401(k) Roundtable

With market volatility picking up and unique things happening on almost a daily basis, my conversation today with Jeff Shulze, CFA and Investment Strategist withClear Bridge investments is both timely and full of perspective. In classic 401(k) Fridays Podcast fashion be define a few important terms and concepts that keep popping up in the headlines and offer some perspective on how they are moving markets, the economy or both. Jeff also offers a few points of optimism and his input on what could impact the markets in 2019 and beyond.

Guest Bio

Jeffrey is an Investment Strategist and oversees capital market and economic research, contributing thought leadership on these topics that is frequently quoted in the financial media, including the Wall Street Journal, CNBC and CNN. He joined ClearBridge Investments in 2014 and has 13 years of investment industry experience. Prior to joining ClearBridge, Jeffrey was a Portfolio Specialist at Lord Abbett & Co., LLC. He received a BS in Finance from Rutgers University. He is a member of the CFA Institute.

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!

Stable value funds, what are they, how do they work and what should you consider if you have one, thinking about moving to a new one or making the switch from a money market account. My guest, Bob Madore, a Vice President and Stable Value Portfolio Manager with T. Rowe Price answers these questions and much more. I start out with a pretty pointed question right out of the gate that sets the tone for the rest of the conversation. We also cover in great detail the impact of interest rates on stable value funds, why managers have been enforcing their exit provisions and clarify some confusing terms and concepts around stable value. This is a must listen and very timely.

Guest Bio

Bob Madore is a portfolio manager in the Fixed Income Division at T. Rowe Price. Mr. Madore has lead portfolio management responsibilities for the Stable Value Strategy as well as several large Stable Asset Management team accounts. He is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., and T. Rowe Price Trust Company.

Mr. Madore has 37 years of investment experience, 16 of which have been with T. Rowe Price. Prior to joining the firm in 2001, he was a senior vice president and portfolio manager at Putnam Investments. At Putnam, Mr. Madore had senior-level responsibility for its stable value business, which included Putnam's Stable Value Fund. Before joining Putnam, he was a founding partner at Fiduciary Capital Management.

Mr. Madore earned a B.A. from the University of Connecticut. He served on the Board of Directors of the Stable Value Investment Association from 2002 to 2007 and again from 2015 to present, currently serving his fourth three-year term. Mr. Madore also is an active member of its Accounting and Government Relations Committees.

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 we get the question of "What is the best strategy for me to save for retirement" and it comes for an entrepreneur, the answer is seldom as simple as it might seem. So, where and how do you start? We thought it would be helpful to cover a few key concepts and then follow the progression of an entrepreneur along their journey from a "solopreneur" with an idea or inspiration for a business to experiencing some success, hiring employees, scaling and eventually selling the business and weave in along the way how different retirement plan strategies could potentially support their personal and business goals along the way.

While I know some in our audience are not necessarily entrepreneurs, however I bet you know someone who is or maybe you might be one down the road! Be sure to share with your friends, colleagues or social networks that might have entrepreneurs, sole proprietors or business owners who could benefit! They can easily find the podcast on iTunes, their favorite podcast app by searching 401(k) Fridays or on the web at 401kfridays.com/Shelton.

​Finally, This episode came about because of several questions from our listeners and some recent industry conversations I was a part of. If you have questions or a topic that you think could make for a great future episode, please shoot us an email to [email protected].

Guest Bio

Patrick is the Managing Member of Benefit Plans Plus and has more than 25 years of retirement plan industry experience in banking/trust, insurance, and third party administrative environments. He is responsible for innovating and executing the firm's business plan. Additionally, he specializes in financial advisor relations, including 401k sales prospecting presentations, vendor searches, and fiduciary consulting.

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Patrick's reputation as a nationally recognized industry thought leader has allowed him to give back through various platforms in the media, speaking at industry events, and participating on various panelist presentations.

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Additionally, Patrick serves on the American Funds, Transamerica, and Lincoln TPA leadership roundtables. He is also a board member and past President of the National Institute of Pension Administrators (NIPA).

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Patrick was the first recipient of Brown Smith Wallace's prestigious Founder's Award, which recognizes top employees for excellence in leadership and contribu on to firm growth since 2003.

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A graduate of Westminster College in Fulton, Missouri, Patrick holds a Bachelor of Arts degree in Business/Committee Plan.

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He has also earned the Group Benefits Associate (GBA) designation from the International Foundation of Employee Benefits Plans Certified Employee Benefit Specialist (CEBS) program. Patrick also holds a Life and Health Insurance License in the state of Missouri and is a member of the Financial Planning Association.

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As a youth, Patrick had two separate basketball coaches that were former NBA players, and he also played college basketball. Patrick is also a fan of fantasy/ SIFI.

This is a pretty straightforward episode, Collective Investment Trusts, or CITs are more widely available as options for plan fiduciaries and their service providers to utilize in their investment line-ups, they are still misunderstood by many. To help inform the conversation I have Rob Barnett, Vice President of Wilmington Trust and Head of their Institutional Retirement Sales & Service. I am not going to spoil what the one question is that all retirement plans need to ask, but what you will hear is Rob has a great deal to say about what a Collective Investment Trust is, how they differ from mutual funds and helps dispel some common concerns and misperceptions employers and service partners have. In the current environment which is hyper sensitive to fees, we also discuss how CITs are many times able to offer lower fees for a similar investment strategy than the comparable mutual fund.

Guest Bio

Rob Barnett manages and provides leadership for the institutional retirement sales and service teams. Additionally, he is responsible for national and regional key account relationships. Rob is a subject matter expert in collective investment trusts, retirement advisory solutions, and trust and custody services.

He has over a decade of industry experience, with more than half of those spent with Wilmington Trust, N.A. focused on the institutional retirement services market.

Mr. Barnett earned a Bachelor of Arts degree in Finance 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 one hundred prior on-demand audio interviews here. Don't forget to subscribe as we release a new episode each Friday!

Today is a real treat, not only is this a timely episode based on current market conditions but we welcome back Rob Arnott, the Founder & Chairman of Research Affiliates who manages billions of dollars and who for the third time, shares his insights with us on the podcast. If you have missed any of our prior conversations go check them out after you finish this one, in 2016 we talked about whether Third Pillar Investment Belong In Your 401(k) Plan, then in 2017 we talked about Avoiding the Bubble in Complacency and this year doesn't disappoint. With the recent volatility in the financial markets, Rob shares his thoughts on interest rates, inflation, market valuations and how diversification is a double edged sword. We also hit on a few important topics such as smart beta, factor investing and the challenges that come with potential low investment returns in the future. I won't steal his thunder, trust me this is a good one.

Guest Bio

Rob Arnott is the founder and chairman of the board of Research Affiliates. He is also portfolio manager on the PIMCO All Asset and All Asset All Authority family of funds and the PIMCO RAE™ suite of funds.

Over his career, Rob has endeavored to bridge the worlds of academic theorists and financial markets, challenging conventional wisdom and searching for solutions that add value for investors. He has pioneered several unconventional portfolio strategies that are now widely applied, including tactical asset allocation, global tactical asset allocation, tax-advantaged equity management, and the Fundamental Index approach to investing. His success in doing so has resulted in a reputation as one of the world's most provocative practitioners and respected financial analysts.

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!

Maybe you're are like me, you have heard the term blockchain before, but if someone asked you to define it, you would have a tough time. Hopefully after you listen to my conversation with Micheal Barry, an author and President of O3 Plan Advisory Services, you will have a better idea of what blockchain is, and how it could impact 401(k) and other workplace retirement plans in the future. During our conversation we hit on distributed ledger technology and how it relates to blockchain, how providers will use blockchain in the future & the issues that could come up. We also hit on bitcoin and how it does or doesn't relate to blockchain as they seem to be used in the same sentence often times and share some thoughts on the balance between privacy and universal data. We touch on a ton of new topics here and hopefully do it in a way that won't leave you with a headache.

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.

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!

From time to time we will take a side trip off the 401(k) path and explore other related topics. Today is a great example of this where we take a minute to explore the 401(k) cousins if you will, in 403(b) and 457 plans. My guest, Sandy Blair is a Director and CALSTRS or the California Teachers Retirement System and a board member at the NAGDCA, or the National Association of Governmental Defined Contribution Administrators. As you will hear, while there are some similarities among governmental plans and their cousins in the corporate world, there are also some important and material differences. We also hit on some important topics and trends we have talked about in many prior episodes such as fees, the use of auto features, fiduciary responsibility and RFPs that have some different nuances to them in the governmental plan world. Finally, Sandy also highlights the resources NAGDCA has to offer anyone who finds themselves in the world of governmental plans, specifically some highlights of next week's National Retirement Security Week.

Guest Bio

Ms. Blair began her CalSTRS management career in 2009 in the client outreach and guidance business area, where she was instrumental in establishing the model of CalSTRS first Member Service Center in West Sacramento. She became a field manager, overseeing centers in West Sacramento, Glendale and Santa Clara. Under Ms. Blair's leadership, the CalSTRS defined contribution plan, Pension2®, experienced tremendous growth. It currently administers nearly $600 million in assets on behalf of more than 10,000 plan participants.

Prior to joining CalSTRS, Ms. Blair worked in the private sector in consumer banking, finance and tax preparation. She holds a Bachelor of Science in business administration and finance from California State University, Sacramento.

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!

Do the largest 0.1% of workplace retirement plans in the country or the "Mega Plans" do things the same as the other 99.9% of plans? As you will hear from my guest, Charlie Nelson, CEO of Retirement & Employee Benefits of VOYA Financial, sometimes they do, sometimes they don't. I had a few technical issues and distractions on my end to deal with right before we got started but once we got going this is a fast paced conversation where we hit on some topics things you might expect us to talk about when it comes to what mega retirement plans trends, but we also delve into on a few important topics you might not be thinking about like helping employees figure out what the next best financial decision for them is, whether the prevalence of 401(k) lawsuits in large plans influence their decision making and how some trends in the large market are actually influenced by the small market.

Guest Bio

Charles Nelson is chief executive officer of Retirement and Employee Benefits for Voya Financial, Inc. (NYSE: VOYA), which helps Americans plan, invest and protect their savings — to get ready to retire better. In his role, Nelson oversees Tax-Exempt and Corporate Markets and Retail Wealth Management, which comprise the company's workplace and individual retirement businesses, including 401(k), 403(b) and 457 plans, as well as its Employee Benefits business.

Prior to joining the company, Nelson served as president of Retirement Services for Great-West Financial through September 2014 and most recently led the legacy Great-West retirement business of Empower Retirement, a business unit of Great-West Life & Annuity Insurance Company.

Nelson has more than 30 years of leadership experience in the retirement and employee benefits industry. He was named the second most influential player in the 401(k) market, according to the 401(k) Wire's 2012 Most Influential ranking list. During his career, Nelson has managed all aspects of defined contribution businesses. He has overseen government, healthcare, nonprofit, 401(k) and FASCore institutional lines of business, while also managing recordkeeping, administration, operations, sales, products, financial results and broker-dealer services. Nelson began his career at Great-West in the employee benefits business marketing retirement plans, healthcare, stop loss and various benefit offerings.

Nelson is a graduate of Whitman College with a degree in chemistry and economics, and he was a member of the Whitman College Board of Overseers from 2008 to 2017. Nelson served as the past president of the board of directors for The SPARK Institute, a trade institute that represents the entire spectrum of defined contribution service providers. He has also been a member of the National Association of Government Defined Contribution Administrators (NAGDCA) since 1985. As a member, Nelson has contributed articles for publication, participated on a number of committees, and spoken at numerous regional and national conferences to support and assist the organization's efforts to further the industry.

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!

If you have been searching for a candid overview on the state of workplace retirement plan education in the world of automatic enrollment and changing technology, then look no further than this episode with Catherine Golladay, Senior Vice President for Participant Services & Administration at Charles Schwab. During this fast paced conversation we hit on what is working and not working with 401(k) education, why if you are still offering pizza lunch and learns you aren't getting the results you are hoping for and a few ideas to rethink your approach to group meetings. We also provide a fresh update on the age old debate of education vs. advice and discuss how there is a disconnect between the retirement industry, employers and employees on the topic. And, how could we talk about education trends without at least an honorable mention of financial wellness. Oh, an stick around for our closing thoughts on how fee competition is also forcing employers to rethink their approach to education. Good stuff and this episode should get you thinking.

Guest Bio

Catherine Golladay is senior vice president of participant services and administration and has been with Charles Schwab since 1996. Golladay is responsible for plan administration, participant service centers and support teams, third party advice services, and education presenters within Schwab Retirement Plan Services.

Previously, Golladay was vice president of participant programs in Charles Schwab's Corporate & Retirement Services business, where she was responsible for overseeing third party advice and education teams.

Golladay has been serving retirement plan clients since 1990 and has held management positions in compliance, client services, communication consulting, and participant service centers. Prior to joining Charles Schwab, Golladay was vice president of ERISA compliance at Key Bank. Before that she served as a Certified Public Accountant at S.R. Snodgrass and Co., LPA.

She is a Certified Public Accountant and a qualified 401(k) administrator (QKA). She also holds FINRA Series 7, 9/10, 24, 63, and 66 registrations.

Golladay earned a Bachelor of Science degree in accounting from the University of Akron. She also has a Master of Business Administration degree from the Weatherhead School of Management at Case Western Reserve 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 one hundred prior on-demand audio interviews here. Don't forget to subscribe as we release a new episode each Friday!

Based on the recent IRS private letter ruling I though this would be a good episode from the archives to repost. While this episode is almost two years old, my guest, Tony Aguilar, who at the time was the co-founder and CEO of Student Loan Genius could not be more current and relevant about the realities and challenges that come with student debt. What you might be surprised to hear is that nearly half of your workforce could be impacted and its not just a millennial thing! Tony also does a nice job framing how employers have been adding solutions to help employees with their student loan debt as part of their wellness programs and how some employers are even making contributions towards employee student loans as a recruiting and retention tool! What is the tie in to retirement you ask, well it wouldn't be the 401(k) Fridays podcast if we didn't address that at some point. As you will hear, paying off debt has an impact on your employees' ability to save for retirement, however I was pretty excited to learn about some of the new tools and resources employers may offer to help to tackle both loan repayments and retirement savings!

Guest Bio

Tony Aguilar is co-founder and CEO of Student Loan Genius, Austin-based inventor of the first complete student loan employer benefits solution. Today he uses his years of experience as a financial advisor and founder of Amiti Advising and Campus Slice to help crush America's $1.3 trillion student loan problem. Featured in the Wall Street Journal, Money Magazine, and on CNN, his commitment to helping professionals get ahead and live a life free from debt is the common thread in all of his work. When he's not leading the team at Student Loan Genius, Tony is spending time with his 3-year old daughter. He can also be found guest lecturing at the University of Texas and Concordia University on entrepreneurship and personal finance, serving as Chairman of Concordia University's Emerging Leaders Advisory Board, or mentoring fellow social entrepreneurs and startups.

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!