401(k) Roundtable

Are workplace retirement plans vulnerable to cyber threats? When it comes to cyber threats & workplace retirement plans, what questions should employers be asking their retirement service providers to better understand their security policies? I address these questions and much more with Lee Harms, Business Information Security Officer for the Principal Financial Group.

Guest Bio

Lee Harms is the Business Information Security Officer for the five businesses that make up Retirement and Income Solutions (RIS). As a BISO he is responsible for the integration of the enterprise information security program within his business unit(s). Key responsibilities include 3rd party oversight, secure software development, data protection, customer and regulatory requests and incident response.

​Lee's career with Principal began in 1983 and has included roles leading Enterprise Architecture, application development, Actuarial liaison and Client Administration. Those roles include Business exposure to individual insurance and retirement business units as well as corporate Information Services.

Lee is a member of the Financial Services Information Sharing and Analysis Center (FS-ISAC) and The Society of Professional Asset-Managers and Recordkeepers (SPARK) Data Security Advisory Board.

Lee graduated from Iowa State University with a Bachelors of Business Administration in Management.

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 workplace retirement plan? We've had conversations with retirement industry leaders to address these and other relevant topics! You can easily explore over eighty five prior on-demand audio interviews here. Don't forget to subscribe as we release a new episode each Friday!

Sometimes employers will comment, we don't hear to much about the 401(k) from our employees, well that's not because your employees don't have questions, it's likely because they are going elsewhere to get their answers! To help uncover what 401(k) participants are doing outside the watchful eyes of their employers, is my guest Catherine Golladay, the Senior Vice President of Participant Services and Administration at Charles Schwab. During our conversation, we explore how 401(k) participants are engaging with call centers, onsite education teams and advice offerings. Catherine does a great job pulling from her experience to share specific stories and examples for employers to help leverage what she has learned with her participant services teams. Finally, be sure to listen for her perspectives on the importance of merging plan design, technology and people as the key ingredients to improve plan health and participant retirement outcomes.

Guest Bio

Catherine Golladay is senior vice president of participant services and administration and has been with Charles Schwab since 1996. Ms. 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, Ms. 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.

Ms. 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, Ms. 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.

Ms. Golladay earned a bachelor of science in accounting from the University of Akron. She also has a master of business administration 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 workplace retirement plan? We've had conversations with retirement industry leaders to address these and other relevant topics! You can easily explore over eighty prior on-demand audio interviews here. Don't forget to subscribe as we release a new episode each Friday!

To Roth or not to Roth, that is the question. With the option to make Roth contributions now offered in well over 50% of workplace retirement plans by most surveys, it is great to see more acceptance of Roth but there are still a lot employers who are either not making it available, or who might offer it but don't recognize the full scope of benefits it offers their employees.

To help inform the conversation I was excited to have Katherine Roy, Managing Director and Chief Retirement Strategist and Head of Individual Retirement for J.P. Morgan Funds join me! We kick things off clarifying a few misperceptions about Roth, then we delve into few features of Roth that don't get a lot of attention for both lower and higher paid employees and then we close the proverbial door with some thoughts on the "Backdoor Roth 401(k)". And under the banner of I would rather be lucky than good, with the current push for tax reform and the talk of the "Rothification" of 401(k) plans, our timing could be better and we get some great insight from Katherine there as well.

Guest Bio

Katherine Roy, managing director, is Chief Retirement Strategist and Head of Individual Retirement for J.P. Morgan Funds. In this role, Katherine is responsible for delivering timely personal retirement-related insights to financial advisors. Focused on the retirement income-related landscape for more than 10 years, Katherine specializes in identifying themes, strategies and solutions that can help advisors successfully partner with individuals in the transition and distribution life stages.

Katherine is consistently ranked as a top speaker at major industry and firm-specific conferences and events. She also has been interviewed and quoted in the financial press on a variety of key retirement planning topics.

Prior to joining the firm, Katherine was Head of Personal Retirement Planning & Advice at Merrill Lynch where she led strategy and innovation in retirement income solutions for individuals, and the retirement planning, advice and guidance programs available to integrated benefits plan participants. She also held several roles in financial planning product development, participant communications and consulting, and interactive client experience initiatives. Katherine received a B.A. from Yale University and is a Certified Financial Planner®.

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 workplace retirement plan? We've had conversations with retirement industry leaders to address these and other relevant topics! You can easily explore over eighty prior on-demand audio interviews here. Don't forget to subscribe as we release a new episode each Friday!

An offer to outsource or delegate your fiduciary responsibility for your workplace retirement plan can be pretty tempting! When you think about all the rules, tasks, processes, approvals and for that matter the time that you could save if you didn't have to do all that work, it might sound really good! However, before you sign on the dotted line, my conversation with J.D. Carlson and Chad Johansen, TPAs with Plan Design Consultants and half of the infamous Retireholi(ks) could be really helpful to gauge what you are signing up for. We start with some best practices and things to know before outsourcing various administrative functions to an ERISA 3(16) fiduciary. As you will hear, if someone flashes their fancy 3(16) fiduciary badge, it can mean a lot of different things. We also share few thoughts on how some of these concepts either do or don't relate to hiring an ERISA 3(38) investment fiduciary, another way to delegate. And, we had a first on the podcast, I assigned homework. With both of my parents now retired teachers, I guess it was just a matter of time. It involved magic, a staircase and somehow someway it should be really helpful to employers considering delegating various fiduciary responsibilities to a 3(16) fiduciary. You definitely will have to listen to get any perspective on what I just said. To get your very own copy, be sure to go to 401kfridays.com and subscribe to our email list. We will shoot it out once Chad is done with it.

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 workplace retirement plan? We've had conversations with retirement industry leaders to address these and other relevant topics! You can easily explore over eighty prior on-demand audio interviews here. Don't forget to subscribe as we release a new episode each Friday!

As the most recent bull market continues to mature, some retirement plan sponsors are either exploring or being encouraged to explore ways add diversification to their workplace retirement plan investment menus. Incorporating exposure to Real Estate or REITS, has been one of the more popular strategies to add some variety to traditional stock and bond offerings. While the REITs are offered in 31% of plans up from 27% five years ago according to Vanguard's How America Saves reports, personally I would not consider them widely available in workplace retirement plans. Whether you already have a REIT offering or are considering adding one, my conversation today with Jake Aronson, a CFA and Portfolio Manager with Principal Portfolio Strategies should shed some light on this anything but straightforward topic. Like we always do, we start with defining terms, address some common misperceptions and offer input for retirement plan fiduciaries to help frame decisions. Hopefully, our conversation will help you get familiar with REITs to help you determine if it is an appropriate way to add diversity to your investment menu at your next retirement committee meeting.

Guest Bio

Jake is a Portfolio Manager for Principal Portfolio Strategies, a specialized boutique that engages in the creation of asset allocation solutions. In this role, he is responsible for conducting research, assessing risk, and making relative value recommendations relating to specific aspects of the Dynamic Outcome strategies. Jake is a member of the Investment Oversight and Risk Committee and has over 22 years of industry experience. Before joining Principal®, he was a Managing Director with Miles Capital, a boutique institutional asset manager. Prior to joining Miles Capital, Jake served in various capacities with Principal Global Investors and Principal Real Estate Investors. While at Principal®, he has worked with both retail and institutional strategies and clients. Prior to joining Principal®, Jake worked as a Credit/Business Analyst with various firms as well as a Bank Examiner with the Office of the Comptroller of the Currency. Jake has earned the right to use the Chartered Financial Analyst® designation and has passed the CPA exam. He has also earned the Chartered Alternative Investment Analyst designation.

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 workplace retirement plan? We've had conversations with retirement industry leaders to address these and other relevant topics! You can easily explore over eighty prior on-demand audio interviews here. Don't forget to subscribe as we release a new episode each Friday!

Excited to welcome back Peter Dunn, a.k.a. Pete the Planner to the podcast! Our conversation was definitely one of the more entertaining ones that I have had on the podcast in recent memory. This episode was inspired by a few recent discussions I had with workplace retirement plan sponsors who were wondering why their employees couldn't just go talk to their broker/advisor/wealth manager to get help planning for their retirement. Why did they as the employer have to get in the middle of it. Without stealing too much of Pete's thunder, the real issue comes down the issue of access to the financial services market, much of which is determined by how much money someone has. Great stuff with some concrete takeaways to bring with you to your next retirement plan committee meeting!

Guest Bio

Peter Dunn a.k.a. Pete the Planner® is an award-winning comedian and an award-winning financial mind. He's a USA TODAY columnist and the author of ten books, six of which were featured in a nationwide launch at Barnes & Nobles stores in January of 2015. He is the host of the popular radio show The Pete the Planner Show on 93 WIBC FM and is a columnist for the Indy Star. Pete has appeared regularly on CNN Headline News, Fox News, Fox Business as well as numerous nationally syndicated radio programs. In 2012, Cision named Pete the fourth most influential financial broadcaster in the nation. Pete lives in Carmel, Indiana with his wife and two young children.

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 workplace retirement plan? We've had conversations with retirement industry leaders to address these and other relevant topics! You can easily explore over eighty prior on-demand audio interviews here. Don't forget to subscribe as we release a new episode each Friday!

2017 started off with the winds of change blowing through Washington DC and to date has been nothing short of interesting and unexpected with the Trump administration at the helm for over seven months. Back in January, I discussed with Bob Holcomb, the head of legal and regulatory affairs at Empower Retirement some of the anticipated changes to workplace retirement plans that seemed imminent. In this episode, I revisit some of these topics with Sam Henson, Director of Legislative & Regulatory Affairs at Lockton Retirement Services to see well, what has or hasn't actually happened! We cover a lot of ground with topics such as tax reform and how it could affect the 401(k) industry, recent developments with state plans, why the DOL fiduciary rule is a "unique animal". With 2018 quickly approaching we hope this episode provides helpful insight on what to keep an eye on for the remainder of 2017 and going forward.

Guest Bio

As a Senior Vice President and Director of Legislative and Regulatory Affairs for Lockton Retirement Services, Sam oversees national IRS/DOL/ERISA compliance services for all clients and more than 100 associates nationwide. Sam serves as a subject matter expert on ERISA compliance, DOL/IRS activities, and the legislative landscape. Prior to joining Lockton, Sam spent almost 10 years with the U.S. Department of Labor's Employee Benefits Security Administration, where as a Senior Investigator, he conducted more than 100 complex civil and criminal investigations of employee benefits plans, service providers, and fiduciaries. Sam also supervised enforcement efforts for benefit plans funded by prevailing wage laws under the Service Contract Act and Davis-Bacon Act. Sam currently serves on the Policy Board of Directors for the American Benefits Council, Board of Directors for DCIIA, and the Governing Council of ISCEBS, as well as being a member of ASPPA. Sam has been a nationally featured speaker and writer on numerous fiduciary topics.

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 workplace retirement plan? We've had conversations with retirement industry leaders to address these and other relevant topics! You can easily explore over eighty prior on-demand audio interviews here. Don't forget to subscribe as we release a new episode each Friday!

The main focus of our conversation is determining if some common employer beliefs about retirement plan audits are truth or myth. John also pulls from his experience auditing well over 100 retirements plan each year to offer some tips to employers who are preparing for their first audit and best practices for some grizzled veterans to help their audit run smoothly.

Guest Bio

My guest today is John Russon, a retirement plan auditor and founder of Pension Assurance, a single purpose audit firm that specializes in auditing qualified retirement plans. In 2005, after spending several years working at both "Big Four" and local CPA firms, John launched a small, independent practice dedicated to the audit of retirement plans. This fledgling practice was merged with a local CPA firm in 2006. Over the next seven years, the practice grew substantially. In 2007, the practice performed he formed Pension Assurance. As of early 2016, John and his firm audit over 170 retirement plans. According to the recent Department of Labor study, this puts them in the top 2% of firms that audit retirement plans. This also gives them great perspective on what is happening in the marketplace.

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 workplace retirement plan? We've had conversations with retirement industry leaders to address these and other relevant topics! You can easily explore over eighty prior on-demand audio interviews here. Don't forget to subscribe as we release a new episode each Friday!

On previous episodes of the podcast we've heard from ERISA attorneys, consultants and various other specialists sharing their thoughts on how employers can mitigate their fiduciary risk. Now, I am proud to share that the experiences of a 401(k) expert witness is no longer unchartered territory for us! My guest, Jim Scheinberg, the Managing Partner and Founder of North Pier Fiduciary Management joins me for this action packed episode. We kick things off addressing what role a 401(k) expert witness actually plays during a lawsuit. Then we quickly begin to stress test some fiduciary messages you might have heard such as "Your process is your protection", then we delve into whether having the right fiduciary mindset is relevant and while retirement plan fiduciaries are not expected to predict the future, could having some foresight be important to your fiduciary process. Hopefully you will find our conversation offers some unique and timely perspectives on these and a few other important trends in 401(k) or ERISA litigation that you can bring with you to your next retirement plan committee meeting!

Guest Bio

Jim Scheinberg began his career in venture capital in 1990 moving to general securities with Smith Barney Harris Upham in 1992. He joined Oppenheimer & Co., Inc. in 1994 as an Associate in the Oppenheimer Consulting Group, the firm's institutional investment management consulting department, where he worked trusts, endowments, foundations and trustee-directed ERISA plans. In 2001, Jim founded what would become the Corporate Services Group of Oppenheimer Co., Inc. (CSG), where he eventually held the position of Director and Senior Vice President. CSG was an industry pioneer in providing conflict free, fee-only investment consulting and fiduciary advocacy for institutional, ERISA plan sponsors. In 2008, Jim completed a lift-out of CSG and founded North Pier Fiduciary Management LLC., with offices in Los Angeles and Silicon Valley. His tenure in the industry has also included experience in hedging and monetization, corporate executive services, and corporate cash management.

Born and raised in the North Suburbs of Chicago, Jim came to Southern California in 1987 to pursue his B.A. in Political Science at University of California, Los Angeles. He achieved the Certified Investment Management Analyst (CIMA®) designation in 2001 from The Investment Management Consultants Association (IMCA®) in conjunction with the Wharton School of Business of the University of Pennsylvania. He has also earned the Accredited Investment FiduciaryTM (AIF®) and Accredited Investment Fiduciary AnalystTM (AIFA®) designations, awarded by the Center for Fiduciary Studies, of the Joseph M. Katz Graduate School of Business of the University of Pittsburgh. Jim is currently a member of the Board of Visitors of the UCLA Political Science Department and sits on the William Sharpe Fellows Selection Committee of the UCLA Department of Economics. He is a regularly quoted resource to journalists and speaker at industry conferences. Jim is often engaged as a consulting expert for the U.S. Department of Labor and as an expert witness for ERISA litigation. He is an avid supporter or children's charities and serves as a Court Appointed Special Advocate for foster children in the Los Angeles County Children's Court system.

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 workplace retirement plan? We've had conversations with retirement industry leaders to address these and other relevant topics! You can easily explore over eighty prior on-demand audio interviews here. Don't forget to subscribe as we release a new episode each Friday!

More and more frequently when I see a news piece or industry article about 401(k) or workplace retirement plans, a key element is invariably fees. Going one step further they also tend to highlight the advantages of low cost index or passively managed investments. Based on my conversations with investment committees and retirement plan fiduciaries, there seems to be a few common reasons for the recent increased popularity in index funds: the industry focus on fees, investment performance of passively managed strategies and 401(k) litigation. To comment on my observations and provide a few of her own on the whole active and passive conversation I am excited to have Sue Walton, a Senior Defined Contribution Strategist with American Funds join me on the podcast. We also address a few other important elements in the active passive conversation that don't tend to get a lot of press, but are vitally important to consider. Hopefully there are a few nuggets you can take back to your next 401(k) committee meeting!

Guest Bio

Sue Walton is a senior defined contribution strategist at American Funds, part of Capital Group. She has 19 years of industry experience and has been with Capital Group for one year. Prior to joining Capital, Sue was a director at Towers Watson Investment Services. Before that, she was an investment consultant at Mercer Investment Consulting and Ellwood Associates. She holds an MBA from DePaul University with a concentration in finance and a bachelor's degree in business administration, economics and international business from Marquette 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 workplace retirement plan? We've had conversations with retirement industry leaders to address these and other relevant topics! You can easily explore over seventy-five prior on-demand audio interviews here. Don't forget to subscribe as we release a new episode each Friday!