Episode 48

On this month’s episode of Revamping Retirement, Jennifer Doss and Scott Matheson are joined by Dawn McPherson, CAPTRUST’s director of retirement plan consulting. Listen as the team breaks down SECURE 2.0 Act, which passed at the end of 2022, including their favorite—and not so favorite—provisions of the legislation and potential benefits to participants. Jennifer and Dawn discuss the new required minimum distribution (RMD) age, student loan repayment options, the IRS correction program, the paper statement requirement, and more.

Also in this episode, CAPTRUST Senior Financial Advisor Mike Webb sheds light on common misconceptions about excess deferrals for plan sponsors.

To close the show, Scott introduces CAPTRUST Director of Endowments and Foundations Heather Shanahan, who will be hosting the firm’s new podcast series, Mission + Markets. Focusing on endowments and foundations, this new podcast will explore an array of topics from board turnover to RFP best practices, launching with CAPTRUST’s 2022 Endowments and Foundations survey results. 

Additional Resources

SECURE 2.0 Act Passes | Retirement Plans | CAPTRUST

SECURE 2.0 Wealth Brief | Wealth Management | CAPTRUST

Episode 47

On this month’s Revamping Retirement, Jennifer Doss and Scott Matheson look back at 2022 and recap the year’s most popular episodes.

In the final episode of 2022, Jennifer and Scott discuss their favorite Revamping Retirement episodes of the year. From the changing landscape of the workforce to the importance of participant communication, the podcast covered a wide array of topics in 2022. Revamping Retirement welcomed guests to share their expertise across the industry, like economist Dr. Shlomo Benartzi and Rosalyn Brown, equity, diversity, and inclusion director for WE Inspire. Promote. Network (WIPN). Jennifer and Scott recap conversations on retirement trends, participant needs, industry regulations, and much more, plus look ahead to 2023 trends.

In Minute with Mike, Mike Webb discusses year-end plan amendment deadlines. Want to hear about something or from someone specific on Revamping Retirement in 2023? Leave us a review and let us know!

Mentioned in the Podcast

Episode 36: Maximizing Benefits in a Tight Labor Market

Episode 37: DEI: Why Checking the Box Isn’t Enough

Episode 38: The MIT Age Lab and the Workplace of the Future

Episode 40: Retirement Industry Research: Insights for Plan Sponsors

Episode 42: Save More Tomorrow 2.0: Harnessing Inertia with Dr. Shlomo Benartzi

Episode 44: Effective Participant Communication MattersDOL ESG Policy

Episode 46

On this month’s Revamping Retirement, Scott Matheson and Jennifer Doss are joined by Lindsay Barnard, senior product manager at Alegeus, to discuss trends in today’s Health Savings Account (HSA) industry. 

The health savings account (HSA) has only been around since 2003, thanks to an amendment to the Medicare Prescription Drug, Improvement, and Modernization Act. Despite the short time on the market, these accounts can make a huge impact on a participant’s retirement financial planning. In this episode of Revamping Retirement, Lindsay shares the industry trends she sees regarding HSAs for participants from her vantage point as senior product manager at Alegeus, which provides innovative software to health plan providers for programs like HSAs, flexible spending accounts (FSAs), continuation of health coverage (COBRA), and other wellness incentives. Lindsay, Scott, and Jennifer dive into questions on topics like employer HSA contributions, utilizing a spouse’s HSA, and targeting amounts for healthcare needs in retirement.

Later in Minute with Mike, Mike Webb breaks down the Form 5500 filing process for plan sponsors.

Mentioned in the Podcast

Alegeus | SaaS-based benefit funding and payment solutions

How HSAs Can Help Participants Tackle Retirement Healthcare Costs (Webinar Recording)

Episode 45

On this month’s Revamping Retirement, Scott Matheson is joined by guest host Audrey Wheat, Manager of Vendor Analysis at CAPTRUST, along with Jon Atchison, senior lead of governance, risk, and compliance. In honor of National Cybersecurity Awareness month, the trio discuss the need for retirement plan sponsors to understand and evaluate cybersecurity risks. Audrey and Jon break down the three-pronged 2021 Department of Labor cybersecurity guidance and share how plan sponsors have evolved their approaches as well as what still needs to be done.

Later, Mike Webb shares an easy but effective way to gauge the success of your retirement plan.

Mentioned in the Podcast

US Department of Labor announces new cybersecurity guidance for plan sponsors, plan fiduciaries, record-keepers, plan participants | U.S. Department of Labor (dol.gov). The guidance covers the following:

Episode 44

On this episode of Revamping Retirement, Jennifer Doss and Scott Matheson talk with Debra Gates, CAPTRUST manager of advice & wellness. Debra shares her thoughts on why employees are increasingly looking to employers for guidance on financial wellness and retirement readiness. She also talks about why effective communication requires plan sponsors to carefully consider the demographics of their employee population and adapt their approach for different participant groups. 

As the classic view of retirement evolves, Debra discusses how new strategies, media, and initiatives can drive good behavior to help employees get on track—and stay on track—to reach their personal financial goals. 

Later, Mike Webb reviews the potential plan sponsor pitfalls of grandfathering in Minute with Mike.  

Mentioned in the Podcast

In a recent CAPTRUST webinar, Debra takes a deep dive into best practices for participant communications. Along with Barry Schmitt and Mike Webb, she addresses the following questions:  

Click here to watch the webinar.  

Episode 42: Dr. Shlomo Benartzi discusses the success of his revolutionary Save More Tomorrow program, the future of auto-features, and how plan sponsors can use choice architecture to help move the needle with participants. 

Click here to listen. 

Episode 37: In today’s competitive labor market, many organizations are focused on culture and benefits as differentiators. But when it comes to diversity, equity, and inclusion (DEI), checking the box isn’t enough. We chat with Rosalyn Brown—the equity, diversity, and inclusion director for WE Inspire. Promote. Network. (WIPN)—about the importance of looking at your retirement plan benefits through the lens of DEI. 

Click here to listen. 

Episode 43

In episode 43 of Revamping Retirement,  Jennifer Doss and Scott Matheson are joined by Dawn McPherson, CAPTRUST’s director of retirement plan consulting. Jennifer and Dawn recently attended the National Association of Plan Advisors (NAPA) D.C. Fly-In Forum, which provides an opportunity for retirement plan advisors to engage with key policymakers and get the inside scoop on what’s going on in terms of legislative policy affecting the retirement industry.

The two provide an update on where we’re at with the Senate’s Securing a Strong Retirement Act (SECURE 2.0) and the House’s Retirement Improvement and Savings Enhancement to Supplement Healthy Investments for the Nest Egg (RISE and SHINE) Act, what needs to happen get a reconciled bill over the finish line, and the expected timeframe for doing so. They also explore some of the more significant provisions, like student loan repayment, emergency savings access, and auto-portability.

On the regulatory front, Jennifer shares what she heard from Ali Khawar, the acting assistant secretary of the DOL’s Employee Benefits Security Administration (EBSA)—including his cryptocurrency concerns, why cybersecurity keeps him up at night, and when we can expect to see guidance on environmental, social, and governance (ESG) investing in retirement plans.

Later, Mike Webb discusses the differences between plan termination and mergers in Minute with Mike.

Show Notes:

Episode 42

In episode 42 of Revamping Retirement, Jennifer Doss and Scott Matheson talk with Dr. Shlomo Benartzi, a behavioral economist widely known for the Save More Tomorrow (SMarT) program, which he pioneered with Nobel Laureate Dr. Richard Thaler. Save More Tomorrow is a behavioral nudge designed to help employees increase their saving rates gradually over time. The SMarT program was incorporated into the Pension Protection Act of 2006 and has since helped boost the retirement savings of more than 15 million Americans through auto-enrollment and auto-escalation features.

More than 25 years later, Dr. Benartzi talks about the success of the SMarT program and shares why he feels there is a big opportunity to rethink the details, particularly when it comes to incorporating technology to elevate customization. He also discusses how proposed legislation like the Securing a Strong Retirement Act of 2021 (SECURE 2.0) could help move the dial for auto-features.

Shifting the focus from the accumulation phase of retirement, Dr. Benartzi talks about why auto-features are not as relevant when it comes to decumulation—which he considers to be the next big retirement industry gap. He shares why moving from a savings plan mentality to a true retirement plan approach is key and speaks to the importance of personalization when it comes to addressing the differing retirement income needs of participants. 

In Minute with Mike, Mike Webb shares the differences between fiduciary liability insurance and a fidelity bond.

Episode 41

In episode 41 of Revamping Retirement, Jennifer Doss and Scott Matheson check in on their 2022 predictions and discuss what the second half of the year may have in store for the retirement industry. Find out where we are with the DOL Rule, environmental, social, and governance (ESG) guidance, the Securing a Strong Retirement Act of 2022—better known as SECURE 2.0—and the newly proposed Rise and Shine Act—formally known as the Retirement Improvement and Savings Enhancement to Supplement Healthy Investments for The Nest Egg Act.

In Minute with Mike, Mike Webb discusses the types of investments permitted in defined contribution retirement plans.

Episode 40

In episode 40 of Revamping Retirement, Jennifer Doss and Scott Matheson are joined by Shawn O’Brien, associate director of retirement research at Cerulli Associates, a strategic consulting and market research group focused on the financial services industry.

With extensive research across industry stakeholders—from plan sponsors and participants to recordkeepers and asset managers—Shawn shares Cerulli’s latest insights on key topics like the adoption of environmental, social, and governance (ESG) investing in retirement plans, plan sponsor reaction to inflation, and the prevalence of managed accounts. He also discusses what he considers to be the biggest disconnect between the demand and supply sides of the industry.

Later, Mike Webb provides an overview of the taxation of Roth distributions in Minute with Mike.

Episode 39

In many regards, this year is off to a turbulent start. From the war in Eastern Europe and its effects on the markets and economy to continuing inflation and labor market concerns to retirement-related regulatory and legislative developments, there is no shortage of headlines for plan sponsors to consume.

In episode 39 of Revamping Retirement, Jennifer Doss and Scott Matheson are joined by Chief Investment Officer Mike Vogelzang to provide context around the challenging environment investors now face. Mike recaps where we are with the bond market, interest rates, and inflation and why maintaining a long-term focus during unsettling times is key.  

Later, Jennifer and Scott discuss the recent and expected regulatory and legislative developments—like the House’s passage of the Securing a Strong Retirement Act of 2021 (SECURE 2.0), the DOL’s cryptocurrency bulletin, and final guidance on environmental, social, and governance (ESG) investments in retirement plans—that may impact retirement plans this year.

In Minute with Mike, Mike Webb breaks down the tax penalties associated with early retirement plan distributions.