401(k) Roundtable

Its episodes like these that were one of my primary motivations for starting the podcast, examining current beliefs or messaging in the marketplace and applying contemporary critical thinking to examine if they are still valid and reliable for both employers and employees in workplace retirement plans. If you sponsor a 401(k) or other workplace retirement plans you have likely been given some off the cuff guidance on how much your employees should be saving for retirement, what is an adequate amount of income someone should be able to replace in retirement, what returns should people expect from their retirement savings and likely many others. To help stress test these and other topics, I have David Blanchett, Head of Retirement Research at Morningstar to explore things! He did such a great job so I'm not gong to steal his thunder; but I will say some things you have likely heard hold up, and others simply don't. While we tackle some meaty topics, I was incredibly impressed with David's ability to break all this down in an easy to digest manner, but also tie back why this is important for both employers and employees to get their arms around to improve retirement outcomes.

Guest Bio

David Blanchett, PhD, CFA, CFP® is head of retirement research for Morningstar Investment Management LLC. In this role, he works to enhance the group's consulting and investment services and conducts research primarily in the areas of financial planning, tax planning, annuities, and retirement. His research has been published in a variety of industry and academic journals and received a number of awards, most recently the Journal of Financial Planning's 2014 and 2015 Montgomery-Warschauer Award and the Financial Analysts Journal's 2015 Graham and Dodd Scroll Award. He is a frequent speaker at industry conferences and is regularly quoted in the national media. He holds a master's degree in financial services from the American College, a master's degree in business administration from the University of Chicago Booth School of Business, and a doctorate in personal financial planning program from Texas Tech 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!

Think for a minute about how much effort you and your retirement service partners have put into encouraging more employees to save and invest properly in your workplace retirement plan. Now, turn the conversation around. How much time and energy have you spent thinking about ways to help employees understand how to use their retirement savings to replace their income when they leave the workforce? To help shed some light on the whole retirement income conversation I'm excited to have Jody Strakosch of Strakosch Retirement Strategies where she brings investment and retirement solutions to the defined contribution market for asset management firms. Prior to starting her own firm, Jody worked for MetLife where she became a recognized defined contribution and institutional retirement income subject matter expert. She was the key architect of several significant market-first products, supported public policy initiatives, and represented MetLife with the media, at conferences and in industry groups.

During our conversation we discuss what options employers have available to them, tackle some of the concerns around introducing a retirement income option in your retirement plan and whether or not retirement income strategies will become the next big plan design trend or a lightning rod for fiduciary liability. Oh, and Jody introduces me to a new word, "automaticity" be sure to listen for that. Finally, if you like a little enthusiasm and passion, Jody definitely brought to our conversation!

Guest Bio

Jody Strakosch founded Strakosch Retirement Strategies, LLC to bring investment and retirement solutions to the defined contribution market for asset management firms. Jody offers in-depth retirement market expertise, product development and strategic positioning to align with today's challenges for investment management and service providers seeking to enhance their profiles in the defined contribution / defined benefit marketplace.

Consulting assignments have ranged from helping investment managers design innovative retirement income solution programs for defined contribution plans, writing public policy and market landscape papers, serving as program manager for an industry- led coalition to increase American's savings, speaking engagements at client conferences, researching specific target-date fund market opportunities, and strategic initiative development.

Jody is an active member of DCIIA (Defined Contribution Institutional Investment Association), on the Advisory Council of WISER (Women's Institute for Secure Retirement), and a member of the Advisory Board for Institutional Investor's Journal of Retirement.

Jody worked for MetLife where she became a recognized defined contribution and institutional retirement income subject matter expert. She was the key architect of several significant market-first products, supported public policy initiatives, and represented MetLife with the media, at conferences and in industry groups.

Jody holds the Bachelor of Arts in Sociology from Wellesley College and the Master of Arts in Gerontology from the Davis School of Gerontology at the University of Southern California.

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!

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.

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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.

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.

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).

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.

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

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.

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.

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!

It wouldn't be an exaggeration to say that Target Date Funds (TDFs) have grown exponentially within the last few years. As a retirement plan fiduciary, it's important to understand not only what a TDF is but how to evaluate them and ensure the strategy you have chosen or might be considering is a good fit for your plan. During my conversation with Jeff we provide some core concepts such as glide path construction, too vs. through retirement and open vs. closed architecture design to see if they are still relevant. We also hit hot topics such as if the active vs. index investing conversation impacts TDFs, the ever popular topic of investment fees and the perils of looking the performance of TDFs in a vacuum. Finally, we provide retirement plan committee members and plan fiduciaries several important questions to consider at your next retirement committee or plan review meeting.

Guest Bio

Jeff Holt, CFA, is an associate director on Morningstar's manager research team. He focuses primarily on multiasset strategies from asset managers including Fidelity, BlackRock, and Principal.

Before joining Morningstar in 2014, Holt spent nearly nine years at Jeffrey Slocum & Associates, where he was responsible for investment research to support the firm's defined contribution practice. He covered target-date funds, stable value funds, and other asset classes specific to defined contribution clients.

Holt holds a bachelor's degree in management, with a concentration in corporate finance, from Brigham Young University. He also holds the Chartered Financial 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 seventy prior on-demand audio interviews here. Don't forget to subscribe as we release a new episode each Friday!

We turned the tables for the 75th episode of the 401(k) Friday's Podcast. Whether you are a regular listener or new to the 401(k) Fridays Podcast, this should give you some good context as you listen to additional episodes. We discuss the inspiration behind the podcast, the process for creating weekly content, how we identify topics and guests, a few philosophies and what we have planned for future episodes. We hope you enjoy the 75th episode of the 401(k) Fridays Podcast!

Guest Bio

Rick is a partner and executive committee member of Lockton's Retirement Consulting practice. In his role, he works with the retirement committees of middle market companies who offer workplace retirement plans to enhance their fiduciary protection, streamline plan operations and improve employee retirement outcomes. Rick also created and hosts a weekly podcast "401(k) Fridays" which features audio interviews with retirement industry professionals covering relevant industry trends, topics and current events. Rick grew up an Air Force brat, moved thirteen times as a kid and has lived in Maine, Monterrey, Moscow and several other places that don't start with the letter "M". After Rick graduated from the University of Virginia he spent a few years in New York City then found his way to California where he met his wife Courtney. They have been married for over 15 years and live in Hermosa Beach with three amazing children Kaylee (14), McKenzie (12) and Sean (7). When Rick is not working, podcasting or coaching one of his kids in soccer, basketball or baseball he plays on an adult men's soccer team, tries to improve his golf handicap or drives his kids to and from their various activities! Rick is also an active Board Member at Big Brothers Big Sisters of Greater Los Angeles and currently serves as the Chair of the Finance Committee, member of the Executive Committee and Treasurer.

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 prior on-demand audio interviews here. Don't forget to subscribe as we release a new episode each Friday!

This is a replay of my conversation with Nicholas Dobelbower, Vice President and Practice Leader of Lockton's Global Benefits Practice. Just a preview of things to come, your 401(k), it doesn't work outside the U.S.! So, let's go for a trip around the globe to discuss the topics, trends and concepts employers who have employees outside the US should be aware of. Whether you have newly acquired international employees or you have been deeply involved with global retirement benefits, or you are just curious what goes on in other countries, this is an incredibility valuable episode. We touch on considerations for employers who are looking to harmonize retirement benefits levels on a global basis, things to know before making any changes to non-US retirement benefits programs and plenty of examples to help you along the way!

Guest Bio

Nick is the Practice Leader for Intellectual Capital in Lockton's Global Benefits Practice. He is responsible for developing and maintaining comprehensive global benefits resources, including compliance, statutory requirements, market practice, and benchmarking. He ensures that Lockton's global consultants effectively leverage the firm's data and information resources to address the needs of their multinational clients.

He manages a team of research consultants who work with Lockton global offices to develop statutory and market practice information on employee benefits provisions around the world. Nick also works directly with multinational clients to develop, implement, and support international employee benefits strategies, including local employee benefits, business travel and expatriate programs, regional plan consolidation, and multinational pooling and captives.​

Nick brings to Lockton a well-rounded professional and academic background. His professional experience includes extensive international consulting and research work with multinational clients and establishing and managing affiliate relationships. He has presented at numerous professional conferences and contributed to leading industry publications on international benefits topics. His academic experience includes faculty positions and French and Francophone studies at Macalester College, Bucknell University, and Duke University.

​Nick is fluent in French and proficient in Spanish and Italian. He also has experience in web and graphic design. In his down time, he participates in charity bicycle races and marathons.

​Professional Designations and Affiliations

• ™ Diploma in International Employee Benefits (DipIEB)

• ™ Certified Employee Benefits Specialist (CEBS)

• ™ Global Professional in Human Resources (GPHR)

• ™ Certificate in Global Benefits Management (IFEBP)

• ™ Certificate in International Benefits (IBIS Academy)

• ™ Life, Accident, and Health Insurance License

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 seventy prior on-demand audio interviews here. Don't forget to subscribe as we release a new episode each Friday!

In our fast-paced world and ever evolving global financial markets, keeping your 401(k) investment menu consistent with the times can be challenging. As the conversation swings to investments with a focus outside the US, the conversation can get complex and downright confusing! With that in mind, Mike Quinn, Senior Client Portfolio Manager at OppenheimerFunds joins me this week to discuss the current state of the global markets, some pros and cons of international investing and his thoughts on whether workplace retirement plans here in the US have developed a home country bias over the years. Additionally, we tackle what a global vs. international fund is, some basics on on currency hedging and its potential impact on mutual fund returns and whether the reputation international investing has been tagged with as "high risk" is deserved!

Guest Bio

Mike Quinn serves as Senior Client Portfolio Manager for the Global Equity Team for OppenheimerFunds. In this capacity, Mike is responsible for articulating the investment philosophy, process, strategy and performance of the team.

Mike has worked with the Global Equity team since 2004 in a variety of public facing roles, including as investment strategist and product director. He began his career at Van Kampen Investments in Chicago (now Invesco) in 1992. There, he worked in a variety of roles in investment-focused marketing and sales.

Mike earned his B.S. from the University of Dayton.

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 seventy prior on-demand audio interviews here. Don't forget to subscribe as we release a new episode each Friday!

Employers and Retirement Plan Fiduciaries have the difficult task of selecting retirement plan advisors. The names and titles alone can be incredibly confusing! Of the 100,000 practicing advisors, 3,000 are active in the retirement market and may be considered "DC Specialists" as my guest Robin Green, SVP & Head of Data & Analytics at Ann Schleck & Company | Fi360 would call them. She breaks down DC specialists into three sub-categories: The Broker, the Cowboy, and the Consultant.

Additionally, we discuss:

• Three types of fiduciaries and what it means when an advisor claims 3(21), 3(38), and participant level fiduciary status.
• Three important questions to ask your current advisor in light of the new DOL rule.
• Weighing the difference between cost and value, and
• How model portfolios, retirement solutions, fees and expertise should be considered while benchmarking and selecting advisory services.

Episode Guest

Robin Green is Senior Vice President and head of Data & Analytics at Ann Schleck & Co., an Fi360 company. She is responsible for the proprietary databases that track on DC Specialist advisor practice management, fee, service and overall business trends. She is responsible for the Fee Almanac®, Fee Benchmarker®, IRA Fee Evaluator and the FI360 Fiduciary Score. Robin specializes in developing useful patterns, ideas and insights based on data and more than 20 years of retirement industry experience. She is a research board member at DCIIA and a frequent speaker at industry conferences. Robin has a BA from Concordia University where she graduated Summa Cum Laude.

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 seventy prior on-demand audio interviews here. Don't forget to subscribe as we release a new episode each Friday!

When I ask employers if they have the information they need on the soon to launch state run retirement plans, I get reactions that range from "What state plans?" to "Great, sounds like another scheme to fix the mess with their pension plans!" These and other responses I have gotten haven't given me a lot of confidence that information, much less accurate information, is filtering down to employers about these programs. With Oregon launching OregonSaves on July 1st, 2017 and many others likely to follow, I thought it might be a good time to revisit the topic!

I was excited to have Katie Selenski, the first Executive Director of California Secure Choice, the new state sponsored retirement plan for private sector workers in California join me on the 401(k) Fridays Podcast! During our conversation, we start with the basics of why California and other states are launching retirement plans, then move onto some recent developments on the federal level and how states plan to digest them and give Katie an opportunity to address some of the questions, misperceptions and concerns surrounding the California plan.

If you have employees in California, you should definitely check this out. If you don't, well, there are over thirty other states that are in the process of launching retirement plans so much of what we talk about will likely apply!

Guest Bio

In April 2017, Katie Selenski was appointed by California State Treasurer John Chiang to serve as the first Executive Director of the pioneering California Secure Choice Retirement Savings Investment Board, which governs the Secure Choice Program. The program will provide a path to retirement security for the seven million Californians who currently lack access to a retirement savings account via their employer, by allowing workers a simple, low cost way to save their own money and participate in professionally managed investments.

Prior to taking the helm at Secure Choice, Ms. Selenski was the State Policy Director for public pension policy at The Pew Charitable Trusts in Washington, D.C., where she managed Pew's efforts to help fiscally distressed states and cities undertake data-driven pension system improvements. Previously, she was a senior manager with the nonpartisan public sector consulting firm Harvey M. Rose Associates, based in San Francisco, where she advised policymakers on a wide array of budget, management, and policy matters, including pensions. Previously, she worked as a municipal bond rating analyst, a legislative fellow in the California Assembly, and the director of an historic statewide nonpartisan youth voter turnout initiative. Ms. Selenski has previously served on the boards of multiple nonprofit organizations.

She is a graduate of the University of Chicago and the John F. Kennedy School of Government at Harvard 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 seventy prior on-demand audio interviews here. Don't forget to subscribe as we release a new episode each Friday!

I'll have to admit, when I first heard of Don Barden and the "Perfect Plan" I was pretty skeptical. What does "perfect" mean? Who gets to judge "perfect"? My analytical mind was going crazy. However, as I became more familiar with Don and the concepts and elements he believes in, I felt it definitely made sense to bring him onto the podcast. My hope is that you will take away a few kernels of knowledge to help you rethink what retirement means along some motivation and inspiration!

Guest Bio

Don Barden is a classically trained economist who earned his M.B.A. in Global Technology Management and International Business with an undergraduate B.B.A. in Economics and Finance. He is ABD in doctoral studies with a Ph.D. in Finance. He resides in Atlanta Georgia and is fluent in international business affairs.

Don's work challenges and motivates people to think deeply about their beliefs, and reveals a plan to consistently achieve maximum communication and sales. His "unfair advantage" theories are revolutionary in today's economy as he leads you on a journey that exposes the myth of modern sales and communication techniques. He awakens your creative energy, and identifies the path to cultural change.

Expertly mixing humor, academic capital, and time-tested systems, Don engages audiences through his highly personal and interactive speaking style. Don has the unique ability to break down toxic barriers and build an irresistible and motivated force of empowered team talent.

As an author, speaker, advisor and corporate executive, Don Barden's counsel is highly sought after by some of the world's most successful businesses. His experience and record-setting sales success have drawn him to corporate and political leaders who want to tap into his real-world experience in order to move their organization to higher levels of sales and cultural achievement.

Don personally averages over $1 billion in annual sales. He is highly noted for his ability to see "three sides" to every coin. He also serves as the past Board President for The Summit Counseling Center in Atlanta, Georgia, a unique multidisciplinary, multispecialty personal and family counseling center that provides over 8,000 hours of counseling each year. Additionally, he is a leading advisor to several private schools, businesses and faith based organizations.

Don is also a passionate supporter of the US Military, especially the 1st Ranger Battalion out of Hunter Army Airfield in Savannah, Ga., and is a Special Advisor to the Sua Sponte Foundation. RLTW!

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 seventy prior on-demand audio interviews here. Don't forget to subscribe as we release a new episode each Friday!