Episode 63
This month’s episode features an in-depth discussion on artificial intelligence (AI) between Dawn McPherson, Matt Patrick, and Mike Allen, Morningstar’s Head of Technology for Workplace Solutions. They explore AI’s evolving role in retirement planning, discussing its potential for personalized participant experiences, and operational efficiencies.
Highlights include:
- practical application of AI tools and their potential impact on retirement planning
- benefits of leveraging AI to enhance participant experiences and streamline backend processes
- challenges plan sponsors will face when it comes to governance
The episode ends with practical tips from Mike Webb for enhancing the 5500 annual report filing process for ERISA retirement plan sponsors.
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Note: Mike Allen is an employee of Morningstar Investment Management LLC, a registered investment adviser and subsidiary of Morningstar, Inc.
Episode 62
In the latest episode of Revamping Retirement, Dawn McPherson and Jennifer Doss talk with Dan Aronowitz, president of Encore Fiduciary. The three dive into litigation trends, particularly in navigating the complexities of fiduciary liability and underwriting.
Highlights include:
- An overview of recent trends in retirement plan litigation, emphasizing a shift in the types of cases being filed and the implications for plan sponsors.
- The significance of having a robust fiduciary process and how it can mitigate litigation risks. This includes the choice between active and passive investment options, the importance of monitoring record-keeping and investment fees, and the strategic use of fiduciary insurance.
- A deep dive into fiduciary liability insurance, detailing what it covers, who should have it, and how it can protect plan sponsors from claims of breach of duty.
- Discussion on specific risk factors that can make a retirement plan more susceptible to litigation and how these factors influence the underwriting process for fiduciary liability insurance.
Later, Mike Webb discusses the differences between reporting and disclosure for retirement plan sponsors in this month’s Minute with Mike.
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Episode 61
This month on Revamping Retirement, Dawn McPherson and Matt Patrick talk with Lisa Greenwald, CEO of Greenwald Research. The three discuss the impact of caregiving responsibilities on retirement readiness. Lisa highlights that caregivers face unique challenges that often aren’t addressed by employers and benefits providers, such as reduced work hours, job changes for flexibility, and financial strain. The episode also covers the landscape of retirement benefits more broadly, including trends to expand offerings for employee well-being, such as mental health and financial wellness programs.
Later, Mike Webb talks about plan fees in this month’s Minute with Mike.
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Last Month’s Episode: Episode 60: Plan Sponsor Predictions for 2024
Episode 60
This month on Revamping Retirement, Jennifer Doss introduced new co-hosts Matt Patrick, Audrey Wheat, and Pete Ruffel.
The four share their predictions for the year ahead as it relates to plan sponsors and the defined contribution space.
Predictions include:
- Recordkeeper consolidation
- Expanded QDIA solutions
- An increase in regulation from the Department of Labor and IRS
Subscribe to Revamping Retirement for more episodes with insights for plan sponsors.
Last Month’s Episode: Episode 59: Auto-Portability with Neal Ringquist
Episode 59
This month, CAPTRUST’s Jennifer Doss and Audrey Wheat are joined by Neal Ringquist, executive vice president and chief revenue officer for the Retirement Clearinghouse.
In this discussion on auto-portability, Neal emphasizes the advantages and benefits of auto-portability for both the participant and the plan sponsor.
These benefits include:
- Streamlining the system, leading to increased average account balances over time
- Reducing administrative hassles associated with managing multiple accounts
- Reducing cash-out leakage, especially for individuals with lower incomes
- Improving retirement outcomes for participants by retaining balances
In Minute with Mike, Mike Webb talks about retirement plan eligibility for part-time employees.
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Resources:
Last Month’s Episode: Episode 58: SECURE 2.0 and More with Dr. Nari Rhee
Episode 58
This month, CAPTRUST’s Jennifer Doss and Matt Patrick are joined by Dr. Nari Rhee, director of the Retirement Security Program at the UC Berkeley Labor Center.
In this conversation, which focuses on labor and retirement issues, Dr. Rhee emphasizes the challenges faced by low and middle-income workers in the U.S. retirement system, particularly in the private sector. The discussion touches on topics such as the inadequacy of Social Security for low-wage workers, barriers in defined contribution plans, and the impact of job characteristics on retirement benefits.
In Minute with Mike, Mike Webb covers the different types of services fiduciaries can provide under ERISA.
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Resources:
Last Month’s Episode: Episode 57: Student Loans with Candidly | Retirement Plan (captrust.com)
Public Pensions Support Race, Class, and Gender Equity in California – UC Berkeley Labor Center
Breaking Down SECURE 2.0
Episode 57
In this month’s episode of Revamping Retirement, Jennifer Doss and Dawn McPherson sit down with Amber Moulder and James Sheridan from Candidly. Candidly is a financial wellness platform focused on addressing student loan debt, emergency savings, retirement, and more.
This episode covers the restart of student loan payments, SECURE 2.0 and its impact on student loans, plus the demographics of Americans facing the most student debt.
In Minute with Mike, Mike Webb explains SECURE 2.0’s implications for required minimum distributions.
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Resources:
Holistic Financial Wellness with Kimley-Horn
Millennials and Retirement with Katie Gatti Tassin
Breaking Down SECURE 2.0
Episode 56
In this month’s episode of Revamping Retirement, Jennifer Doss talks with Kimberly Plessinger and David McEntee from Kimley-Horn. They discuss the company’s financial wellness initiatives, including benefits and retirement plans.
Kimley-Horn places a strong emphasis on financial wellness, especially for its younger employees, providing educational resources and support to help employees understand the importance of saving for retirement and making informed financial decisions.
The discussion then shifts to focus on the company’s transition to 3(38) discretionary services for retirement plan management. This transition helped reduce fees for plan participants while maintaining a collaborative relationship with CAPTRUST.
In Minute with Mike, Mike Webb covers the two-year delay in the implementation of the new mandatory Roth age-50 catch-up rule under SECURE Act 2.0.
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Under the Investment Advisers Act of 1940, this podcast is defined as an advertisement and includes an uncompensated testimonial by a CAPTRUST client. Please be advised that clients’ experiences as described in the podcast do not necessarily represent the experience of other clients.
Resources:
Last month’s episode: Participant First with SUNY
CAPTRUST’s Financial Wellness Solution for Plan Sponsors
Cultivating Financial Independence | VESTED Magazine
Episode 55
In episode 55 of Revamping Retirement, Jennifer Doss and Scott Matheson are joined by Michael Consorte, director of university-wide benefits for SUNY. Michael shares his expertise in retirement program management, participant engagement, and adapting offerings to meet participant needs.
Michael emphasizes the importance of adopting a participant-centric approach. He discusses three main participant groups—those who are risk-averse, those who want to manage their investments, and those who want to make their own choices but lack expertise—and how SUNY tailors its benefits to address the needs of each group.
Later, Mike Webb covers the importance of a plan document.
Subscribe to Revamping Retirement for more episodes with insights for plan sponsors.
Under the Investment Advisers Act of 1940, this podcast is defined as an advertisement and includes an uncompensated testimonial by a CAPTRUST client. Please be advised that clients’ experiences as described in the podcast do not necessarily represent the experience of other clients.
Resources:
Last month’s episode: Mid-Year Check-In and Market Update
Retirement Benefits that Suit a Diverse Workforce
Leveling the Retirement Savings Playing Field
Episode 54
This month, Jennifer Doss and Dawn McPherson look back on the first half of the year, including a mid-year market update with CAPTRUST’s Kevin Fieldman, director of investment research.
Listen to learn more about market volatility, inflation, and some SECURE 2.0 provisions that are affecting plan sponsors now and in the near future.
Later, Mike Webb breaks down the enhanced tax credit for small businesses, a new provision in SECURE 2.0.
Subscribe to Revamping Retirement for more episodes with insights for plan sponsors.
Resources:
Last month’s episode: “How America Saves,” with Vanguard
July 2023 Market Update with CIO Mike Vogelzang