In this episode, we explore how large-cap value investing fits into a well-structured 401(k) plan investment menu with the help of Devin Armstrong, co-lead manager of the Invesco Comstock Fund, who is Senior Portfolio Manager and Director of U.S. Value Research at Invesco.

With market uncertainty and shifting economic conditions, value investing remains a compelling strategy for long-term retirement savers. Armstrong breaks down why large-cap value stocks help to diversify 401(k) plan holdings, and walks us through the team’s unique contrarian approach and classic value investing techniques that distinguish the Invesco Comstock Fund.

Key Insights

Importance of Large-Cap Value in 401(k) Plans
Large-cap value investing plays a crucial role in 401(k) investment menus by providing diversification and long-term stability. As market cycles shift between growth and value investing, maintaining exposure to both styles ensures a balanced portfolio and mitigates risk​.

Market Shifts and Investment Strategy
The economic environment is changing, with inflation and rising interest rates creating a more favorable backdrop for value stocks. Historical data shows that during inflationary periods, value stocks tend to outperform growth stocks, making them a strong consideration for retirement portfolios​.

Invesco’s Contrarian Approach
The Invesco Comstock Fund follows a disciplined, valuation-driven approach. The team seeks undervalued companies facing temporary challenges, aiming to capitalize on market dislocations while maintaining a long-term investment perspective​.

It was announced at the start of the recent Viking Cove Institute 2025 Industry Leaders Summit that well-known retirement industry veteran Amy Glynn would be taking the reins as President at the unique independent organization that boasts a membership of over 600 advisors across roughly 200 firms.

Glynn joins the 401(k) Specialist Pod(k)ast to talk about the transition, the recent summit, why advisors need independent guidance, and some key new initiatives set to roll out this year at Viking Cove.

Key Insights:

Industry Leadership Shift at Viking Cove Institute
Amy Glynn has taken over as President of Viking Cove Institute, bringing a fresh vision to support independent retirement advisors with resources and networking​.

Expansion of Financial Services & Initiatives
Viking Cove is launching new initiatives, including the VCI 100 annual insights, enhanced technology for community circles, and expanded fiduciary certification programs​.

Advocacy for Diversity & Women’s Leadership
Glynn is leading efforts to support women in the retirement industry through the Women in Pension Network, Women on Boards 50/50, and Viking Cove’s leadership summi

The “flavor of the month” in retirement plan ERISA lawsuits seems to be 401(k) forfeiture reallocation cases, where employers are accused of using forfeited funds to benefit the company instead of plan participants.

Richard Clarke, Chief Insurance Officer at Colonial Surety Company, a leading direct seller and writer of surety bonds, joins the 401(k) Specialist Podcast to address why plan sponsors need to remain vigilant and have the proper guardrails in place to mitigate the risk of a costly lawsuit.

He’ll also talk about some of the new SECURE 2.0 provisions and how plan sponsors can safeguard against fiduciary breaches resulting from the new provisions.

Key Insights

Rise in 401(k) Forfeiture Lawsuits: ERISA lawsuits targeting 401(k) forfeiture reallocations are increasing, with plan sponsors accused of misusing forfeited funds instead of reinvesting them for participants​.

Fiduciary Liability Risks: Plan fiduciaries face personal liability if forfeitures are not handled in accordance with ERISA guidelines, emphasizing the need for proper safeguards​.

Secure 2.0 Compliance Challenges: New Secure 2.0 provisions create compliance hurdles for plan sponsors, including higher RMD ages, emergency withdrawals, and expanded eligibility rules​

High-profile retirement plan advisor Holly Knight joins the 401(k) Specialist Podcast in this episode to discuss her recent move from NFP to Alera Group, where she is in the newly created role of “Director of Retirement Advisor Services.”

Knight explains the rationale behind the move and why she believes the young and growing company is uniquely positioned to deliver true financial integration for its clients, and how she plans to tackle the task of building scalable infrastructure.

Key Insights:

1. Financial Wellness Integration: Holly Knight emphasizes embedding financial wellness into benefits, retirement, and wealth services rather than treating it as a standalone offering.
2. Scalability & Innovation: Alera Group’s approach focuses on building scalable, high-impact financial services by leveraging technology, data, and strategic partnerships.
3. Retirement Industry Evolution: The shift towards holistic financial services aims to simplify participant engagement while enhancing decision-making and long-term outcomes.

SEE ALSO:

• Alera Group Names Retirement Advisor Services Director

A second Trump Administration, coupled with new leadership at the SEC and Department of Labor, brings the potential for significant changes in the regulatory environment in Washington, including discussions that could impact retirement tax incentives and their role in encouraging long-term savings.

For insight on what this could mean when it comes to the retirement industry, we check in with Eric J. Pan, President and CEO of the Washington, D.C.-based Investment Company Institute. ICI is the leading association representing the interests of regulated funds and the more than 120 million Americans who depend on them to achieve long-term financial goals including retirement.

He chimes in on ICI’s new “Help U.S. Retire” advocacy campaign, changes at the SEC, the need to protect the tax treatment of retirement savings, and why the 401(k) is envied by countries around the world.

Key insights:

1. Preserving Retirement Tax Benefits: The ICI’s “Help U.S. Retire” campaign emphasizes safeguarding retirement tax incentives for retirement savings amid potential policy changes.
2. Leveling the Retirement Playing Field: Efforts to include collective investment trusts (CITs) in 403(b) plans aim to provide broader investment options and reduce costs for participants.
3. Global Recognition of the U.S. 401(k) System: The U.S. 401(k) system is globally admired for its success in fostering retirement savings, serving as a model for other nations.

The Social Security Fairness Act was signed into law by President Joe Biden on Jan. 6 thanks to strong bipartisan support. The intent was to provide greater retirement security and “fairness” to people who have dedicated their careers to public service, with bill supporters saying the old law unfairly stripped many low-income government and public workers of the benefits they deserve.

But did they get it wrong? Andrew G. Biggs, senior fellow at the American Enterprise Institute and a nationally recognized expert on retirement issues and Social Security policy, makes a compelling argument for why the Social Security Fairness Act essentially amounts to a $200 billion giveaway to people who neither need the benefits nor paid into the system to receive them.

Key Insights

• Impact of Social Security Fairness Act: The repeal of WEP and GPO provisions increases Social Security benefits for public sector employees but raises concerns about fairness and financial sustainability​.
• Public Sector Pension Dynamics: Many public employees benefit from generous pensions and may now receive additional Social Security benefits, leading to "double-dipping" concerns​.
• Fiscal Consequences: The $200 billion cost of the legislation accelerates the depletion of Social Security trust funds, threatening long-term sustainability​.

With the new year quickly approaching, it’s a good time to think about some of the key trends to watch out for in 2025. Vanguard Head of Defined Contribution Research Jeff Clark—who is the author of the company’s popular “How America Saves” research—joins the 401(k) Specialist Podcast to talk about four 2025 retirement trends he anticipates will impact the workplace retirement plan market next year. podcast here 

Clark covers growing Roth contribution options, increases in auto enrollment, why to expect a broader focus on financial wellness, and continued momentum for in-plan lifetime income options.

t’s always important for retirement plan advisors to know the primary concerns and interests of 401(k) participants in order to be able to communicate with them effectively.

Invesco recently conducted some new research on the mindset of participants, and in this episode of the 401(k) Specialist Pod(k)ast, we talk with Greg Jenkins, Managing Director and Head of Institutional Defined Contribution at Invesco, who shares some surprising findings uncovered by the new research, and what advisors can learn from it.

Key Insights:

1. Participants’ Financial Concerns: Inflation, rising costs, and healthcare expenses are top concerns for 401(k) participants, significantly outweighing worries like job security.
2. Miscommunication on Retirement Income: Only 30% of participants recall receiving information about turning 401(k) balances into retirement income, highlighting a communication gap.
3. Target Date Fund Misunderstandings: A significant percentage of participants misuse target date funds, holding multiple TDFs or combining them with other investments for "diversification".

Invesco partnered with Ipsos to conduct an online survey of 583 defined contribution plan participants (May-July 2024). Participant respondents had following characteristics: Age 25-65 years old; Personal income $30,000+; Employed full-time for an organization for 1+ years; Employer has 1,000+ employees; Actively contributing to a defined contribution plan; Does not work in education, financial services, the federal government, or involved in the management of or decisions regarding employer’s retirement plans.

Source for all data: May 2024 online survey by Invesco and Ipsos. Invesco is not affiliated with Ipsos.

Invesco Distributors, Inc. is the US distributor for Invesco’s retail products.

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In this episode, we sit down with Pete Welsh, Managing Director of Retirement and Wealth at Inspira Financial, to explore the complexities of company mergers and their impact on retirement plans. 

Welsh sheds light on what happens when businesses with different retirement plans merge, outlining key outcomes and compliance concerns. He also provides expert guidance on plan terminations and offers insights into how companies can navigate these intricate processes while staying compliant with federal regulations.

The small to mid-size business retirement plan market is a key growth opportunity for advisors who are looking to expand their client base and provide much-needed benefit solutions to a traditionally underserved segment.

With all the new tax incentives for startup plans and state mandates to either offer a plan or have employees opted-in to a state-run auto-IRA program, the time has never been better to get smaller businesses on board with starting a plan—which can lead to additional opportunities on the wealth management side.

To learn more about the SMB market, we’re joined by Sean Jordan, Vice President of Small and Mid-Market Segments at Principal Financial Group, to discuss why advisors need be paying close attention to this segment.