduciary rule is a “unique animal”.   With 2018 quickly approaching we hope this episode provides helpful insight on what to keep an eye on for the remainder of 2017 and going forward.   Guest Bio As a Senior Vice President and Director of Legislative and Regulatory Affairs for

The main focus of our conversation is determining if some common employer beliefs about retirement plan audits are truth or myth. John also pulls from his experience auditing well over 100 retirements plan each year to offer some tips to employers who are preparing for their first audit and best practices for some grizzled veterans to help their audit run smoothly. Guest Bio My guest today is John Russon, a retirement plan auditor and founder of Pension Assurance, a single purpose audit firm that specializes in auditing qualified retirement plans.  In 2005, after spending several years working at both “Big Four” and local CPA firms, John launched a small, independent practice dedicated to the audit of retirement plans. This fledgling practice was merged with a local CPA firm in 2006. Over the next seven years, the practice grew substantially. In 2007, the practice performed he formed Pension Assurance.  As of early 2016, John and his firm audit over 170 retirement plans.  According to the recent Department of

On previous episodes of the podcast we've heard from ERISA attorneys, consultants and various other specialists sharing their thoughts on how employers can mitigate their fiduciary risk.  Now, I am proud to share that the experiences of a 401(k) expert witness is no longer unchartered territory for us!  My guest, Jim Scheinberg, the Managing Partner and Founder of North Pier Fiduciary Management joins me for this action packed episode.  We kick things off addressing what role a 401(k) expert witness actually plays during a lawsuit.  Then we quickly begin to stress test some fiduciary messages you might have heard such as “Your process is your protection”, then we delve into whether having the right fiduciary mindset is relevant and while retirement plan fiduciaries are not expected to predict the future, could having some foresight be important to your fiduciary process.  Hopefully you will find our conversation offers some unique and timely perspectives on these and a few other important trends in 401(k) or

More and more frequently when I see a news piece or industry article about 401(k) or workplace retirement plans, a key element is invariably fees.  Going one step further they also tend to highlight the advantages of low cost index or passively managed investments.  Based on my conversations with investment committees and retirement plan fiduciaries, there seems to be a few common reasons for the recent increased popularity in index funds: the industry focus on fees, investment performance of passively managed strategies and 401(k) litigation. To comment on my observations and provide a few of her own on the whole active and passive conversation I am excited to have Sue Walton, a Senior Defined Contribution Strategist with American Funds join me on the podcast.  We also address a few other important elements in the active passive conversation that don’t tend to get a lot of press, but are vitally important to consider. Hopefully there are a few nuggets you can take back to your next 401(k) committee meeting!

Its episodes like these that were one of my primary motivations for starting the podcast, examining current beliefs or messaging in the marketplace and applying contemporary critical thinking to examine if they are still valid and reliable for both employers and employees in workplace retirement plans.  If you sponsor a 401(k) or other workplace retirement plans you have likely been given some off the cuff guidance on how much your employees should be saving for retirement, what is an adequate amount of income someone should be able to replace in retirement, what returns should people expect from their retirement savings and likely many others.  To help stress test these and other topics, I have David Blanchett, Head of Retirement Research at Morningstar to explore things!  He did such a great job so I’m not gong to steal his thunder; but I will say some things you have likely heard hold up, and others simply don’t.  While we tackle some meaty topics, I was incredibly impressed with David’s ability to break a

Think for a minute about how much effort you and your retirement service partners have put into encouraging more employees to save and invest properly in your workplace retirement plan.  Now, turn the conversation around.  How much time and energy have you spent thinking about ways to help employees understand how to use their retirement savings to replace their income when they leave the workforce?  To help shed some light on the whole retirement income conversation I’m excited to have Jody Strakosch of Strakosch Retirement Strategies where she brings investment and retirement solutions to the defined contribution market for asset management firms.  Prior to starting her own firm, Jody worked for MetLife where she became a recognized defined contribution and institutional retirement income subject matter expert. She was the key architect of several significant market-first products, supported public policy initiatives, and represented MetLife with the media, at conferences and in industry groups.  During our

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 40

It wouldn’t be an exaggeration to say that Target Date Funds (TDFs) have grown exponentially within the last few years. As a retirement plan fiduciary, it’s important to understand not only what a TDF is but how to evaluate them and ensure the strategy you have chosen or might be considering is a good fit for your plan.  During my conversation with Jeff we provide some core concepts such as glide path construction, too vs. through retirement and open vs. closed architecture design to see if they are still relevant.  We also hit hot topics such as if the active vs. index investing conversation impacts TDFs, the ever popular topic of investment fees and the perils of looking the performance of TDFs in a vacuum. Finally, we provide retirement plan committee members and plan fiduciaries several important questions to consider at your next retirement committee or plan review meeting.     Guest Bio Jeff Holt, CFA, is an associate director on Morningstar’s manager research team. He focuses primarily on multiasset st

We turned the tables for the 75th episode of the 401(k) Friday’s Podcast.  Whether you are a regular listener or new to the 401(k) Fridays Podcast, this should give you some good context as you listen to additional episodes.  We discuss the inspiration behind the podcast, the process for creating weekly content, how we identify topics and guests, a few philosophies and what we have planned for future episodes.  We hope you enjoy the 75th episode of the 401(k) Fridays Podcast!   Guest Bio Rick is a partner and executive committee member of Lockton’s Retirement Consulting practice.  In his role, he works with the retirement committees of middle market companies who offer workplace retirement plans to enhance their fiduciary protection, streamline plan operations and improve employee retirement outcomes.  Rick also created and hosts a weekly podcast “401(k) Fridays” which features audio interviews with retirement industry professionals covering relevant industry trends, topics and current events.   Rick grew up

This is a replay of my conversation with Nicholas Dobelbower, Vice President and Practice Leader of Lockton's Global Benefits Practice.  Just a preview of things to come, your 401(k), it doesn’t work outside the U.S.!  So, let’s go for a trip around the globe to discuss the topics, trends and concepts employers who have employees outside the US should be aware of.  Whether you have newly acquired international employees or you have been deeply involved with global retirement benefits, or you are just curious what goes on in other countries, this is an incredibility valuable episode.  We touch on considerations for employers who are looking to harmonize retirement benefits levels on a global basis, things to know before making any changes to non-US retirement benefits programs and plenty of examples to help you along the way!    Guest Bio Nick is the Practice Leader for Intellectual Capital in Lockton’s Global Benefits Practice. He is responsible for developing and maintaining comprehensive global benefits res

In our fast-paced world and ever evolving global financial markets, keeping your 401(k) investment menu consistent with the times can be challenging.  As the conversation swings to investments with a focus outside the US, the conversation can get complex and downright confusing!  With that in mind, Mike Quinn, Senior Client Portfolio Manager at OppenheimerFunds joins me this week to discuss the current state of the global markets, some pros and cons of international investing and his thoughts on whether workplace retirement plans here in the US have developed a home country bias over the years.  Additionally, we tackle what a global vs. international fund is, some basics on on currency hedging and its potential impact on mutual fund returns and whether the reputation international investing has been tagged with as “high risk” is deserved!   Guest Bio Mike Quinn serves as Senior Client Portfolio Manager for the Global Equity Team for OppenheimerFunds. In this capacity, Mike is responsible for articulating t

Employers and Retirement Plan Fiduciaries have the difficult task of selecting retirement plan advisors. The names and titles alone can be incredibly confusing! Of the 100,000 practicing advisors, 3,000 are active in the retirement market and may be considered "DC Specialists" as my guest Robin Green, SVP & Head of Data & Analytics at Ann Schleck & Company | Fi360 would call them.  She breaks down DC specialists into three sub-categories: The Broker, the Cowboy, and the Consultant.  Additionally, we discuss: Three types of fiduciaries and what it means when an advisor claims 3(21), 3(38), and participant level fiduciary status. Three important questions to ask your current advisor in light of the new DOL rule. Weighing the difference between cost and value, and How model portfolios, retirement solutions, fees and expertise should be considered while benchmarking and selecting advisory services.  Episode Guest Robin Green is Senior Vice President and head of Data & Analytics at Ann Schleck &a

When I ask employers if they have the information they need on the soon to launch state run retirement plans, I get reactions that range from "What state plans?" to "Great, sounds like another scheme to fix the mess with their pension plans!" These and other responses I have gotten haven’t given me a lot of confidence that information, much less accurate information, is filtering down to employers about these programs. With Oregon launching OregonSaves on July 1st, 2017 and many others likely to follow, I thought it might be a good time to revisit the topic!  I was excited to have Katie Selenski, the first Executive Director of California Secure Choice, the new state sponsored retirement plan for private sector workers in California join me on the 401(k) Fridays Podcast! During our conversation, we start with the basics of why California and other states are launching retirement plans, then move onto some recent developments on the federal level and how states plan to digest them and give Katie an opportunity

I'll have to admit, when I first heard of Don Barden and the "Perfect Plan" I was pretty skeptical.  What does "perfect" mean?  Who gets to judge "perfect"?  My analytical mind was going crazy.  However, as I became more familiar with Don and the concepts and elements he believes in, I felt it definitely made sense to bring him onto the podcast.  My hope is that you will take away a few kernels of knowledge to help you rethink what retirement means along some motivation and inspiration!  Guest Bio Don Barden is a classically trained economist who earned his M.B.A. in Global Technology Management and International Business with an undergraduate B.B.A. in Economics and Finance. He is ABD in doctoral studies with a Ph.D. in Finance. He resides in Atlanta Georgia and is fluent in international business affairs. Don’s work challenges and motivates people to think deeply about their beliefs, and reveals a plan to consistently achieve maximum communication and sales. His “unfair advantage” theories are revolutionary

Debt impacts your employees ability to save for retirement, pursue other financial goals, their productivity and physical health!  You might be surprised to hear that based on Fidelity research, there are multiple generations and income levels that struggle with debt which might reframe some of your prior perceptions.  Probably most important though, Meghan shares a few ideas for employers who want to explore helping their employees manage, pay down and avoid future challenges with debt.     Guest Bio Meghan Murphy is a Director on Fidelity’s  Workplace Investing Thought Leadership team and is responsible for the development and delivery of data driven points of view on retirement savings and financial wellness trends. This work is leveraged by employers and their employees, advisors, policy makers and the media. Additionally, she is a media representative in the retirement space, helping to bring data based stories to life for the general public. Meghan has been with Fidelity since 2000 and has served in var

You ever go into a meeting thinking you are going to talk about one thing, but you pretty quickly realize that the person you are meeting with is going above and beyond your expectations? Well, that was my experience with this episode! My guest, George Castineiras brings a unique perspective to the 401(k) Fridays Podcast as he combines his background running the retirement practice for a large record keeper with his recent experience as an investor in multiple FinTech companies!  As I was sketching out this episode in my head, I figured we would talk about Robo Advice and how that is impacts both employers and employees in workplace retirement plans. That likely would have been interesting, timely and impactful, but as you will hear, George had bigger ideas! He took my robo advice premise and added in machine learning, artificial intelligence and other current and emerging technology trends employers should be aware of that will influence the workplace retirement plan market! Guest Bio Widely recognized as an

Over the years, and certainly recently there has been a lot of focus on the Department of Labor and their role in overseeing workplace retirement plans.  What some might not realize or fully appreciate is the role if the Internal Revenue Service, better known as the IRS in overseeing retirement plans.  To help employers get their arms around things I was excited to have Susan Mehlman, a Director in the National Tax Group and the Compensation and Benefits Practice Leader at Moss Adams join me on the podcast!  During our conversation we highlight the different focusses of the IRS and the DOL in policing workplace retirement plans, how employers end up in the crosshairs of the IRS and some tips and strategies to help minimize the risk of an IRS audit or investigation.     This week also marks a first on the podcast as we also re-released one of our very first podcast episodes which focussed on the role of the DOL.  I thought this might make a natural follow-up from my conversation with Susan.  While that episode

This is the second episode of today's double header.  If you haven't listened to my conversation with Susan Mehlman at Moss Adams about the IRS and your 401(k) Plan, be sure to check that out as well.  This episode  is an updated version of one of the very first episodes on the podcast.  This features my conversation with Sam Henson, an ERISA Attorney and the VP & Director of Legislative & Regulatory Affairs at Lockton Retirement Services.  The first portion is our original conversation from back in early 2016 and the last 12 minutes or so features our more recent conversation providing a few updates based on the DOL during the Trump Administration and the new Secretary of Labor.  Our conversation is full of great information about how the DOL operates, how DOL investigations are triggered and important steps you should take if you receive a  letter notifying you of a DOL investigation.   Guest Bio Sam Henson is the Vice President and Director of Legislative & Regulatory Affairs for Lockton Retire

This episode outlines how the relationship between behavioral finance and retirement plan design has evolved in recent years.  Stuart Ritter is fantastic and was definitely one of my favorite guests on the podcast last year.  Our conversation is fast paced and full of great stories and examples for employers who are looking to get their arms around behavioral finance and how embracing the concepts can improve your participant retirement outcomes.   Guest Bio Stuart Ritter has appeared on television and radio programs for networks like ABC News, Fox Business, and National Public Radio; and has been quoted by The Wall Street Journal, The New York Times, Kiplinger’s Personal Finance magazine, Money magazine, and national news organizations.   Stuart received his B.S. in electrical engineering from the University of Maryland College Park, his M.A. in political science from the American University, and holds the CERTIFIED FINANCIAL PLANNER™ designation.   He taught personal finance at Johns Hopkins University for