Jessica and Hayley, who were featured in 401(k) Specialist’s Profiles in Participant Outcomes in 2025, started the 401k Girls in January last year after noticing a need to make retirement and financial planning more approachable to clients online.

The duo—who are not sisters—use social media outlets like LinkedIn and Instagram to provide quick tips and insights on financial savings. There’s #FactorFictionFriday, where the 401k Girls will poll scrollers on common financial misconceptions at the end of the week, or “Porter’s Pennies,” where the two offer simple tips that can strengthen planning.

Jessica and Hayley also speak more about engaging younger workers in financial planning, and what the financial services industry has left to learn about meeting women clients where they’re at.

• Winning the Finalist Presentation: How offering a "Hope-based" engagement model like GigMatch differentiates you from advisors stuck in "Fear-based" messaging
• Reducing Financial Stress for Sponsors: Leveraging the $5/month subscription model as a low-cost, high-impact benefit recommendation for advisors.
• The "Lifetime Income" Complement: How to use the gig economy to supplement Social Security and 401(k) distributions when the math doesn't quite add up.
• Strategic Partnerships: Insights into the Tom Kmak (Fiduciary Decisions) algorithm and how institutional-grade data is powering these participant matches.

In this episode, industry innovator George Fraser introduces GigMatch, a B2B subscription-based platform that 401(k) advisors can offer to plan sponsors to help participants close the retirement savings gap. By replacing 'fear-based' retirement messaging with 'hope-based' supplemental income matching, advisors can differentiate their practice, reduce financial stress, and provide a tangible roadmap for the 90% of participants who have not saved enough to retire comfortably.

George Fraser, who was named 401(k) Specialist’s first-ever “Top Advisor by Participant Outcomes” in 2017, is starting a new career chapter with the introduction of GigMatch, an innovative app designed to be a game-changer for the vast majority of Americans who deal with financial stress on a daily basis.

GigMatch, making its official debut May 1, is being unveiled on the exhibit hall floor at the NAPA 401(k) Summit in Tampa. On the podcast, Fraser explains how GigMatch, developed with his partner Tom Kmak, will provide hope to people who think they haven’t saved for retirement through individually tailored opportunities to enhance income and lifestyle—both today and in retirement.

Invesco’s recent DC Participant Pulse Survey had some very interesting findings about participant perceptions of private markets, which we explore in this episode with Greg Jenkins, Managing Director, DC Solutions at Invesco. Greg shares insights about participant familiarity with private markets, which types are most interested, and even which words and phrases resonate best with participants.

Check out the research at this link: 2026 DC Pulse Survey: Exploring participant views on AI and private markets

To learn more about how and why it needs to evolve, we talk with techno-business leader Mahesh Natarajan, Chief Revenue Officer at Congruent Solutions, which has been a specialist technology solutions and outsourced plan administration provider to the retirement industry since 2004.

We’ll talk about how he sees value in a modular approach to innovation instead of a full technology overhaul, the concept of “invisible AI,” how recordkeepers need to evolve into “retirement orchestrators,” and more.

Now serving as Director of Fiduciary and ERISA Practice at Prime Capital Retirement, Reish shares insights on the shifting landscape of ERISA litigation, emerging concerns around private assets in 401(k) plans, and the Department of Labor’s evolving posture under the second Trump administration.

The conversation also explores artificial intelligence, pooled employer plans, in-plan lifetime income solutions, and what fiduciaries should be watching next for fiduciary risk. For advisors and plan sponsors focused on protecting participants—and protecting themselves—this is essential listening.

Drawing on his experience testifying in more than a dozen ERISA cases, Dyson shares the most common mistakes he sees in litigation and investigations, why a DOL audit may be a bigger risk than a lawsuit for most plans, and what courts actually expect from fiduciaries. He tackles pressing questions around paying advisors and TPAs with plan assets, properly documenting QDIA selections to secure safe harbor protection, conducting RFPs and benchmarking at “reasonable intervals,” and crafting committee meeting minutes that protect rather than expose.

Dyson also provides clear, actionable steps sponsors can take before their next committee meeting to strengthen governance, document prudence, and stay off the litigation radar, and reduce fiduciary risk.

EDITOR’S NOTE: This podcast episode is part of our new “Deep Dive” special content package for Q1 2026 titled, “How Not to Get Sued.” You can find additional coverage in the links below, and more focused content will be available in the coming days.

SEE ALSO:

• How Not to Get Sued in 2026: Part 1
• How Not to Get Sued 2026: Part 2

Lorianne Pannozzo, Senior Vice President, Personalized Planning & Advice at Fidelity Investments and leader of the firm’s workplace managed accounts program, joins us to explain the increasing demand for managed accounts, and also to dig into new Fidelity research on what participants value most about them and what that means for retirement plan advisors and plan sponsors.

To check out an executive summary of the new research discussed in the podcast, click here: Unlocking the Value of Workplace Managed Accounts, or check out the entire paper at this link: More than an investment portfolio: Participant insights on the value and impact they receive from workplace managed accounts.

Meyers discusses the upcoming second annual Nestimate Retirement Income Summit, shares insights on new initiatives at Nestimate—including its recently launched TDF-IQ analytics tool—and weighs in on what the Vanguard-TIAA target-date CIT with a built-in annuity could signal for the future of default investments. The conversation also examines how advisors and plan sponsors can better evaluate lifetime income options, manage fiduciary risk, and prepare for key developments shaping the retirement income market in 2026 and beyond.

Key Insights

1. Retirement Income Summit Offers Critical Education for Advisors
The second annual Estimate Retirement Income Summit aims to help plan advisors, sponsors, and home office professionals better understand and evaluate in-plan lifetime income solutions. With speakers like Matthew Eichman, Brendan McCarthy, and Spencer Look, the event emphasizes fiduciary clarity and objective analysis of evolving income strategies.

2. Vanguard-TIAA Collaboration Marks a Market Shift
The launch of a target date collective investment trust (CIT) by Vanguard and TIAA is seen as a turning point in the retirement income landscape. Vanguard’s rare move after 22 years signals growing industry momentum toward embedding annuities in target date funds to ensure retirement income security.

3. Technology and Recordkeeper Integration Drive Adoption
Tools like Estimate’s TDF-IQ offer fiduciaries an outcome-based framework for evaluating annuity-infused target date funds. Meanwhile, broader recordkeeper availability and support for annuity options could help solve portability challenges, accelerating adoption of lifetime income solutions in 2026.

SEE ALSO:

• Nestimate Introduces TDF Analyzer

In this episode of the 401(k) Specialist Pod(k)ast, Editor-in-Chief Brian Anderson sits down with Danielle Kelso, Senior Institutional Solutions Consultant at Allianz Life, to break down the report’s most compelling findings, the annuity options analyzed, and what the research reveals about improving retirement income security for today’s workers.

• Check out the “Measuring Retirement Income Outcomes” white paper at this link.

See Also:

• Defining Value Creation in the Decumulation Phase with Allianz Life’s Danielle Kelso
• Exploring Guaranteed Income in DC Plan Trends with Allianz Life’s Matt Stubblefield

This podcast is designed to accompany the white paper, "Measuring Retirement Income Outcomes" (LIA-381), which provides all underlying assumptions used.

To break down the results of the 12th Annual National Retirement Survey and shed light on what’s behind these disconnects, we welcome Glenn Dial, Senior Retirement Strategist at American Century Investments, who unpacks the data, challenges assumptions, and discusses what plan sponsors may be overlooking when it comes to participant needs and expectations.

Listen in as we explore employer-employee risk perceptions, barriers to retirement income adoption, misconceptions about TDFs, and what the survey says about income replacement, defaults, and protecting assets from market volatility.

Source: 12th Annual American Century Retirement Survey

Methodology: The participant survey was conducted between June 3, 2025, and June 23, 2025.  The survey included 1,500 full-time workers between the ages of 25 and 70 saving through their employer’s retirement plan. The data were weighted to reflect key demographics (gender, income, and education) among all American private sector participants between 25 and 70.

The sponsor survey was conducted between May 20, 2025, and June 16, 2025. Survey included 500 plan sponsor representatives holding a job title of Director or higher and having considerable influence when it comes to making decisions about their company’s retirement plan (either 401(k), 403(b), or 457 plans). The data were weighted to reflect the makeup of the total defined contribution population by plan asset size.

Percentages in the tables and charts may not total 100 due to rounding and/or missing categories.

Greenwald Research of Washington, D.C., completed data collection and analysis.

This material has been prepared for educational purposes only. It is not intended to provide, and should not be relied upon for, investment, accounting, legal or tax advice.

Investment return and principal value of security investments will fluctuate. The value at the time of redemption may be more or less than the original cost. Past performance is no guarantee of future results.

Allen shares insights on how Morningstar turns ideas into digital solutions, the technologies most likely to redefine the participant experience—like AI, predictive analytics, and behavioral nudges—and how innovation stays grounded in what participants really need.

Key Insights:

AI boosts personalization in retirement planning
Michael Allen shares how AI lets Morningstar offer dynamic, personalized advice. Instead of long forms, participants now engage in simple, human-like conversations.

Innovation solves real user pain points
Morningstar's tools, like “AI Insights,” were built to fix specific issues—such as time-consuming reporting—by highlighting key data instantly.

Advice at scale with human oversight
Morningstar combines AI with trusted forecasting tools. The goal: deliver tailored advice while letting advisors focus on what humans do best.

Key Insights

Driving Financial Equity Through Innovation
By integrating advanced features like real-time plan customization and scalable support tools, 401GO aims to make retirement planning more accessible and equitable for participants across demographics and income levels.

Technology Is Closing the 401(k) Coverage Gap
401GO is leveraging automation and intuitive design to bring affordable 401(k) solutions to underserved small businesses, addressing the persistent retirement plan coverage gap across the U.S.

Advisor-Centric Platform Enhancements
New tech updates from 401GO are designed to empower advisors with flexible tools, differentiated experiences based on skill level, and communication features that strengthen client relationships—automating the process but not the human connection.

See Also:

Unlocking SMB Market Success with 401GO’s Stan Smith

401GO Unveils Program Matching 401(k) Sponsors with Advisors

401GO Taps Chief Experience Officer

Jenkins, who works with plan sponsors, consultants and advisors on DC-related products and custom applications, shares his thoughts on the shifting regulatory environment, interest levels among plan sponsors, different types of private market investments being considered, how they could help with potential diversification and limiting sequence-of-return risk, and more.

See Also:

Large-Cap Value Investing in 401(k) Plans with Invesco’s Devin Armstrong

How to Better Reach 401(k) Participants with Invesco’s Greg Jenkins

Marc Howell and Felix Okwaning, who are both Managing Directors—Enhanced Plan Design at Principal Financial GroupⓇ, share some compelling new research showing employees not only stay in auto features but increasingly expect them, explore budget-friendly strategies to implement them, and discuss how failing to act can create costly delayed retirements. We’ll also cover how SECURE 2.0 is accelerating adoption of automation, and why advisors and sponsors should prepare for auto features to become standard in every retirement plan.

Key Insights

Auto Features in 401(k) Plans Drive Better Retirement Outcomes
Marc Howell and Felix Okwaning emphasize that automatic enrollment and automatic escalation remain the most effective tools for improving participant savings behavior. These features increase plan participation and deferral rates, leading to higher retirement readiness—especially when combined with target date funds.

Cost Concerns Are Often Overstated
Many plan sponsors hesitate to implement auto features due to perceived cost concerns. However, the speakers argue that these assumptions are often exaggerated. When designed strategically, auto features can be cost-neutral—or even reduce costs—by increasing plan scale and efficiency over time.

Behavioral Nudges Require Strategic Plan Design
The speakers highlight the importance of behavioral finance in retirement plan design. Default options, re-enrollment, and ongoing communication can gently steer participants toward smarter decisions. Plan sponsors are encouraged to revisit plan design annually to ensure features align with evolving participant needs and business goals.

Insurance products and plan administrative services provided through Principal Life Insurance Company®, a member of the Principal Financial Group®, Des Moines, IA 50392. 

Principal®, Principal Financial Group®, and Principal and the logomark design are registered trademarks of Principal Financial Services, Inc., a Principal Financial Group company, in the United States and are trademarks and services marks of Principal Financial Services, Inc., in various countries around the world.

© 2025 Principal Financial Services, Inc. 

Bill McLaren, Stable Value Business Leader for the Retirement Plan Services Business at Lincoln Financial, joins us to explain why MVAs can catch plan sponsors off guard—especially during a recordkeeper change—and what advisors can do to protect participants.

Find out more about stable value investment only solutions.

Key Insights

MVAs Can Surprise Plan Sponsors
Market Value Adjustments (MVAs) in stable value funds are often overlooked by plan sponsors, particularly during recordkeeper transitions. Many focus on crediting rates and fail to understand termination conditions, only discovering the financial implications when a move results in receiving less than the book value of their investments.

Mitigating MVA Risks Requires Preparation
Plan sponsors can mitigate MVAs through proper due diligence and understanding the specific stable value contract provisions. Options such as the “12-month put” guarantee full book value payout with proper notice. Sponsors should know whether their fund is portable and consult advisors early to avoid costly surprises.

Three Strategies to Address Negative MVAs
When faced with a negative MVA, sponsors have three main options:

• Partner with a stable value provider who can absorb the MVA and preserve participant account balances—ensuring a seamless transition between providers without financial harm.
• Pay the difference themselves (rare).
• Pass the loss to participants (unpopular and risky).

SEE ALSO:

• Stable Value Funds: Balancing Safety and Opportunity with Lincoln Financial’s Matt Condos

The views expressed are those of the speaker/writer and not necessarily those of any Lincoln Financial® affiliate. Neither the information, nor any opinion expressed herein shall be construed as investment advice. All investments involve risk, including possible loss of principal.  

Lincoln Financial is the marketing name for Lincoln National Corporation and its affiliates.

Affiliates are separately responsible for their own financial and contractual obligations.

Lincoln Financial Distributors, Inc., a broker-dealer, is the wholesale distribution organization of Lincoln Financial and may act in a wholesale capacity for this product. Unaffiliated broker-dealers also may provide services to customers.

Lincoln Financial affiliates, their affiliated distributors, and their respective employees, representatives, and/or insurance agents do not provide tax, accounting, or legal advice. Clients should consult their own independent financial professionals as to any tax, accounting, or legal statements made herein.

The Lincoln Stable Value Account and the Lincoln Stable Value Separate Account are group fixed annuities issued by The Lincoln National Life Insurance Company, Fort Wayne, IN. The Lincoln National Life Insurance company does not solicit business in the state of New York, nor is it authorized to do so.

This material is provided by The Lincoln National Life Insurance Company, Fort Wayne, IN, and, in New York, Lincoln Life & Annuity Company of New York, Syracuse, NY, and their applicable affiliates (collectively referred to as “Lincoln”). Lincoln does not provide investment advice, and this material is not intended to provide investment advice. Lincoln has financial interests that are served by the sale of Lincoln programs, products, and services.

To get a better idea of what private equity investments can bring to the table, we speak with Maura Reilly Kennedy and Michelle Rappa of investment manager Neuberger Berman, a pair of highly accomplished subject matter experts when it comes to private equity and its defined contribution investment capabilities.

Reilly Kennedy and Rappa talk through some innovative structures seeking to make these investments more accessible and practical for retirement savers.

Key Insights

Regulatory Shift Opens Door to Alternatives
A new executive order and the rollback of prior DOL guidance mark a major policy shift, signaling broader access to private equity in 401(k) plans. This regulatory momentum is encouraging plan sponsors to seriously consider alternative investments.

Private Equity in 401(k)s Boosts Outcomes
Neuberger Berman’s research shows that adding just a 10% private equity allocation to a target-date fund can improve returns, reduce risk, and increase monthly retirement income by as much as 19%, offering meaningful impact on participant outcomes.

Industry Innovation Addresses Past Hurdles
Innovative structures like evergreen funds and DC-friendly wrappers (e.g., CITs) are solving challenges like illiquidity, fees, and complexity—making private markets more accessible and practical for defined contribution plans.

In this episode of the 401(k) Specialist Podcast, Matt Condos, Senior Vice President of Retirement Plan Services Product Solutions at Lincoln Financial, provides insights on stable value’s role in today’s retirement landscape, how it compares to money market funds during periods of rising interest rates, and the contract features—like put provisions—that plan sponsors and advisors need to understand. He also examines evolving product designs aimed at improving liquidity and transparency while still offering the stability participants expect.

Three Key Insights

• Understanding Put Provisions and Liquidity Needs
  Advisors and plan sponsors must understand put provisions, which delay withdrawals during plan-level changes. With increased scrutiny on liquidity, new short-duration stable value products with transparent crediting rates are emerging to offer flexibility without sacrificing security.
• Stable Value Funds Offer Long-Term Stability
  Stable value funds continue to play a critical role in retirement portfolios by providing principal protection and steady returns—especially during times of market volatility. Participants nearing retirement particularly value the stability and predictable growth these products offer.
• Misconceptions vs. Money Market Funds
  Although money market funds can temporarily outperform stable value funds when short-term rates spike, stable value typically outpaces money markets over the long term. Their ability to amortize rate changes and invest further along the yield curve offers strategic advantages.

The views expressed are those of the speaker/writer and not necessarily those of any Lincoln Financial® affiliate. Neither the information, nor any opinion expressed herein shall be construed as investment advice. All investments involve risk, including possible loss of principal.  

Lincoln Financial is the marketing name of Lincoln National Corporation and its affiliates including The Lincoln National Life Insurance Company, Fort Wayne, IN, Lincoln Life & Annuity Company of New York, Syracuse, NY and broker dealer Lincoln Financial Distributors, Inc., Radnor, PA. The Lincoln National Life Insurance Company does not solicit business in the state of New York, nor is it authorized to do so. Securities and investment advisory services offered through other affiliates. Affiliates are separately responsible for their own financial and contractual obligations. 

LCN-8252510-080525

Danielle Kelso, Senior Institutional Solutions Consultant at Allianz Life Insurance Company of North America, joins the 401(k) Specialist Pod(k)ast to shed light on the changes and innovations shaping the future of retirement security. In her role, Kelso provides research, analytics and product expertise to the Allianz sales team, and shares her expertise on what retirement plan advisors and plan sponsors need to be thinking about when it comes to supporting a retiree’s lifestyle by ensuring stable income and managing risks effectively.

Key Insights:

Personalized Income Planning Replaces One-Size-Fits-All
The future of retirement planning lies in personalized strategies. Custom plans that integrate all income sources and reflect individual goals and spending habits offer better outcomes than generic investment approaches.

Redefining Value Creation in Retirement
Value creation is evolving beyond accumulating the highest portfolio balance. In retirement, it now centers on generating reliable, sustainable income that supports lifestyle and essential needs. This shift emphasizes peace of mind and financial security over raw returns.

Annuities Play a Key Role in Managing Retirement Risks
Modern annuities help mitigate key retirement risks such as longevity, market volatility, inflation, and personal life changes. Allianz research shows that portfolios including annuities significantly improve the probability of meeting income goals—by up to 25–40% in adverse markets.

See Also:

Exploring Guaranteed Income in DC Plan Trends with Allianz Life’s Matt Stubblefield

Solving the Portability Puzzle with Allianz Life’s Ben Thomason

Exploring Retirement Income Strategies with Joshua Grass and Todd Levy

Sheri explains what sets the conference apart. It focuses on helping attendees strengthen their personal brand through storytelling and human connection. Additionally, she highlights key agenda items and explains why the event welcomes a broad mix of professionals.

For more information about SWAY | LIVE, check out the event website here: https://swaylive.sherifitts.com/SWAYLIVE2

The move is seen as a removal of a big regulatory roadblock that forced plan fiduciaries to exercise “extreme care” before adding crypto to 401(k) investment menus, in line with the Trump administration’s expressed desire to eliminate what it sees as regulatory overreach and that investment decisions should be made by fiduciaries, and not D.C. bureaucrats.

Knut A. Rostad, Co-Founder and President of the Institute for the Fiduciary Standard, one of the most outspoken advocates of the need for a fiduciary standard to protect investors, is no fan of the decision, and explains why in colorful terms on this episode of the 401(k) Specialist Podcast.

Key Insights:

DOL Crypto Guidance Reversal Sparks Fiduciary Concerns
Knut Rostad sharply criticized the Department of Labor's decision to rescind its 2022 guidance discouraging crypto in 401(k)s, calling it a “sucker punch” to retirement investors and a dangerous shift away from fiduciary duty.

Fiduciary Oversight Diminishing Across Agencies
Rostad argues that the DOL’s move undermines its fundamental role and signals a broader decline in regulatory accountability—raising alarms about fiduciary standards at both the DOL and SEC.

Crypto and Private Equity Pose Participant Risks
Despite fewer restrictions, fiduciaries are urged to avoid adding crypto and private equity to plan menus due to volatility, lack of transparency, and custody issues—likening such moves to gambling.

SEE ALSO:

• EBSA Rescinds Guidance Warning Against Cryptocurrency in 401(k)s
• Better Markets Rips DOL Decision to Rescind 2022 Crypto Guidance

To help unpack the challenges and opportunities in serving this critical market, we’re joined by Stan Smith, Chief of Growth at 401GO, a digital-first recordkeeper focused on making 401(k) plans more accessible and scalable for smaller employers.

Smith shares his front-line insights on what’s driving critical change in the retirement plan market, what advisors need to know to serve the SMB market, why automation and simplicity are keys to unlocking long-term success, and where he sees the retirement plan market heading.

Key Insights:

Recordkeeper evolution and AI integration: The discussion highlighted growing pressures on legacy recordkeepers and forecasted industry shifts toward AI-driven solutions, with an emphasis on internal automation and participant-centric innovation.

The SMB market is a massive growth opportunity: Stan Smith emphasized that with 1 million new plans expected by 2029, driven by mandates and Secure 2.0, the SMB (small-to-medium-sized business) market is ripe for advisor engagement and innovation.

Technology and simplicity are game-changers: 401GO’s strength lies in its “road to simplicity” approach—offering advisors and sponsors streamlined onboarding, real-time functionality, and intuitive UX/UI to remove traditional recordkeeping hurdles.

SEE ALSO:

A Smart Retirement Strategy for Business Owners Using Cash Balance Plans

401GO Expands Service Offerings with Apex Fintech Solutions Collaboration

401GO Grows Retirement Investment Offerings with Mesirow

The report that examines participant attitudes, preferences and demand for annuities in defined contribution retirement plans, and Stubblefield will share ideas on how plan advisors can put these learnings into practice to enhance their client offerings.

Key Insights:

Rising Demand for Lifetime Income Solutions
Allianz's research reveals that participants strongly favor guaranteed lifetime income options like annuities, with 86% preferring predictable income over managing a lump sum. This trend reflects growing concerns around market volatility, inflation, and longevity risk.

Millennials and Diverse Groups Lead Interest in Annuities
Millennials show the highest interest in adding annuities to their retirement plans, followed by Gen X and Baby Boomers. Black, Hispanic, and Asian-American participants express more interest than white participants, showing a shift toward securing stable retirement income across demographics.

In-Plan Annuities and Personalized Advice Are Preferred
Participants prefer contributing to annuities gradually via payroll deductions. They prioritize features like market protection, flexibility, and portability. Many view personalized advice and managed accounts as critical tools for effectively incorporating these products into retirement strategies.

See Also:

Solving the Portability Puzzle with Allianz Life’s Ben Thomason

Exploring Retirement Income Strategies with Joshua Grass and Todd Levy

Research Cited: The State of Lifetime Income: Participant Survey, conducted by the Allianz Center for the Future of Retirement in November 2024 with a nationally representative sample of 2,488 respondents aged 18+ who are currently contributing to an employer-sponsored retirement plan.

Fixed index annuities are designed to meet long-term needs for retirement income. They provide guarantees against the loss of principal and credited interest, tax-deferred accumulation potential, and the reassurance of a death benefit for beneficiaries.

This content is for general educational purposes only. It is not intended to provide fiduciary, tax, or legal advice and cannot be used to avoid tax penalties or to promote, market, or recommend any tax plan or arrangement. Please note that Allianz Life Insurance Company of North America, its affiliated companies, and their representatives and employees do not give fiduciary, tax, or legal advice. Allianz does not provide financial planning services.

Guarantees are backed solely by the financial strength and claims-paying ability of the issuing insurance company.

Allianz Life Insurance Company of North America is not Affiliated with 401(k) Specialist

Allianz Life Insurance Company of North America (Allianz), 5701 Golden Hills Drive, Minneapolis, MN 55416-1297. 800.542.5724 www.allianzlife.com

For institutional use only - not intended for use with the public.

Will Prest, Managing Partner for KWP Growth Partners and Lisa Kottler, KWP’s Partner of Strategic Growth and Innovation, join this episode of the 401(k) Specialist Podcast to discuss the new report and what makes it a valuable new resource for firms throughout the workplace retirement plan ecosystem.

Key Insights

Next Gen 401(k) Report Launches with 12 Key Trends
KWP Growth Partners released the inaugural Next Gen 401(k) Report spotlighting 60 innovative companies and 12 transformative trends shaping the retirement industry. Designed for advisors, recordkeepers, asset managers, and fintechs, the report helps stakeholders identify emerging opportunities and collaborate for better retirement outcomes​.

Collaboration Over Competition in RetireTech
A major takeaway is the growing collaboration between legacy firms and challenger retiretech brands. Instead of competing, firms are forming strategic partnerships—like John Hancock with Swell—to broaden market access, accelerate innovation, and close the retirement coverage gap​.

Top Trends: AI, Embedded Solutions & Human-Centered Design
Among the top trends are AI-driven personalization, embedded solutions like guideline and Gusto's payroll integration, and user-friendly, jargon-free design. These trends are enhancing engagement, efficiency, and inclusivity across retirement platforms​.

See Also:

‘RetireTech Map 1.0’ Highlights Retirement Plan Industry Innovators

With market uncertainty and shifting economic conditions, value investing remains a compelling strategy for long-term retirement savers. Armstrong breaks down why large-cap value stocks help to diversify 401(k) plan holdings, and walks us through the team’s unique contrarian approach and classic value investing techniques that distinguish the Invesco Comstock Fund.

Key Insights

Importance of Large-Cap Value in 401(k) Plans
Large-cap value investing plays a crucial role in 401(k) investment menus by providing diversification and long-term stability. As market cycles shift between growth and value investing, maintaining exposure to both styles ensures a balanced portfolio and mitigates risk​.

Market Shifts and Investment Strategy
The economic environment is changing, with inflation and rising interest rates creating a more favorable backdrop for value stocks. Historical data shows that during inflationary periods, value stocks tend to outperform growth stocks, making them a strong consideration for retirement portfolios​.

Invesco’s Contrarian Approach
The Invesco Comstock Fund follows a disciplined, valuation-driven approach. The team seeks undervalued companies facing temporary challenges, aiming to capitalize on market dislocations while maintaining a long-term investment perspective​.

Glynn joins the 401(k) Specialist Pod(k)ast to talk about the transition, the recent summit, why advisors need independent guidance, and some key new initiatives set to roll out this year at Viking Cove.

Key Insights:

Industry Leadership Shift at Viking Cove Institute
Amy Glynn has taken over as President of Viking Cove Institute, bringing a fresh vision to support independent retirement advisors with resources and networking​.

Expansion of Financial Services & Initiatives
Viking Cove is launching new initiatives, including the VCI 100 annual insights, enhanced technology for community circles, and expanded fiduciary certification programs​.

Advocacy for Diversity & Women’s Leadership
Glynn is leading efforts to support women in the retirement industry through the Women in Pension Network, Women on Boards 50/50, and Viking Cove’s leadership summi

Richard Clarke, Chief Insurance Officer at Colonial Surety Company, a leading direct seller and writer of surety bonds, joins the 401(k) Specialist Podcast to address why plan sponsors need to remain vigilant and have the proper guardrails in place to mitigate the risk of a costly lawsuit.

He’ll also talk about some of the new SECURE 2.0 provisions and how plan sponsors can safeguard against fiduciary breaches resulting from the new provisions.

Key Insights

Rise in 401(k) Forfeiture Lawsuits: ERISA lawsuits targeting 401(k) forfeiture reallocations are increasing, with plan sponsors accused of misusing forfeited funds instead of reinvesting them for participants​.

Fiduciary Liability Risks: Plan fiduciaries face personal liability if forfeitures are not handled in accordance with ERISA guidelines, emphasizing the need for proper safeguards​.

Secure 2.0 Compliance Challenges: New Secure 2.0 provisions create compliance hurdles for plan sponsors, including higher RMD ages, emergency withdrawals, and expanded eligibility rules​

Knight explains the rationale behind the move and why she believes the young and growing company is uniquely positioned to deliver true financial integration for its clients, and how she plans to tackle the task of building scalable infrastructure.

Key Insights:

1. Financial Wellness Integration: Holly Knight emphasizes embedding financial wellness into benefits, retirement, and wealth services rather than treating it as a standalone offering.
2. Scalability & Innovation: Alera Group’s approach focuses on building scalable, high-impact financial services by leveraging technology, data, and strategic partnerships.
3. Retirement Industry Evolution: The shift towards holistic financial services aims to simplify participant engagement while enhancing decision-making and long-term outcomes.

SEE ALSO:

• Alera Group Names Retirement Advisor Services Director

For insight on what this could mean when it comes to the retirement industry, we check in with Eric J. Pan, President and CEO of the Washington, D.C.-based Investment Company Institute. ICI is the leading association representing the interests of regulated funds and the more than 120 million Americans who depend on them to achieve long-term financial goals including retirement.

He chimes in on ICI’s new “Help U.S. Retire” advocacy campaign, changes at the SEC, the need to protect the tax treatment of retirement savings, and why the 401(k) is envied by countries around the world.

Key insights:

1. Preserving Retirement Tax Benefits: The ICI’s “Help U.S. Retire” campaign emphasizes safeguarding retirement tax incentives for retirement savings amid potential policy changes.
2. Leveling the Retirement Playing Field: Efforts to include collective investment trusts (CITs) in 403(b) plans aim to provide broader investment options and reduce costs for participants.
3. Global Recognition of the U.S. 401(k) System: The U.S. 401(k) system is globally admired for its success in fostering retirement savings, serving as a model for other nations.

But did they get it wrong? Andrew G. Biggs, senior fellow at the American Enterprise Institute and a nationally recognized expert on retirement issues and Social Security policy, makes a compelling argument for why the Social Security Fairness Act essentially amounts to a $200 billion giveaway to people who neither need the benefits nor paid into the system to receive them.

Key Insights

• Impact of Social Security Fairness Act: The repeal of WEP and GPO provisions increases Social Security benefits for public sector employees but raises concerns about fairness and financial sustainability​.
• Public Sector Pension Dynamics: Many public employees benefit from generous pensions and may now receive additional Social Security benefits, leading to "double-dipping" concerns​.
• Fiscal Consequences: The $200 billion cost of the legislation accelerates the depletion of Social Security trust funds, threatening long-term sustainability​.

Clark covers growing Roth contribution options, increases in auto enrollment, why to expect a broader focus on financial wellness, and continued momentum for in-plan lifetime income options.

Invesco recently conducted some new research on the mindset of participants, and in this episode of the 401(k) Specialist Pod(k)ast, we talk with Greg Jenkins, Managing Director and Head of Institutional Defined Contribution at Invesco, who shares some surprising findings uncovered by the new research, and what advisors can learn from it.

Key Insights:

1. Participants’ Financial Concerns: Inflation, rising costs, and healthcare expenses are top concerns for 401(k) participants, significantly outweighing worries like job security.
2. Miscommunication on Retirement Income: Only 30% of participants recall receiving information about turning 401(k) balances into retirement income, highlighting a communication gap.
3. Target Date Fund Misunderstandings: A significant percentage of participants misuse target date funds, holding multiple TDFs or combining them with other investments for "diversification".

Invesco partnered with Ipsos to conduct an online survey of 583 defined contribution plan participants (May-July 2024). Participant respondents had following characteristics: Age 25-65 years old; Personal income $30,000+; Employed full-time for an organization for 1+ years; Employer has 1,000+ employees; Actively contributing to a defined contribution plan; Does not work in education, financial services, the federal government, or involved in the management of or decisions regarding employer’s retirement plans.

Source for all data: May 2024 online survey by Invesco and Ipsos. Invesco is not affiliated with Ipsos.

Invesco Distributors, Inc. is the US distributor for Invesco’s retail products.

NA4047681

Welsh sheds light on what happens when businesses with different retirement plans merge, outlining key outcomes and compliance concerns. He also provides expert guidance on plan terminations and offers insights into how companies can navigate these intricate processes while staying compliant with federal regulations.

With all the new tax incentives for startup plans and state mandates to either offer a plan or have employees opted-in to a state-run auto-IRA program, the time has never been better to get smaller businesses on board with starting a plan—which can lead to additional opportunities on the wealth management side.

To learn more about the SMB market, we’re joined by Sean Jordan, Vice President of Small and Mid-Market Segments at Principal Financial Group, to discuss why advisors need be paying close attention to this segment. 

Savage, Lead Retirement Strategist at Boston-based MFS, elaborates on some of the most impactful findings and explores how advisors and plan sponsors can help participants prioritize savings, improve retirement readiness, and navigate the complexities of target date funds.

Key Insights:

Target Date Fund Misunderstandings: Addressing misconceptions, especially the belief that target date funds guarantee income, will drive better participant outcomes.

Retirement Concerns: The 2024 MFS Global Retirement Survey shows that three-quarters of participants feel they need to save more to achieve better participant outcomes in retirement.

Competing Financial Priorities: Younger generations face significant financial challenges, like student loans, making it harder

Key Insights

Due Diligence on Bond Funds: Fiduciaries should consider fees, performance against benchmarks, and the level of risk when assessing core and core plus bond funds. A balance between risk and stability is crucial to avoid bond portfolios behaving more like equities.

Impact of Fed Rate Cuts: The Federal Reserve's decision to cut interest rates is expected to benefit bond funds, making it easier to add bonds to portfolios and improve credit assets' performance, such as high yield and emerging markets.

Core vs. Core Plus Bonds: Core bond portfolios consist of highly liquid, lower-risk assets like treasuries, while core plus portfolios include higher-risk options, such as emerging markets and high-yield bonds, offering higher returns but also greater risk.

Not a Deposit | Not FDIC Insured | Not Guaranteed by the Bank | May Lose Value | Not Insured by any Federal Government Agency

Before investing, investors should carefully read the prospectus and carefully consider the investment objectives, risks, charges and expenses. For this and more complete information about the fund(s), investors should ask their financial professionals for a prospectus or visit invesco.com/fundprospectus

Past performance does not guarantee future results. An investment cannot be made into an index.

All data provided by Invesco unless otherwise noted.

Before investing, consider the Fund's investment objectives, risks, charges and expenses. Visit invesco.com/fundprospectus for  a prospectus/summary prospectus containing this information. Read it carefully before investing

The risks of investing in securities of foreign issuers, including emerging markets, can include fluctuations in foreign currencies, political and economic instability, and foreign taxation issues.

Active trading results in added expenses and may result in a lower return and increased tax liability.

The risks of investing in securities of foreign issuers, including emerging markets, can include fluctuations in foreign currencies, political and economic instability, and foreign taxation issues.

Junk bonds have greater risk of default or price changes due to changes in the issuer’s credit quality. Junk bond values fluctuate more than high quality bonds and can decline significantly over a short time.

As with any comparison, investors should be aware of the material differences between active and passive strategies. Unlike passive strategies, active strategies have the ability to react to market changes and the potential to outperform a stated benchmark. Other differences include, but are not limited to, expenses, management style and liquidity.  Investors should consult their financial professional before investing.

Invesco Distributors, Inc.

In this episode, we talk with Ben Thomason, Head of Defined Contribution Distribution at Allianz Life Insurance Company of North America, to explore the importance of portability and the unique challenges it poses when it comes to in-plan guaranteed lifetime income solutions.

Thomason dives into the complexities of why portability matters for participants, preserving benefits, maintaining guarantees, and navigating the challenges of transferring retirement assets across plans and IRAs. He also talks about key factors advisors need to consider when assessing different in-plan guaranteed lifetime income options.

Key Insights:

Here are three concise key insights from the podcast episode:

• Technology's Role in Portability: Middleware technology is vital for maintaining seamless connectivity between record keepers and product providers, enabling easier portability of guaranteed lifetime income products and ensuring a consistent participant experience during transitions.
• Importance of Portability: Portability of retirement savings is crucial as workers frequently change jobs. In-plan guaranteed lifetime income solutions, such as annuities, need to ensure participants can transfer their benefits seamlessly without losing guarantees or facing disruptions.
• Product Design and Portability: Products designed as individual contracts offer significant advantages in portability over group contracts, as they maintain consistent benefits and guarantees when moved between plans, reducing administrative complexity and costs.

And click here to check out a recent blog post from Itami about ERISA’s 50th anniversary, which will be celebrated with a gala event in Washington D.C. on Sept. 12.

Itami is a partner in Lathrop GPM’s Business Transactions Group, specializing in employee benefits and is known for providing comprehensive counsel on fiduciary compliance under ERISA and the Internal Revenue Code.

Key Insights:

Annuity Challenges in 401(k) Plans: The inclusion of annuities in 401(k) plans remains challenging due to issues with fiduciary liability, stigmas associated with annuities (such as high fees and lockups), and a lack of comprehensive safe harbor protections under current regulations.

Fiduciary Rule Delays: The Department of Labor’s fiduciary rule, which was set to take effect in September 2023, has faced delays due to court rulings. Compliance on the original date is no longer a concern for service providers due to legal stays, and the likelihood of the rule being implemented soon is minimal.

ERISA’s Evolution: ERISA has adapted over its 50-year history, moving from employer-centered benefit plans like pensions to more individualized retirement options such as 401(k)s and IRAs, reflecting shifts in workplace benefits.

Johnson talks about how retirement solutions and research have evolved over the years, what’s behind a host of recent innovations, and provides a glimpse into the future.

Key Insights:

1. Morningstar Retirement’s Evolution and Mission: Morningstar Retirement has maintained a consistent mission since its inception, focused on empowering investor success by providing holistic advice and investment expertise, particularly in the retirement planning space. Over the years, they have expanded from offering a single product to a broad suite of services that now includes fiduciary services, custom target date offerings, and managed accounts.
2. Innovation and Future Focus: Morningstar Retirement emphasizes continuous innovation by listening to clients and expanding the definition of retirement solutions. They are focusing on offering more holistic and actionable retirement solutions, such as personalized annuity recommendations and advisor-managed accounts, to meet the evolving needs of the retirement planning industry.
3. Challenges and Industry Impact: One of the significant challenges highlighted is the lack of access to employer-sponsored retirement plans for many private sector employees. Morningstar Retirement is working to address this issue by making it easier for advisors and record keepers to manage smaller startup plans, aiming to improve access to retirement savings vehicles for a broader population.

Morningstar Investment Management LLC is a registered investment adviser and subsidiary of Morningstar, Inc. This recording is for informational purposes only and should not be considered investment advice. Opinions expressed are as of the date of recording; such opinions are subject to change without notice. The views and opinions of guests are not necessarily those of Morningstar and its affiliates. Morningstar Investment Management and its affiliates shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, the information, data, analyses or opinions or their use. Morningstar Investment Management does not guarantee the accuracy, or the completeness of the data presented herein. Firm data as of March 31, 2024. DC plan accessibility statistics available at https://press.aarp.org/2022-7-13-New-AARP-Research-Nearly-Half-Americans-Do-Not-Have-Access-to-Retirement-Plans-at-Work. Read more important disclosures here: https://www.morningstar.com/products/social-media-disclosures

Josh and Todd share thoughts on how the landscape is changing, the new challenges emerging, how to adapt strategies that prioritize the creation of a sustainable income stream for retirees, and how to address participant concerns about retirement income planning.

Key Insights

Evolving Retirement Landscape:
Retirement planning is shifting from a primary focus on wealth accumulation to a more holistic approach emphasizing risk management and sustainable income due to increased longevity and demographic changes.

New Strategies for Retirement Income:
Industry experts highlight the importance of guaranteed lifetime income solutions, such as annuities, which provide stability and protection against market downturns, ensuring a reliable income stream throughout retirement.

Participant Concerns and Industry Response:
Many participants fear outliving their savings more than death itself. The industry is responding with services and products that offer personalized advice, inflation protection, and easy-to-understand income strategies, improving participants' financial confidence and retirement security.

Research cited in the podcast:

• Alliance for Lifetime Income, “Welcome to the Peak 65® Zone – A New Chapter in American’s Retirement Landscape,” January 2024
• Allianz Life conducted an online survey, the 2024 1Q Quarterly Market Perceptions Study, in February 2024 with a nationally representative sample of 1,005 individuals age 18+
• The Allianz 2024 Annual Retirement Study, conducted online in February and March 2024 with a nationally representative sample of 1,000 individuals age 25+ in the contiguous U.S. with an annual household income of $50k+ (single) / $75k+ (married/partnered) OR investable assets of $150k+
• U.S. Social Security Administration, Period Life Table, 2020, as used in the 2023 Trustees Report

Allianz Life Insurance Company of North America does not provide financial planning services.

Allianz Life Insurance Co

Holt joins the 401(k) Specialist Pod(k)ast to share more about the approach, what he looks for in a value stock, and why 401(k) participants need a well-diversified portfolio to reach their retirement saving goals.

Key Insights

• Invesco Comstock Fund:
  Kevin C. Holt has managed the Invesco Comstock Fund for 25 years, with a contrarian approach and classic value investing techniques.
• Contrarian Value Investing Strategy:
  Holt emphasizes a contrarian strategy that combines valuation metrics with behavioral psychology. He focuses on sectors where pessimism is high and valuations are low, like healthcare and consumer staples, adapting the strategy to changing market conditions.
• Importance of Diversification in 401(k) Plans:
  Holt advocates for well-diversified portfolios within 401(k) plans, stressing that diversification across growth and value stocks is crucial due to the unpredictable nature of market cycles and the historical performance during different inflationary periods.

Disclosures

Not a Deposit | Not FDIC Insured | Not Guaranteed by the Bank | May Lose Value | Not Insured by any Federal Government Agency

All data provided by Invesco unless otherwise noted.

The opinions expressed are those of the author as of July 22, 2024. These comments should not be construed as recommendations, but as an illustration of broader themes. Forward-looking statements are not guarantees of future results. They involve risks, uncertainties and assumptions; there can be no assurance that actual results will not differ materially from expectations.

Diversification does not guarantee a profit or eliminate the risk of loss.

This does not constitute a recommendation of any investment strategy or product for a particular investor. Investors should consult a financial professional before making any investment decisions.

P/B (Price-to-Book): it compares the price of the stock with its book value (total assets minus total liabilities). It is commonly used for banks. P/S (Price-to-Sales): it compares the price of the stock with its sales (renevues) from the last twelve months. It is commonly used for companies that have losses. Price-to-earnings (P/E) ratio measures a company's share price relative to its earnings per share (EPS).

Enterprise value-to-sales (EV/Sales) is a financial ratio that compares a company's total value to its total sales revenue.

"The Art of the Answer" is an Invesco Global Consulting program and is for illustrative, informational and educational purposes only. We make no guarantee that participation in any programs or utilization of their content will result in increased business for any financial professional. 

RFP = Request for proposal

Click to view full disclosure statement.

Our guests on today have some ideas on dealing with this problem—centered on how instead of making it easy to participate, making it even harder to avoid enrolling in the plan in the first place.

Marc Howell and Felix Okwaning, who are both Managing Directors—Enhanced Plan Design at Principal Financial Group, share some great ideas on how to use a combination of automatic features including “auto-sweep” to boost enrollment and deferral rates, dramatically helping employees get adequately prepared for retirement.

Jeremy Keil, CFP, CFA, a retirement-focused financial advisor and host of both the Retirement Revealed Podcast and Mr. Retirement YouTube channel, joins the 401(k) Specialist Pod(k)ast to discuss the most common mistakes he sees people with HSAs making, as well as how to help correct these mistakes with strategies that make the most of their exceptional capabilities.

Key Insights Include:

Common HSA Mistakes: Many employees mistakenly believe they can only use the health savings account provided by their employer, limiting their options. Another prevalent error is confusing HSA contribution limits with FSA limits, resulting in underfunding their HSAs. Additionally, many fail to invest their HSA funds for long-term growth, missing out on the substantial tax advantages and investment potential HSAs offer.

Maximizing HSA Benefits: To rectify these mistakes, employees should be aware they can transfer their health savings account funds to any provider offering better terms. Maximizing contributions up to the IRS limits ($4,150 for individuals and $8,300 for families in 2024) is crucial. Investing health savings account funds similarly to a traditional IRA can significantly enhance their retirement savings, capitalizing on the unmatched tax advantages of HSAs.

Strategic HSA Management: Advisors recommend finding the best health savings account provider, considering factors like interest rates and investment options. Real-world examples show substantial gains from switching to high-yield HSAs and avoiding unnecessary fees. Proper management, such as keeping receipts for future reimbursements, allows for strategic use of HSAs, ensuring funds grow tax-free and can be utilized efficiently in retirement.

SEE ALSO:

• Checking the Pulse of the HSA Market with Devenir’s Eric Remjeske

• HSA Contribution Limits Increased Slightly for 2025

Jerry Schlichter, founding and managing partner of Schlichter Bogard LLC and a well-known pioneer of retirement plan excessive fee litigation, visits the 401(k) Specialist Pod(k)ast to share some important insights on the upcoming changes, legal challenges and what advisors need to be doing to prepare for compliance.

SEE ALSO:

• Fred Reish Unpacks the DOL’s New Fiduciary Rule

• Nine Insurance Trade Groups Sue DOL Over Fiduciary Rule

To check in on the pulse of the HSA market, we talk with the co-founder and president of Devenir Research Eric Remjeske, who is also a co-author of the semi-annual Devenir HSA Marketplace Research Report, recognized as the industry standard for tracking health savings account market statistics and trends.

We’ll cover the key findings from the latest report while also talking about some market growth projections, thoughts on why more people aren’t using them as a savings tool, and 2025 HSA contribution limits.

SEE ALSO:

• Health Savings Account Asset Growth Booming

1. Clarification of "Retirement Investment Advice": The updated Retirement Security Rule defines advice that is fiduciary in nature, emphasizing that even one-time advice must prioritize the investor's best interests. This redefinition aims to reinforce the legal and ethical duty advisors hold toward their clients. The new retirement security rule's implementation, scheduled for September 2024 with additional requirements phasing in by 2025, is set to introduce new compliance standards, enhancing overall financial advisory practices.
2. New Protocols for IRA Rollovers: Advisors must now perform a thorough analysis to ensure recommendations, particularly concerning IRA rollovers, align strictly with the client’s best interests. This includes comparing costs and services between the existing plan and any proposed IRA, a process that could challenge particularly those less familiar with stringent regulatory frameworks, such as independent insurance agents.
3. Impact and Industry Response: While wealth management firms may find adapting to the new standards more straightforward due to previous regulatory experiences, independent insurance agents are anticipated to face significant hurdles. The industry’s reaction is mixed, with some viewing the compliance requirements as burdensome, yet the overall sentiment recognizes the new Retirement Security Rule as a crucial step towards ensuring client interests are foremost.

SEE ALSO:

• DOL Fiduciary Rule Hit With First Lawsuit
• Breaking Down the Basics: DOL Fiduciary Rule
• DOL Final Fiduciary Rule Released, Set to Become Effective in September
• DOL Fiduciary Rule Update with Fred Reish

Morningstar recently did some really interesting research on this trend, and there are some compelling reasons to believe this type of solution could gain some serious traction in the coming years.

Jason Kephart, director of multi-asset ratings for Morningstar Research Services LLC, was a lead author of the new research, and he explains why annuities in target date funds are trending, who’s getting into this market, how it can help retirement plan participants, and some of the roadblocks that need to be overcome if it is to become a broadly adopted solution.

Certainly, here are the expanded key points:

1. Innovation in Target Date Funds with Annuities: Asset managers are now integrating annuities within TDFs, aiming to aid retirees in managing their retirement income more effectively. While these innovative products have been introduced recently, they represent a small but potentially growing portion of the TDF market.
2. Addressing Retirement Income Management: The asset management industry has excelled in helping individuals accumulate savings for retirement, but support for income management post-retirement has been lacking. TDFs with annuities are proposed as a solution to this gap, offering streamlined decision-making and a reliable income stream for retirees.
3. Challenges to Adoption of Annuities in Target Date Funds: Despite the potential benefits of annuities in TDFs, there are concerns about low investor interest, possibly due to past products failing to attract users. The complexities involved in understanding annuities, the apprehension about fees, and legal considerations for plan sponsors are significant obstacles, alongside the need for educating both plan sponsors and participants about these new options.

To view the full Morningstar research, “Target Dates and Annuities… It’s Complicated,” click here.

SEE ALSO:

• New Wave of Annuities in TDFs: ‘It’s Complicated’

Financial Finesse is making great strides in this area, and she explains how they’re doing it and why AI has so much potential to provide safe and accurate financial education to plan participants.

We get a preview of the big event from two of the key people in charge of putting it together in Nevin Adams and John Sullivan, the former and current Chief Content Officers for the American Retirement Association.

In addition to highlighting some of the topics and key must-see sessions scheduled for the event, we’ll check in with Nevin about his “gradual retirement” and John about how he’s fitting into the big shoes left for him by Nevin.

Between calls for eliminating their tax advantages to prop up Social Security to Bernie Sanders pining for a return to pension plans, and momentum seeming to build for the TSP-like “Retirement Savings for Americans Act” that many in the workplace retirement market believe would constitute unfair competition from the federal government, it’s enough to have retirement plan advisors feeling a little defensive these days.

Fortunately, plenty of retirement industry experts have stepped up to answer these attacks, and today’s podcast features a prominent one in Sarah Holden, senior director of retirement and investor research at the Investment Company Institute.

ICI has been very active in debunking recent attacks on defined contribution plans, and Holden makes some great points in defense of the 401(k).

Guaranteed lifetime income remains a hot topic in the workplace retirement plan market and there are plenty of factors at play these days that are helping these solutions gain traction—and more widespread adoption—in 401(k) plans.

Matt Gray, Assistant Vice President, Workplace and Middle Markets at Allianz Life, and Todd Levy, a “first mover” for lifetime income in DC plans who is Managing Director of RIA for The Retirement Plan Company, join the 401(k) Specialist Pod(k)ast to discuss how these products are evolving to meet the wants and needs of 401(k) participants.

Baseball’s biggest star Shohei Ohtani made headlines recently by signing the largest individual contract in the history of sports when he inked a 10-year, $700 million deal with the Los Angeles Dodgers.

Interestingly, he deferred $68 of the $70 million per year in a move that could save him nine figures in California state income tax down the road.

We’ll talk about that unique contract and the power of non-qualified deferred compensation plans with Strategic Retirement Partners Managing Director Jeanne Sutton, known as “The 401(k) Lady” in her popular social media videos. We’ll also talk about her stock market trends to watch in 2024, as well as what’s on her industry travel and speaking agenda this year.

After stints at TIAA and CANNEX, the thought leader in retirement and annuities in the individual and institutional markets last year started Toland Consulting, LLC, to share her insights, experience, and strategic analysis with clients, and she’ll also tell us about a couple of other new gigs keeping her busy these days—all with a focus on helping to educate people about lifetime income solutions.

As the new year opens, our first podcast of 2024 features a look at what to expect in the workplace retirement market from a high-level leader in John Hancock Retirement CEO Wayne Park.

With oversight over all aspects of John Hancock Retirement’s business, Park is an ideal person to shed insight on topics that will impact the workplace retirement business this year, particularly as they relate to emerging opportunities in the small plan marketplace.

He talks about impacts of SECURE 2.0 and state-mandated IRAs, why advisors should be attracted to the small plan market, and what retirement savers should be focused on in the year ahead.

Joining us to discuss this move and its wider implications within the retirement industry is someone who knows the defined benefit market very well in Brian McDonnell, Head of the Global Pension Practice at Cambridge Associates. There he oversees the firm’s work with more than 150 plan sponsors, and also works directly with clients as their OCIO.

He'll explain why the move happened, whether (and why) other plan sponsors might be considering it, and key trends he sees impacting the defined benefit space in the coming year.

As we head toward 2024, more and more provisions of the landmark SECURE 2.0 retirement reform legislation package are coming online, including some provisions that have lots of people in the industry really excited.

One of those people is Lance Schoening, Director of Policy at Principal, the sponsor of today’s podcast. As the person responsible for the company’s analysis of retirement legislation, he’s well-versed in all things SECURE 2.0, and shares insights on a number of new provisions.

He’ll also explain why he’s excited about the start-up tax credits, and why retirement plan advisors might want to take another look at the small plan market because of them.

It’s been about a year since the Honorable Lisa M. Gomez was sworn in as the Assistant Secretary of Labor, and quite a busy year it’s been for the head of the Employee Benefits Security Administration, which is responsible for administering, regulating and enforcing provisions of ERISA.

She joins the 401(k) Specialist Pod(k)ast to talk about topics including the high-profile rewrite of the conflict of interest rule, SECURE 2.0 and its ability to address the workplace retirement plan coverage gap, and what EBSA can do to help plan advisors, plan sponsors and participants make the most of 401(k) plans to save for retirement.

401(k) Specialist’s “Top Advisor by Participant Outcomes” in 2020 is now the Senior Vice President, Retirement + Wealth, at OneDigital, where she brings over 22 years of experience in ERISA plan consulting to her role as Practice Leader.

She fills us in on the latest when it comes to helping participants tackle the difficult task of paying down debt while still saving for emergencies and retirement, momentum building for in-plan guaranteed income solutions, and how artificial intelligence can complement—and not compete with—advisors.

With 2024 quickly approaching, it’s a good time to check in on the status of retirement reform efforts and progress in Washington D.C.—particularly as the industry prepares for a variety of SECURE 2.0 provisions scheduled to kick in come January.

To learn where things stand on a variety of key retirement issues, this episode of the 401(k) Specialist Pod(k)ast is proud to feature a true Capitol Hill insider in Jennifer Flitton, Head of US Government Affairs at Invesco. In her 15 years in Washington, Flitton has developed a deep understanding of how things work behind the scenes and an uncanny knack for knowing when things will pass, not pass or get delayed.

We’ll ask her about the SECURE 2.0 technical fixes, whether there’s any movement on CITs in 403(b)s, who will become the next congressional champions of retirement reform, and finally, whether the federal government is poised to allow alternative investments greater access to defined contribution plans.

In an environment where Americans are repeatedly told by mainstream media that they are facing a serious retirement savings crisis because they aren’t saving enough, there’s one person who repeatedly stands up to refute these claims.

Andrew Biggs, Senior Fellow at the American Enterprise Institute and a former Deputy Commissioner of the Social Security Administration, explains why he thinks most Americans probably are indeed saving enough for retirement, and how what he says are “flawed” calculations exaggerate the shortfall of Social Security’s retirement income replacement rate.

SEE ALSO:

• Biggs: Social Security Exaggerates Shortfall of Retirement Income Replacement Rate

Fiorenza, who serves as the Vice President, COO and CCO of Summit Group Retirement Planners in the Philadelphia area—a firm he co-founded with his father Anthony Fiorenza in 2013—has earned several accolades as a “top advisor under 40” and the company has been named a top DC advisor team by NAPA multiple times.

He also talks about why he regularly attends the NAPA Fly-In Forum in Washington D.C., addresses the retirement industry’s coverage gap, and tells us about a passion profit in the form of a non-profit he founded to help feed the hungry.

Allianz Life’s Joe Hendrickson and AmericanTCS’ Brian Lenz Discuss Market Momentum

In-plan guaranteed lifetime income solutions, such as annuities, have received plenty of attention in the wake of the SECURE Act of 2019 and 2022’s SECURE 2.0 legislation, which made it significantly easier to add these types of solutions into 401(k) plans.

Here to talk about how these solutions are being adapted for defined contribution plans – and how they are being presented in the real world to 401(k) participants – we have Joe Hendrickson, Vice President of Strategy & Relationship Management at Minneapolis-based Allianz Life Insurance Company of North America (Allianz) and Brian Lenz, Chief Sales Officer at AmericanTCS, an early adopter bringing lifetime income options to plans sponsors and participants.

The discussion includes how the market is changing, how the solutions are being implemented at the plan-level, the challenges being faced in bringing these solutions to participants, and how to help them understand the products and the 5-year outlook for lifetime income solution adoption in the employer-sponsored retirement plan market.

The retirement industry will be keeping a close eye on the Department of Labor in August in anticipation of proposed regulation regarding its fiduciary rule, and whether or not a retirement plan-to-IRA rollover recommendation made by an advisor who is a fiduciary to a plan or participant constitutes a fiduciary act, necessitating the use of Prohibited Transaction Exemption 2020-02.

To help us sort out what’s going on with the DOL’s fiduciary rule, we can think of no better source than noted ERISA expert and Faegre Drinker Partner Fred Reish.

In this edition of the 401(k) Specialist Pod(k)ast, Reish provides an overview of the issue, what approach he thinks the DOL may take, provides a timeline for the regulation and some key thoughts on what this all means for retirement plan advisors.

We were curious to learn more about what 401(k)-focused advisors are doing with their 401(k) marketing efforts these days, and what kind of investments in time and resources they are making in efforts to grow their business.

For answers, we checked in with Rebecca Hourihan, Founder and Chief Marketing Officer with San Diego-based 401(k) Marketing, a full-service marketing agency for retirement plan professionals. A familiar face on the retirement industry conference speaking circuit, Rebecca works with a wide range of top retirement plan professionals, providing help with customized marketing materials, campaigns, websites, and expert content collateral.

In today’s podcast she talks about the use of content marketing, effectively reaching different generations, advisor use of artificial intelligence, and what kind of investment most retirement advisors are making in their marketing efforts.

Our guest today makes the argument for why mid-caps as an asset class belong in a properly diversified defined contribution plan investment menu, and explains why most 401(k) participants are probably not aware of just how overly exposed they are right now to just a handful of the biggest companies.

Here to explain it all is Invesco’s Justin Livengood, CFA, who is the Senior Portfolio Manager for Invesco’s mid-cap growth and health care strategies, and Senior Research Analyst for the Discovery and Capital Appreciation strategies, where he covers the health care, financial services and real estate sectors.

He covers why mid-caps are an incrementally good way to help retirement plan participants achieve an optimal level of diversification, why active management is preferable to passive in mid-caps, and provides a high-level view of what’s happening in the macro environment right now as well as the near-term outlook.

High-profile advisor Michael Kitces—the “Chief Financial Planning Nerd” at Kitces.com, Head of Planning Strategy at Buckingham Wealth Partners, Co-Founder of the XY Planning Network and face of the popular “Nerd’s Eye View” financial planning blog—has an interesting perspective on the topic of AI in financial planning and shares it with us on this episode of the 401(k) Specialist Pod(k)ast.

Kitces recently posted a blog titled, “Why Chat GPT is No Threat to Real Advisors,” and here he expands on thoughts behind why advisors should not fear artificial intelligence, but embrace it for how it can save time and create efficiencies.

Sheri also tells us about an all-new industry branding and marketing event she is launching this August in San Diego called “SWAY| LIVE,” along with why such a focused event is needed in the retirement industry. 

After underperforming growth for years, value equities finally had their time in the sun in 2022. While both value and growth stocks declined last year, growth stocks fell much further than value thanks in large part to rising interest rates.

In this edition of the 401(k) Specialist Pod(k)ast, Invesco’s Kevin C. Holt, CFA, who is the CIO, U.S. Value Disciplines and Co-Lead Portfolio Manager of the Invesco Comstock Fund, helps advisors understand why they need to be looking at including value equities in a DC plan investment menu these days, and how value can help tackle the problem of far too many 401(k) participants being poorly diversified with their plan investments.

He also shares his expectations for value moving forward with respect to inflation; how the COVID downturn and the recent bump in the road with regional banks are affecting value equities, and provides a closer look at the energy, technology and healthcare sectors.

When American Retirement Association CEO Brian Graff told attendees at the recent NAPA 401(k) Summit in San Diego that a new bill expected in Congress soon could mark the beginning of a “year’s long battle” over the future of America’s retirement system, the charged rhetoric didn’t sit too well with people behind the proposal.

The ARA leader likened the “Retirement Savings for Americans Act” to a giant multiple employer plan run by the government, and warned that if it were to pass, it would amount to unfair competition and would upend the entire private retirement plan system.

The legislation, expected to be reintroduced in Congress within weeks by a bipartisan working group of legislators, is largely based on a proposal made in a 2021 white paper from the Economic Innovation Group that seeks to address the retirement plan coverage gap faced by low- and moderate-income Americans.

EIG has made it known it doesn’t agree with ARA’s stance that the proposal and the legislation based on it would threaten the future of the private retirement plan system, and we wanted to hear why they think the concern stems from a “fundamental disconnect.”

To that end, our podcast guest is Economic Innovation Group CEO John Lettieri, who explains why he thinks the new plan would indeed NOT compete with the existing private retirement plan system and why the lower-income retirement plan coverage gap needs to be addressed now.

To help us sort it all out and understand what’s happening in this growing market, we are joined by Michael De Feo, Head of Defined Contribution Distribution at Minneapolis-based Allianz Life Insurance Company of North America, which has recently expanded into the defined contribution market as more Americans say they want guaranteed income options in their employer-sponsored plan.

De Feo shares his insights about how the SECURE Act and SECURE 2.0 has spurred innovation in guaranteed lifetime income product design, the barriers to widespread adoption these products still face, and a shift toward more personalization through managed accounts and hybrid plan design.

---------------

1 Institutional retirement reference guide, LIMRA, 2022.

2 U.S. Defined Contribution Distribution 2022, Cerulli & Associates, 2022.

This content is for general informational purposes only. It is not intended to provide fiduciary, tax, or legal advice and cannot be used to avoid tax penalties; nor is it intended to market, promote, or recommend any tax plan or arrangement. Allianz Life Insurance Company of North America, its affiliates, and their employees and representatives do not give legal or tax advice or advice related to Medicare or Social Security benefits. You are encouraged to consult with your own legal, tax, and financial professionals for specific advice or product recommendations, or to go to your local Social Security Administration office regarding your particular situation.

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This week we’re focusing squarely on some hot-button issues specifically related to small 401(k) plans, and to help us do that we’re joined by an expert in the field, David Ranney, who joined the team at small-biz 401(k) specialist Rebalance a few months back after spending more than two decades at Fidelity Investments. There he led the workplace investing team in a variety of managerial roles, including Vice President of Sales.

A VP of Sales at Rebalance, which features the proprietary small-biz 401(k) offering, “better K,” David helps small business owners learn how to detect and avoid high fees, how to optimize asset allocation, increase plan participation and take advantage of retirement planning resources.

In today’s podcast, he shares insights about the five major issues he’s identified with small 401(k)s and why it’s important to face them head-on.

 Student loan debt has gotten plenty of attention lately, thanks not only to the great news about the student loan debt repayment provision in SECURE 2.0, but also because of the ongoing pause on federal student loan payments, President Biden’s controversial student debt forgiveness program, and the lawsuits from a number of red states that are currently preventing that program from moving forward with Supreme Court arguments on deck.

 Here to help us sort it all out is Laurel Taylor, the founder and CEO of Candidly, a student debt solutions and financial wellness technology firm that’s dealing with these topics every day. Taylor shares insights advisors need to know about this hot-button 2023 topic.

As the Founder & CEO of FiduciaryWor(k)s and its FiduciaryRx platform, he focuses on developing insights, research, technology, fiduciary consulting, and practice management coaching in the areas of fiduciary responsibility and workplace retirement.

It seems he’s constantly launching new products and enhancements all geared toward making life easier for advisors—and he talks about the rewarding transition and his busy agenda in this week’s 401(k) Specialist Pod(k)ast.

Groom Law Group Attorney Jake Eigner—a rising young star in the ERISA community—highlights some of the sticking points that need to be worked out in finalizing the SECURE 2.0 retirement reform package on Capitol Hill, including differences in the three bills making up the package, RMD age timelines, and an issue with increasing access to Collective Investment Trusts in 403b plans.

Eigner—who prior to his legal career was a Vice President at a large Registered Investment Advisor—also gives his thoughts on the Department of Labor’s new ESG rule, its impact on QDIAs, and why the new rule may only be temporary.

We wanted to get his take on why he wrote the new book along with Ron Carson, but of course, while we had a few minutes with him we also wanted to get his take on some other hot-button issues facing the retirement industry right now, such as the recent midterm election and what he thinks might be the most impactful provision of pending SECURE 2.0 legislation (and why we’re not ready for it).

Our friends at Invesco recently released a voluminous new study exploring 401k plan participant and plan sponsor preferences for generating long-term retirement income. The research unearthed some rather surprising findings, including that only a very small percentage of 401k participants are confident in their ability to generate a retirement income strategy on their own. And perhaps not so surprisingly, a majority of participants are worried they will run out of money in retirement.

To dive into some of the biggest surprises uncovered in the new research, our 401(k) Specialist Pod(k)ast guest today is Greg Jenkins, Managing Director and Head of Institutional Defined Contribution at Invesco. 

• Read the full study, “Show Me the Income,” here. 

Shannon joined us to talk about ESOPs and defined benefit plans, which are two areas of her expertise. She also discussed what her military background taught her about the 401(k) business and her joy in making tough guys cry.

Schroders’ Deb Boyden, Head of US Defined Contribution, is here to help us figure it out.  She explains what and what not to include, the value of active and passive options, and best practices for advisors when educating employees.

He joins us to discuss his laser-like focus on worksite financial planning, how the firm defines retirement plan success and, of course, a particular client case of which he’s most proud.

After a surprising, and as of yet, unexplained exit from the crypto platform he co-founded, he’s back with two new endeavors, which he explains in the latest issue of our magazine. He also talks about bitcoin in retirement plans, financial education, and what the industry needs to do to be more inclusive.

If that isn't enough, she also happens to be our Top Advisor By Participant Outcomes (TAPO) for the month of April. Among other topics, she joins us to discuss a particular retirement plan case that, while successful, was extremely educational and in her words, humbling. She also describes her efforts with diversity and inclusion, particularly with professional women. 

We have to say Webb or Webby to friends and colleagues is one of our more enjoyable conversations recently due to his infectious energy. He joined us to discuss a niche market of particular success, one of the worst things about being acquired by an aggregator, and what he does so well.

He joins us to discuss inflation and COLA adjustments, possible help in SECURE 2.0 and much more.

It’s one of the reasons Roper, with Kansas-based Qualified Plan Advisors, is one of our Top Advisors by Participant Outcomes. He tells us about how, specifically, he’ll reach his goal, a retirement plan case of which he’s particularly proud, and what the firm does better than anyone else.

Her energy and enthusiasm are infectious, which made, as always, for a great interview. Among other topics, she joined us to discuss LinkedIn, and the live streaming capabilities it now affords.  

Taylor joins us to discuss the scope of the problem, if it’s getting better or worse and how advisors can help. We also somehow drag the American Retirement Association’s Nevin Adams into all of it.

His focus goes far beyond simply investing in the 401k, and he’s banging the drum about what it will really take to achieve successful retirement outcomes while ensuing profitability for advisors and their firms.

Through a combination of technology and one-on-one meetings, he’s tripled employee deferral rates over the course of five years. But the emotional impact of market corrections threatens his hard work. He joins us to discuss it, and more, and we begin with the one-on-one meetings.

Andrew Biggs, one of the busiest people we know, is a Forbes columnist, a senior fellow at the American Enterprise Institute, and is a member of the Financial Oversight and Management Board for Puerto Rico. He recently took a look at the issue and came away with a number of interesting observations.

One of the most competitive advisors we’ve come across, the president of Integrated Pension Services joins us to describe the particular case of which he’s most proud, why he chose to narrow his business focus, and his surprising take on auto portability.

Inflation is a major topic at the moment and Pfau, author, speaker, and professor at the American College of Financial Services, describes its effect on retirement income. He also explains tax-efficient retirement distributions and weighs in on the 4% controversy.

He recently announced a partnership with top ERISA attorney Jason Roberts of Pension Resource Institute (PRI). The new venture, Group Plan Systems or GPS helps plan sponsors and advisors bridge a major fiduciary gap too that’s often overlooked.

Sponsored By: T. Rowe Price

We spoke about how the organization maintains its delicate bipartisan balance, auto portability, and other upcoming issues, as well as a story from his childhood which, intentional or not, makes him perfect for his chosen profession.

Sponsored By: T. Rowe Price

Faustino joins us to discuss the consortium, why lifetime income is critical, and address some of the criticism of guaranteed products. 

We’re not talking about walking away with a pile of money, necessarily, but how an acquiring partner can provide scale and resources to grow the business further. Darian, founder of M&A consulting firm Wise Rhino Group, will discuss all this and more, including the “Goldilocks Zone” in which the retirement plan business now exists. He’ll explain right after theses messages.

Sponsored by: T. Rowe Price

Baker previously served as Editor-in-Chief of The Wall Street Journal and Dow Jones from 2013 to 2018 and has been a journalist for over 30 years. Our discussion touched on inflation, ESG, Bitcoin, and, of course, retirement-related issues.

Sponsored By: T. Rowe Price

Ross joins us to discuss key concepts in the book, including the four stages of life transitions, the two sides of retirement, and what he calls the decision dilemma. He also reveals some of the exciting content planned for this year’s Weath@Wor(k) conference, an advisor-focused event unlike any other, that will take place in Nashville, October 24 – 26, 2021.

Russell’s practical yet insightful digital marketing tips and techniques have helped thousands of financial professionals experience significant growth. And lord knows, when it comes to digital marketing, they certainly need the help.

Russell joins us to discuss what advisors can do better, new and cool technology and the latest ideas in social media marketing.

And they’re not the only ones focused on retirement issues this year, as lawmakers in Washington D.C. continue to build momentum toward passing more significant retirement reform legislation looking to build on 2019’s SECURE Act.

For expert insight on advisor opportunities this year and the most impactful regulatory changes likely to impact 401k plans, we talk with renowned retirement expert Michael Finke, Ph.D., Professor of Wealth Management at The American College of Financial Services.

Finke hits on topics like why we’re entering a new stage of “Retirement 2.0” in terms of QDIAs, the need to develop higher-quality in-plan retirement income solutions, why SECURE 2.0 might actually become law before the end of this year and how the RMD provision helps its chances, and a quick “review” of new-look Social Security statements.

Sponsored by John Hancock Investment Management. To get more information on the John Hancock “State of the Participant 2021” white paper click here.

We turn to the one and only Alex Assaley for insight. Alex is managing principal with AFS 401(k) Retirement Services, our overall Top Advisor By Participant Outcomes for 2018, and also president-elect of the National Association of Plan Advisors.

We talk about student loan debt and what to do about it, as well the exciting things the NAPA 401(k) Summit has planned for this year in Las Vegas. Alex joins us right after these messages.

Sponsored by Capital Group, home of American Funds Target Date Retirement Series. If you think every target date fund can deliver the same long-term results, let’s retire that thinking.

Sponsored by Capital Group, home of American Funds Target Date Retirement Series.
If you think every target date fund can deliver the same long-term results, let’s retire that thinking.

We asked him about common retirement income mistakes that can kill a portfolio, the pitfalls of raising the RMD age to 75, and what’s wrong with the 401(k), or at least what it can do better. Wade joins us right after these messages.

Sponsored by Capital Group, home of American Funds Target Date Retirement Series. If you think every target date fund can deliver the same long-term results, let’s retire that thinking.

We asked him about current regulations and their effect on his business, the benefits of targeting a market niche, and the flood of new business he’s receiving from a re-opening economy. Jake joins us right after these messages.

Sponsored by Capital Group, home of American Funds Target Date Retirement Se
If you think every target date fund can deliver the same long-term results, let’s retire that thSponsored by Capital Group, home of American Funds Target Date Retirement Series. If you think every target date fund can deliver the same long-term results, let’s retire that thinking.

Sponsored by Capital Group, home of American Funds Target Date Retirement Series.
If you think every target date fund can deliver the same long-term results, let’s retire that thinking.

Sponsored by Capital Group, home of American Funds Target Date Retirement Series.
If you think every target date fund can deliver the same long-term results, let’s retire that thinking.

He breaks it down for us. He also reveals the additional services that advisors should offer participants outside of the 401k, and how advisors can better deal with client emotions during the pandemic. Ric joins us right after these messages.

Sponsored by Capital Group, home of American Funds Target Date Retirement Series.
If you think every target date fund can deliver the same long-term results, let’s retire that thinking.

The CEO of California-based TPA Plan Design Consultants is also the host of Retireholi(k)s, a fun and informative weekly webcast that combines alcohol, adolescent hijinks, and serious discussions of the issues surrounding retirement plans. It’s attracted some of the biggest names in the business, while also keeping people connected during the darkest times of the pandemic.

Carlson didn’t hold back, giving his frank opinions of PEPs and their retirement plan role moving forward.

We also attempted to get revenge for anyone who’s been in the Retireholi(k)s hot seat but as with everything Retireholi(k)s-related, it didn’t go as planned. You’ll find out why right after these messages.

Sponsored by Capital Group, home of American Funds Target Date Retirement Series.
If you think every target date fund can deliver the same long-term results, let’s retire that thinking.

Jean’s well-versed in financial wellness and how it’s measured, as well as its connection to health and wellness, and she reveals the five things needed to find its success.

Sponsored by Capital Group, home of American Funds Target Date Retirement Series.
If you think every target date fund can deliver the same long-term results, let’s retire that thinking.

It’s a new year, a new Congress, and a new direction with so many of the issues that affect the 401(k) and retirement plan space. This week, we turn to the one and only Fred Reish, one of the country’s top ERISA experts with legal powerhouse Faegre Drinker Biddle & Reath, for a discussion of fiduciary, ESG investing, Reg BI, and committee meetings in a time of COVID.

He also explains the “one thing” about which he’s 100% sure.

We also take a close look at target-date strategies amid the volatility of 2020 and look to what lies ahead in 2021. Finally, Blanchett covers important trends in target-date adoption and how firms are adapting to meet participant preferences.

Empower announced two major acquisitions in 2020, Personal Capital and MassMutual’s retirement plan business, and we asked him directly about both.

Nevin Adams, Chief Content Officer and Head of Retirement Research at the American Retirement Association, gives us his take on the big retirement story of 2020, how retirement plans helped ordinary Americans in a time of crisis, and what to watch for in the weeks and months ahead.

Munnell is the Peter F. Drucker Professor of Management Sciences at Boston College’s Carroll School of Management. Before joining Boston College in 1997, Alicia Munnell was a member of the President’s Council of Economic Advisers (1995-1997) and assistant secretary of the Treasury for economic policy (1993-1995). Previously, she spent 20 years at the Federal Reserve Bank of Boston.

Anyone who knows Fisher knows she’s made incredible use of LinkedIn to engage clients and grow her business, and she offers timely techniques for advisors to do the same.

Wolniewicz's matter-of-fact style shed light on what's ahead.

The Transparency in Coverage final rule was released on Oct. 29 by the Department of Health and Human Services (HHS), the Department of Labor, and the Department of the Treasury. It cements President Trump’s executive order price and quality healthcare transparency, which he signed in the summer of 2019.

What does the rule mean, and how specifically does it affect things like high-deductible plans and health savings accounts (HSA)? As always, we turn to TAPO Jamie Greenleaf for answers. Greenleaf, with high-profile firm Cafaro Greenleaf, recently launched TILT, a health benefits advisory firm. She has plenty to say about the new rule, the HSA landscape, and how it impacts consumers and investors.

Financial wellness pioneer Liz Davidson, Founder and CEO of Financial Finesse, joins us to discuss the “mass personalization” of the financial wellness movement, the fascinating role tech will play and why the future looks so bright.

READ DAVIDSON’S COVER STORY IN THE LATEST ISSUE OF 401(K) SPECIALIST HERE. 

He joins us to discuss what he sees as the good and the bad in today’s DC design, the innovation that excites him, and why he has a real problem with one state’s auto-IRA.

There is a lot happening, and thankfully Omar Aguilar and Jake Gilliam are here to help sort it all out. Both are senior executives and target-date fund experts with Charles Schwab Investment Management, and have been through several economic and market cycles with the product.

They shed light on what to expect in the weeks and months ahead, and what participants should watch for with glide paths, risk, and other critical components within the retirement portfolio.

Investors in mutual funds should consider carefully information contained in the prospectus or, if available, the summary prospectus, including investment objectives, risks, charges, and expenses. You can request a prospectus by calling Schwab at 1-800-435-4000. Please read it carefully before investing.

Schwab’s target date products include the Schwab Target Funds and Schwab Target Index Funds, mutual funds managed by Charles Schwab Investment Management , Inc. and the Schwab Managed Retirement Trust Funds™ (SMRT) and Schwab Indexed Retirement Trust Funds® (SIRT) (each a “Trust”, collectively the “Trusts” or “Collective Investment Trusts (CITs)”), collective trust funds maintained by Charles Schwab Trust Bank as trustee.

The Schwab Trust Bank CITs are available for investment only by eligible retirement plans and entities. Charles Schwab Trust Bank’s Collective Investment Trusts are not insured by FDIC or any other type of deposit insurance; are not deposits or other obligations of, and are not guaranteed by CSTB or any of its affiliates; and involve investment risks, including possible loss of principal invested. The Trusts are not mutual funds and are exempt from registration and regulation under the Investment Company Act of 1940 (the “1940 Act”), and their units are not registered under the Securities Act of 1933, or applicable securities laws of any state or other jurisdiction. Unit holders of the Trusts are not entitled to the protections of the 1940 Act. The decision to invest in the Trusts should be carefully considered. The Trusts’ unit values will fluctuate and may be worth more or less when redeemed, so unit holders may lose money. The Trusts are not sold by prospectus and are not available for investment by the public. The Trusts’ prices are not quoted in newspapers.

SMRT, composed of underlying non-proprietary active and passive sub-advised strategies, has expenses that vary by unit class and currently range from 33 bps to 89 bps. SIRT, composed of underlying non-proprietary passive sub-advised strategies, currently has one unit class with expenses of 7 bps. SMRT Unit Class V requires a $100M initial investment or plan asserts of $400M or more. SMRT Unit Class VI requires a $1 Billion initial investment. SIRT and other SMRT unit classes do no currently have investment minimums.

Collective investment trusts are regulated by the Office of the Controller of the Currency (OCC) or applicable state banking regulator.

Please go to schwabfunds.com/welcome-retirement for details.

(0720-0ZKN)

As president of Creative Planning, Inc., one of the largest wealth management firms in the nation with almost $50 billion in assets, he's leading the charge for lower fees, higher balances and better service.

He recently acquired America’s Best 401(k), a low-cost provider determined to disrupt the DC space. We asked him about the acquisition, industry innovation overall and what’s next for employer-sponsored plans.