401(k) Roundtable

In a somewhat related follow-on to our conversation last week about the long term impact of automatic enrollment, today we tackle the emerging auto concept of auto portability. My guest, Spencer Williams, Founder & CEO of Retirement Clearing House has been intimately involved in the process to get this off the ground and available in a workplace retirement plan near you! As you might expect, we discuss what auto portability is, the retirement challenges it intends to solve, how it differs from todays auto-cashouts or auto-rollovers and much more. We also wax philosophical once or twice and be sure to stick around for the end where Spencer shares how employers or retirement service partners can help move the auto-portability concept further down the road.

As we get ready to kick off a new year and new decade for that matter, I would love to get any input on bigger picture topics or guests you would like me to tackle. Send your ideas to [email protected]. We will take it from there.

Guest Bio

Spencer Williams is Retirement Clearinghouse's Founder, President and CEO. Retirement Clearinghouse is a specialized provider of portability and consolidation services for America's mobile workforce and has serviced more than 1 million job-changing participants during Mr. Williams' 9 year tenure with the company. Prior to joining Retirement Clearinghouse, Williams served in a number of senior executive roles at MassMutual Financial Group, and as a retirement Services executive at Federated Investors, Inc.

Williams earned his B.A. degree in English from the United States Naval Academy and an M.B.A. from the University of Pittsburgh.

401(k) Fridays Podcast Overview

Struggling with a fiduciary issue, looking for strategies to improve employee retirement outcomes or curious about the impact of current events on your retirement plan? We've had conversations with retirement industry leaders to address these and other relevant topics! You can easily explore over 175 prior on-demand audio interviews here. Don't forget to subscribe as we release a new episode each Friday!

Automatic enrollment has been a regular theme on the podcast, in fact when I first launched the podcast I got a little worried because we seemed to hit on it in nearly every episode regardless of the topic. Today, I am excited to welcome back Josh Dietch, a Vice President with T. Rowe Price and the group manager of Retirement Thought Leadership. Without stealing too much of his thunder, Josh and his team have just released a very interesting and thought provoking report called "Auto-Enrollment's Long-Term Effect on Retirement Savings". As you will hear, some assumptions we have made about the benefits of automatic enrollment hold up, but other conclusions they come to were eye opening and have made me rethink a few things. You can find a link to the study, this week's bonus question and the episode transcript at 401kfridays.com/trp2019.

Before we get started, 'tis the season to be thankful so on that note I want to thank all of my amazing guests on the podcast who have shared their time and expertise. Also, thank you to all of our listeners. I really appreciate the feedback, interaction on social media and sharing with friends. As the podcast continues to grow, I look forward to a great 2020 with more new episodes, guests and topics.

Guest Bio

Joshua Dietch is a vice president of T. Rowe Price Associates, Inc., and the group manager of Retirement Thought Leadership. Joshua joined T. Rowe Price in 2017 and is responsible for leading a team of researchers and writers who create retirement thought leadership in support of the firm's workplace retirement, intermediary, and institutional businesses. Prior to joining the firm, he held a number of senior industry roles, including head of Retirement and Institutional with Strategic Insight, managing director with Chatham Partners, director of Product Marketing and Management with ADP Retirement Services, and associate director of Institutional Markets with Cerulli Associates. In addition to his current role at T. Rowe Price, Joshua is an Executive Committee member of the Defined Contribution Institutional Investment Association and is chair of its Retirement Research Board. He earned a B.A. in history from Bates College and is a Series 7 and 66 registered representative.

401(k) Fridays Podcast Overview

Struggling with a fiduciary issue, looking for strategies to improve employee retirement outcomes or curious about the impact of current events on your retirement plan? We've had conversations with retirement industry leaders to address these and other relevant topics! You can easily explore over 175 prior on-demand audio interviews here. Don't forget to subscribe as we release a new episode each Friday!

When we get to tackle new topics and shed some light where there is confusion, that get's me really excited. Regardless of what state you live in, this is timely and relevant as we tackle cannabis companies and their unique challenge of setting up 401(k) plans. My guest, Jewell Lim Esposito an ERISA Attorney with FisherBroyles has specific hands on experience working with companies in the cannabis, hemp, cbd space. She shares some of the challenges they face in setting up 401(k) plans for their employees, why various service providers have been hesitant to enter the space and what cannabis and other similar companies can do to provide a 401(k) plan to their employees. Also, if you are like me and are a little confused on the difference between marijuana, cannabis, hemp and cbd is, we discuss that as well. Really great conversation and a ton of information for employers and retirement service partners who are trying to figure out what to do.

During our conversation Jewell references supporting material from her blog All Things ERISA. You can find the link, the bonus question for this week, an episode transcript and more at 401kfridays.com/cannabis.

Guest Bio

Jewell Lim Esposito offers decades of in-the-trench practical experience in the Employee Benefits/Tax legal world. She further sub-specializes in Title I (Department of Labor fiduciary issues) and Title II (IRS tax qualification issues) under the Employee Retirement Income Security Act (ERISA). Ms. Esposito's strength is understanding the business and demographics of her clients, who are headquartered across the nation. That is, with her practice being federal law, the location of the US client needing ERISA/Tax guidance on tax compliance and fiduciary duties is immaterial. She advises in "plain English," even when the issues are complex and is able to size up exposure for C-suite executives to help them select an optimal Tax and ERISA strategy. The range of Ms. Esposito's practice extends to work in the areas of government pension plans, Executive Compensation, the Affordable Care Act, COBRA, health and welfare fringe/prevailing wage under the Service Contract Act and Davis-Bacon, and ERISA prohibited transaction exemptions. In the area of cannabis/hemp/CBD, Ms. Esposito counsels associations, member companies, and growers/distributors/dispensaries/license holders on how Section 280E of the Internal Revenue Code affects their payroll, 401(k), health benefits, and insurance deductions. She currently chairs and coordinates her firm's efforts in showcasing all the legal services already provided to the Cannabis, Hemp, and & CBD industry and in education related to marijuana use to the general workplace. Ms. Esposito is the editor of and contributing author to the AllThingsERISA blog.

401(k) Fridays Podcast Overview

Struggling with a fiduciary issue, looking for strategies to improve employee retirement outcomes or curious about the impact of current events on your retirement plan? We've had conversations with retirement industry leaders to address these and other relevant topics! You can easily explore over 175 prior on-demand audio interviews here. Don't forget to subscribe as we release a new episode each Friday!

We revisit our sponsor spotlight theme on the podcast this week! Tony Tomich, the Head of Pension Investments at Farmers Insurance® shares some great perspective on the company and their retirement plan. We had fun digging into how their plan works, how it helps with recruiting and retaining talent, how decisions are made and much more. One major theme we dig into is the concept of retirement readiness and retirement income. Both hot topics in their own right and really impactful to hear how Tony thinks about both. Finally, despite Farmers® being a very large company with a very large retirement plan, there are plenty of great take aways for companies and plans of all sizes.

Before we get started, we have several exciting episodes coming up where we will welcome back some prior guests, tackle new topics and have all sorts of retirement plan fun. If you have an idea for a topic, guest or question we should tackle on the podcast I would love to hear about it. Just shoot me an email to [email protected].

Now, I hope you enjoy my conversation with Tony!

Guest Bio

Tony Tomich manages Farmers' retirement investments. He has a BBA and an MPP from The College of William & Mary, in Williamsburg, VA. Tony began his career in NYC in the banking industry then moved to the internet and telecom industries in the Silicon Valley in the early 2000s. He joined 21st Century Insurance in 2004 and held multiple positions during his tenure with the organization, ranging from Treasurer & Investment Relations Officer to Executive Vice President and Chief Financial Officer. 21st Century Insurance was purchased by AIG in 2007 and was subsequently sold to Farmers in 2009. Tony transitioned Farmers' $3B DC plan to an open architecture, white‐label structure in 2013. Tony also manages the company's Socially Responsible Investments portfolio and has multiple leadership roles in the space. These range from a 3 term member of the California Insurance Commissioner's COIN Advisory Board (inaugural chairperson) to an Investment Committee member for the California Fair Plan to the Chairman of Impact Community Capital, LLC, a for‐profit entity that facilitates over $1B in SRI investments in California and beyond. Farmers Insurance provides P&C, specialty, life, commercial and other insurance and financial services products.

401(k) Fridays Podcast Overview

Struggling with a fiduciary issue, looking for strategies to improve employee retirement outcomes or curious about the impact of current events on your retirement plan? We've had conversations with retirement industry leaders to address these and other relevant topics! You can easily explore over 175 prior on-demand audio interviews here. Don't forget to subscribe as we release a new episode each Friday!

The business of being in the 401(k) business has been one of our more popular themes on the podcast. Today, should be no different. My guest Tim Wulfekuhle, President of Northwest Plan Services and I dive into the topic of independent recordkeepers. We start with some thoughts about different types or categories of recordkeepers, what the litmus test for an independent recordkeeper is, how in a rapidly changing environment for service providers they are positioned and what does scale mean. Tim also shares thoughts on consolidation trends, bright shiny objects, capturing employer and employee attention when you don't have a household brand name and what the future of the retirement business could look like.

Guest Bio

Tim Wulfekuhle is President and CEO of Northwest Plan Services, Inc. (NWPS), which is a non-producing retirement plan recordkeeping and administration firm headquartered in Seattle. NWPS provides services to all sizes of clients, from start-ups to Fortune 100 companies. He has over 30 years of retirement plan recordkeeping, administration and consulting experience and has been an owner of NWPS since 2002. Prior to joining NWPS, Tim was the Director of Retirement Plan Administration Services for Howard Johnson & Company. Throughout his career he has specialized in large, complex defined contribution relationships and has been the lead consultant for numerous national clients.

Tim holds a Bachelor's in Mathematics from Washington State University.

401(k) Fridays Podcast Overview

Struggling with a fiduciary issue, looking for strategies to improve employee retirement outcomes or curious about the impact of current events on your retirement plan? We've had conversations with retirement industry leaders to address these and other relevant topics! You can easily explore over 175 prior on-demand audio interviews here. Don't forget to subscribe as we release a new episode each Friday!

Today we have a little fun, I am excited to welcome back J.D. Carlson who by day is the President & CEO of Plan Design Consultants, a Third Party Administration firm and by night is a YouTube sensation as one fourth of the Retireholiks. Our conversation is a follow-up to one we had on the podcast last year where we tackled some tricky workplace retirement terms to either decipher some industry jargon, declare they are pure Gibberish or if they are real terms or concepts that can be confused or jumbled together. I think the conversation we have falls into the edutainment category. Oh, and two things not to miss this week, our bonus question which you can find a 401kfridays.com/jgj2019 and when JD gets fired up towards the end of the episode.

While you don't have to listen to the first version of Jargon, Gibberish or Jumbled, you can find it by scrolling through your favorite podcast app and look for the title Frustrated Complex 401(k) Terms in March of 2018. While you are there, we do have over 175 episodes in our podcast library. If you find something else that catches your eye, give it a listen as well. Our episodes are evergreen and don't tend to expire over time.

Guest Bio

We're Plan Design Consultants, Inc. a retirement company that since 1975 has been providing businesses with affordable, quality plans customized to meet the specific needs of our clients.

Over four decades in the business has given PDC the experiences we need to evolve our service model to what it is today. A smart, easy process centered on the needs of our clients. A service model designed to be AWESOME!

It is our deep understanding of all areas of retirement plans combined with a constant commitment to customer service that sets us apart. We share our expertise with our clients to make sure they are comfortable and confident in making decisions around maintaining a successful Employer sponsored plan.

As an independent company, client advocacy is a major strength of our firm. We partner with Financial Advisors to offer our clients a very healthy choice in vendors. A strong understanding of fees and services allows PDC to help clients find the perfect fit.

Thousands of retirement plan clients from all over the country have relied on PDC to assist them in offering the right plan to help their employees reach retirement goals.

401(k) Fridays Podcast Overview

Struggling with a fiduciary issue, looking for strategies to improve employee retirement outcomes or curious about the impact of current events on your retirement plan? We've had conversations with retirement industry leaders to address these and other relevant topics! You can easily explore over one hundred prior on-demand audio interviews here. Don't forget to subscribe as we release a new episode each Friday!

When you listen to this episode, some of what we talk about might not directly impact you if you are not a caregiver. However, as you will hear the odds are someone you know, work with or is a client likely is. My guest today, Bill Harmon, President of Corporate Retirement Markets at Voya Financial and a caregiver himself, talks candidly about how to define caregiver, the challenges they face in the workforce, how employers can help and why introducing more support for caregivers in the workplace through a wellness or other similar program just makes good sense. As in interesting tidbit, you might be surprised by which generation is the most likely to be a caregiver. We also reference specific links, statistics, checklists, this weeks bonus question and episode transcript can all be found by going to 401kfridays.com/care2019.

Before we get started, each week I create a LinkedIn and Twitter post to share the podcast episode and links to listen. This week, the image we use is actually of Bill and his son, not a stock image like I typically use. If you are not connected with me on LinkedIn or Twitter take a moment and do that. Please like, share or comment on the post for this episode. We discuss some powerful info that needs your support to help raise awareness.

Guest Bio

William Harmon is president of Retirement Corporate Markets for Voya Financial.

In his role, Harmon oversees all aspects of the Corporate 401(k) market, including sales, relationship management, strategy and profitable growth for all segments of the market — from small- and mid-sized companies to some of the nation's largest corporate employers. He and his team support Voya Retirement's efforts to deliver next-generation customer experiences and solutions that drive positive retirement outcomes.

Harmon is a member of CEO of Retirement Charlie Nelson's leadership team, as well as Voya's Operating Committee.

Most recently, Harmon served as senior vice president, Core Markets, for Empower Retirement, where he was responsible for the segment's overall success. During his 29-year tenure at Empower, the U.S. retirement business of Great-West Lifeco, he contributed to significant growth in plan sales, assets and earnings.

For 11 years, including five as president, Harmon served on the board of Adam's Camp, a group of non-profit organizations providing a variety of intensive, personalized, and integrated therapeutic programs for children with special needs and their families. He has also been closely involved with organizations supporting the special needs community including Special Olympics and Rocky Mountain Down Syndrome Association.

Harmon holds a bachelor's degree in Marketing from Loyola Marymount University in Los Angeles.

Struggling with a fiduciary issue, looking for strategies to improve employee retirement outcomes or curious about the impact of current events on your retirement plan? We've had conversations with retirement industry leaders to address these and other relevant topics! You can easily explore over 175 prior on-demand audio interviews here. Don't forget to subscribe as we release a new episode each Friday!

Interest rates could be a significant risk to retirement savers that is hiding in plain sight. During my conversation with Mike Barry, President of O3 Advisory Services, we connect a lot of dots on how low interest rates could impact the retirement of current and future retirees. We also hit on several reasons why interest rates have been trending lower, whether student debt plays into the conversation and why employers who are even considering pursuing a retirement income strategy should think very carefully about all of this prior to making a decision. Mike and I definitely get into the weeks on a few things but pull everything together in a way that will leave you with a better understand of the impact of interest rates on retirement plans.

Before we get started, a simple rating or comment on your favorite podcast app goes a long way to help others discover the podcast. Next time you log on, if you could give us a rating or leave a comment that would be great. Also, if you have a favorite podcast app that you can't find us on please shoot me an email to [email protected] and we will get the show added.

Guest Bio

Michael P. Barry is a senior consultant at October Three and President of O3 Plan Advisory Services LLC, which provides retirement plan regulatory analysis targeted at plan sponsors and those who provide services to them. Plan Advisory Services publishes analyses of regulatory developments affecting private employer defined benefit and defined contribution plans, focusing on the challenges, opportunities, and consequences for sponsors that regulatory changes present. Mike has had over 40 years' experience in the benefits field, in law and consulting firms, concentrating on the regulation of private employer DB and DC retirement plans.

Beginning law practice in 1976, the year that the Employee Retirement Income Security Act (ERISA) became effective, Mike has worked with and studied the evolving complexities of regulation in this heavily regulated field. Before founding Plan Advisory Services in 1998, Mike was Managing Director at Bankers Trust and, before that, a New York benefits partner at LeBeouf, Lamb, Greene & McRae. He writes a regular column for PLANSPONSOR magazine ("Barry's Pickings"). Mike blogs at moneyvstime.com, and you can follow him on Twitter @PlanAdvisorySvc. His book – Retirement Savings Policy – Past, Present, and Future, published by De|G PRESS is available on Amazon.

Struggling with a fiduciary issue, looking for strategies to improve employee retirement outcomes or curious about the impact of current events on your retirement plan? We've had conversations with retirement industry leaders to address these and other relevant topics! You can easily explore over 175 prior on-demand audio interviews here. Don't forget to subscribe as we release a new episode each Friday!

We last spoke with my guest Fred Reish, ERISA Attorney and Partner at Drinker Biddle in the immediate aftermath of the demise of the DOL Fiduciary Rule. Today, we catch-up on what has happened since and what implications they have for employers, their employees and retirement service providers. Without stealing too much of Fred's thunder, we start with why this conversation and regulations exists, what has changed in concept and with new and newish players entering the fray like the SEC and several states. We also put a finer point to some concepts that sound the same but have different meanings like conflict of interest & prohibited transaction or fiduciary & best interest. Also Fred is pretty candid about what he thinks the result of these regulations will be and for my closing question, I get him to wax a little philosophical.

As a reminder, check out the website for todays episode at 401kfridays.com/reish2019 for a full transcript, links to Fred's blog and other information he puts out as well as his answer to this weeks bonus question. To give you a little preview, Fred shares his opinion on whether the DOL will revisit the fiduciary rule and what that could look like.

Guest Bio

Fred Reish is an ERISA attorney whose practice focuses on fiduciary responsibility, prohibited transactions and plan qualification and operational issues. He has been recognized as one of the "Legends" of the retirement industry by both PlanAdviser magazine and PlanSponsor magazine. Fred has received awards for: the 401(k) Industry's Most Influential Person by 401kWire; one of RIABiz's 10 most influential individuals in the 401(k) industry affecting RIAs; the Commissioner's Award and the District Director's Award by the IRS; the Eidson Founder's Award by the American Society of Professionals & Actuaries (ASPPA); the Institutional Investor and the PlanSponsor magazine Lifetime Achievement Awards; and the ASPPA/Morningstar 401(k) Leadership Award. He has also received the Arizona State University Alumni Service Award. Fred has written more than 350 articles and four books about retirement plans, including a monthly column on 401(k) fiduciary issues for PlanSponsormagazine. Fred Co-Chaired the IRS Los Angeles Benefits Conference for over 10 years, served as a founding Co-Chair of the ASPPA 401(k) Summit, and has served on the Steering Committee for the DOL National Conference.

Struggling with a fiduciary issue, looking for strategies to improve employee retirement outcomes or curious about the impact of current events on your retirement plan? We've had conversations with retirement industry leaders to address these and other relevant topics! You can easily explore over 150 prior on-demand audio interviews here. Don't forget to subscribe as we release a new episode each Friday!

Depending on who you ask, fiduciary liability insurance might not be on the top of their list as the most exciting topic, but it is important. For my guest today, Reid Eanes, a Senior Vice President with Lockton Insurance Brokers, helping insure fiduciary is from workplace retirement plans is a key part of his day job. We start with a few basics on how fiduciary liability insurance works and differs from other types of insurance programs a company might have, we then delve into what types of "issues" can be covered, thoughts on how to determine the amount of fiduciary liability insurance and what types of plans are harder or more expensive to insure. Finally, with all the talk of cyber liability we hit on what employers can do to insure potential risk there. Oh, and don't miss the part where we talk about what to do if you think you want or need to make a claim on your fiduciary liability insurance policy, some definite do's and don'ts.

Before we get started, if you have been enjoying the podcast if you could either go to your favorite podcast app and either like or leave a comment. Based on the way their technology works, that goes a long way in helping other people find the podcast. As our audience grows, it helps me continue to attract great guests and bring you their unique perspectives on workplace retirement plans.

Guest Bio

Reid is a Senior Vice President and Practice Leader for the Pacific South region of Lockton Financial Services (LFS), the National D&O and Governance Risk Management Group. Reid has responsibility for the Los Angeles, Irvine, and San Diego LFS teams.

Reid is responsible for operations and client servicing for Executive Liability coverages. He provides full contract analysis, coverage negotiation, claims advocacy, and alternative program design. Reid is well versed in the financial and analytical review of companies, from a risk management perspective.

Reid is a regular pubic speaker on the topic of Executive Risk insurance and Governance Risk Management.

Reid works with a diverse set of clients, especially those with more complex risk needs. His expertise includes public and private companies, financial institutions, and healthcare risks

Struggling with a fiduciary issue, looking for strategies to improve employee retirement outcomes or curious about the impact of current events on your retirement plan? We've had conversations with retirement industry leaders to address these and other relevant topics! You can easily explore over 150 prior on-demand audio interviews here. Don't forget to subscribe as we release a new episode each Friday!