As Vice President of Human Resources at Glazer’s Beer & Beverage, Jonathan collaborates with his GBB colleagues to establish, implement, and improve people strategies and processes.

Prior to joining GBB, Jonathan held HR executive roles across various industries, spanning over 20 years. His previous roles include stops at M&M Manufacturing (a Berkshire Hathaway operating company), Southern Glazer’s Wine & Spirits, Lennox International, Carrier Enterprise, and Alliance Data (now Bread Financial). Jonathan earned his BBA from Southern Methodist University in Dallas, TX, and his MBA from Regis University in Denver, CO.

Jonathan resides in Plano, TX, with his wife and has two grown children. He spends his free time running, learning how to play the piano, and spending time with friends.

In this episode, Eric and Jonathan Lee discuss:

• Patience and Integrity in HR Careers
• Attracting and Retaining the Right Talent
• The Power of Education and Clarity
• HR’s Role in Enterprise Value

Key Takeaways:

• Young HR professionals succeed by being patient, understanding their role, asking questions, and holding firm to integrity.
• The ongoing challenge is finding employees who fit both technically and culturally, while keeping them engaged with meaningful work.
• HR plays a critical role in helping employees—especially younger ones—understand savings, benefits, and the link between financial and health decisions.
• HR is not just a cost center but a driver of organizational value when it partners with service providers and aligns employee well-being with company success.

“At the end of the day, regardless of whatever role you have, your integrity is really all you have. That's what you trade with. So let your actions speak louder than your words, and let your words be consistent with your actions.” - Jonathan Lee

Connect with Jonathan Lee:

Website: https://www.glazersbeer.com/ 

LinkedIn: https://www.linkedin.com/in/jonathanhlee/ 

Connect with Eric Dyson: 

Website: https://90northllc.com/

Phone: 940-248-4800

Email: [email protected] 

LinkedIn: https://www.linkedin.com/in/401kguy/ 

The information and content of this podcast are general in nature and are provided solely for educational and informational purposes. It is believed to be accurate and reliable as of the posting date, but may be subject to change

It is not intended to provide a specific recommendation for any type of product or service discussed in this presentation or to provide any warranties, investment advice, financial advice, tax, plan design, or legal advice (unless otherwise specifically indicated). Please consult your own independent advisor as to any investment, tax, or legal statements made.

The specific facts and circumstances of all qualified plans can vary, and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan-specific circumstances.

In this episode of Friday Fiduciary Five, Eric Dyson talks about the LabCorp case, focusing on record-keeping fees. Plaintiffs argued fees should be $20-$25 per person per year, while the plan completed RFIs in 2017, 2019, and benchmarked in 2021 and 2022. The court found the process met the standard of care, though some argue a competitive bid process might have been more effective. Eric emphasizes the importance of fiduciary duty in looking out for participants' best interests. He plans to cover share classes and float income in upcoming episodes, aiming to educate and equip plan sponsors and advisors to improve participant outcomes.

Connect with Eric Dyson: 

Website: https://90northllc.com/

Phone: 940-248-4800

Email: [email protected] 

LinkedIn: https://www.linkedin.com/in/401kguy/ 

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

The specific facts and circumstance of all qualified plans can vary and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan specific circumstances.

Jenny Kiesewetter has more than 24 years of experience advising businesses in ERISA, employee benefits, compensation, fiduciary responsibility, and compliance matters.

As a member of the firm’s Employee Benefits and Tax Practice in Nashville, she advises clients on all aspects of employee benefits and executive compensation, including qualified and nonqualified retirement plans, health and welfare benefit plans, cafeteria plans, severance plans, and equity-based compensation plans.

Jenny has also worked with businesses and investors during mergers and acquisitions, focusing on due diligence and compliance related to employee benefit plans, including retirement, health and welfare, and executive compensation plans. Additionally, she has worked on many post-acquisition employee benefit matters, specifically related to plan compliance and correction.

Jenny earned her law degree from the University of Tennessee College of Law, Knoxville, as well as a master’s in communications. She earned her undergraduate degree from the University of Florida. She has been consistently recognized by U.S. News - Best Lawyers for ERISA Litigation and Employee Benefits (ERISA) Law.

Jenny is a frequent speaker and author on topics including ERISA, employee benefits, retirement plans, health plans, and statutory and regulatory compliance.  To subscribe to her LinkedIn newsletter “ERISA Explained,” please visit - https://www.linkedin.com/newsletters/erisa-explained-7083416224222601216/ 

In this episode, Eric and Jenny Kiesewetter discuss:

• Fiduciary responsibility in ERISA health plan oversight
• Conducting proper due diligence for health plan service providers
• Securing and ensuring access to health plan data
• Reviewing provider fee disclosures

Key Takeaways:

• Selecting and monitoring health plan providers is an ongoing fiduciary function. Sponsors must document their decision-making and maintain oversight even after hiring a provider.
• When choosing a broker or advisor, conduct thorough due diligence. Interview multiple candidates, review their experience, services, and fees, and ensure they fit your organization’s needs.
• Plan sponsors should secure access to all necessary health plan data. Owning and understanding this data is critical for informed fiduciary decisions and compliance with federal laws.
• Review 408(b)(2) fee disclosures from health plan service providers. Missing or incomplete disclosures can create compliance risks and may be seen as an unreasonable relationship by the Department of Labor.

“You can't make fiduciary decisions if you don't know what the data says. That's my opinion. You have to understand what the data says to be able to make the right fiduciary decisions.” - Jenny Kiesewetter

Connect with Jenny Kiesewetter:

LinkedIn: https://www.linkedin.com/in/jennykiesewetter/ 

Connect with Eric Dyson: 

Website: https://90northllc.com/

Phone: 940-248-4800

Email: [email protected] 

LinkedIn: https://www.linkedin.com/in/401kguy/ 

The information and content of this podcast are general in nature and are provided solely for educational and informational purposes. It is believed to be accurate and reliable as of the posting date, but may be subject to change

It is not intended to provide a specific recommendation for any type of product or service discussed in this presentation or to provide any warranties, investment advice, financial advice, tax, plan design, or legal advice (unless otherwise specifically indicated). Please consult your own independent advisor as to any investment, tax, or legal statements made.

The specific facts and circumstances of all qualified plans can vary, and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan-specific circumstances.

In this episode of Friday Fiduciary Five, Eric Dyson talks about the August 2025 Executive Order by President Trump on alternative investments in 401(k) plans. He references his article in 401(k) Specialist Magazine, Private Equity in 401(k) Plans: Policy Shift or Practical Reality? and the 90 North newsletter - Private Equity in 401(k) Plans: What Fiduciaries Must Know.

The order does not mandate private equity inclusion but allows plan sponsors to consider it. Eric emphasizes the need for plan sponsors to revisit their investment policies, consult advisors, and prepare participant communications. He highlights the importance of daily valuation and liquidity in 401(k) plans and advises a wait-and-see approach. Eric also references 2013 DOL guidance on target date funds, stressing understanding fund investments and strategies to include awareness and understanding of underlying investments in TDFs.

Connect with Eric Dyson: 

Website: https://90northllc.com/

Phone: 940-248-4800

Email: [email protected] 

LinkedIn: https://www.linkedin.com/in/401kguy/ 

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

The specific facts and circumstances of all qualified plans can vary, and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan's specific circumstances.

Tom Kmak is the co-founder and Chief Executive Officer of Fiduciary Decisions (FDI, formerly Fiduciary Benchmarks). During his 16 years with the firm, FDI has become the industry’s leading firm for benchmarking retirement plans using a patented approach that recognizes the mathematical truth that “Fees Without Value is a Meaningless Comparison.” 

Tom is pleased to say that FDI’s benchmarking service is used by 70% of the largest and most prestigious Recordkeepers as well as over 60% of the best Retirement Plan Advisors, as recognized by various industry publications. 

Tom has also been involved in the development of other services at Fiduciary Decisions, such as the Rollover Decision Support System supporting DOL PTE 2020-02, as well as the interactive plan design tool called the Retirement Outcomes Evaluator. 

Prior to founding FDI in 1990, Tom started the JPMorgan Retirement Plan Services business with American Century. Upon leaving in October 2007, that business employed 1,100 people serving two hundred large plan sponsors with over 1.5 million participants and more than $115 billion in assets. During his career with Retirement Plan Services, the company initiated numerous industry firsts, including no blackout conversions and the innovative employee education program, Audience of One. Tom also served on the Executive Committee for JPMorgan’s asset management business. 

Tom graduated Phi Beta Kappa from DePauw University with a B.A. degree in Economics and Computational Mathematics. He was the first graduate of the prestigious Management Fellows Program, and he was a 3-year letterman in intercollegiate basketball.

In this episode, Eric and Tom Kmak discuss:

• Do Managed Accounts Provide Personalized Value?
• Does a Dynamic QDIA Enhance Individualization?
• Evaluation Requires Comprehensive Tools and Criteria
• Retirement Outcomes Should Be the Priority

Key Takeaways:

• Managed accounts can help participants who lack time or investment expertise by providing personalized guidance that can improve decision-making and long-term retirement outcomes.
• Dynamic QDIA strategies are intended to tailor investments to each participant’s age, account balance, and financial situation, and can potentially create a more individualized approach to retirement planning.
• The goal of adopting managed account solutions should be to improve retirement readiness and long-term results, with fees considered in the context of overall value and personalization.

“We've had some people say publicly, the reason I like managed accounts is they can't be benchmarked, to which we replied, hold my beer.” - Tom Kmak

Connect with Tom Kmak:

Website: https://www.fiduciarydecisions.com/team/tom-kmak/ 

LinkedIn: https://www.linkedin.com/in/thomas-kmak-5635b77/ 

Connect with Eric Dyson: 

Website: https://90northllc.com/

Phone: 940-248-4800

Email: [email protected] 

LinkedIn: https://www.linkedin.com/in/401kguy/ 

The information and content of this podcast are general in nature and are provided solely for educational and informational purposes. It is believed to be accurate and reliable as of the posting date, but may be subject to change

It is not intended to provide a specific recommendation for any type of product or service discussed in this presentation or to provide any warranties, investment advice, financial advice, tax, plan design, or legal advice (unless otherwise specifically indicated). Please consult your own independent advisor as to any investment, tax, or legal statements made.

The specific facts and circumstances of all qualified plans can vary, and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan-specific circumstances.

In this episode of Friday Fiduciary Five, Eric Dyson discusses intricate details of retirement plan record-keeping fee structures, emphasizing the importance of understanding those details. He references a case where a plan with several hundred million dollars and thousands of participants decided to eliminate revenue sharing and conduct an advisor search. Eric explains the nuances of fee assessment, including the decision to charge participants on a per-head basis rather than an asset basis, and the potential implications of excess or shortage in revenue. He advises plan committees to regularly review their fee structures and ensure complete understanding, transparency, and proper documentation.

Connect with Eric Dyson: 

Website: https://90northllc.com/

Phone: 940-248-4800

Email: [email protected] 

LinkedIn: https://www.linkedin.com/in/401kguy/ 

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

The specific facts and circumstances of all qualified plans can vary, and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan's specific circumstances.

Now “retired” (whatever that means), Nevin is the former Chief Content Officer and Head of Retirement Research for the American Retirement Association. One of the retirement industry’s most prolific writers, these days he’s “retired”, which means he writes less, but continues to keep his eye on developments in, and threats to, the nation’s private retirement system. He’s the Chief Advisor Strategist at Endeavor Retirement, and he’s also the “Nevin” in the Nevin & Fred podcast (along with renowned ERISA attorney Fred Reish), offering irreverent, but relevant perspectives on the critical issues confronting plan sponsors, advisors, and retirement industry professionals. Prior to his time at the ARA, he was the Employee Benefits Research Institute’s Director of Education and External Relations, Co-Director of EBRI’s Center for Research on Retirement Income, and Director of the American Savings Education Council, and prior to that, spent a dozen years as Global Editor-in-Chief of PLANSPONSOR magazine and PLANSPONSOR.com, as well as PLANADVISER and PLANSPONSOR Europe magazines. He was the originator, creator, writer, and publisher of PLANSPONSOR.com’s NewsDash. He began his retirement services career at Northern Trust in Chicago, where he later served in a variety of management roles, culminating in the development of a proprietary recordkeeping platform, and at Wachovia Bank, leading their defined contribution/recordkeeping businesses.

In this episode, Eric and Nevin Adams discuss:

• Retirement income requires tailored solutions.
• Fiduciary roles shift after adoption.
• Default options remain a challenge.
• Adoption will be gradual and cautious.

Key Takeaways:

• There’s a wide range of income options beyond annuities, but each plan should carefully assess its participants’ needs before implementing anything.
• Choosing to offer a retirement income option begins as a settlor decision, but once implemented, it becomes a fiduciary duty to select the specific solution, to monitor, and manage.
• Auto-enrolling participants into lifetime income products is complex—many don’t fully grasp the trade-offs, and surveys show mixed interest.
• Due to regulatory uncertainty and logistical hurdles, most plan sponsors are expected to move conservatively, guided by education and expert consultation.

“How are we making default lifetime income assumptions about people on a generic basis without some of that nuance? Aren't you, almost by definition, creating a product that's not really going to fit people anyway?” - Nevin Adams

Connect with Nevin Adams:

Website: https://nevinandfred.com/ 

LinkedIn: https://www.linkedin.com/in/nevinadams/ 

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

Email: [email protected] 

LinkedIn: https://www.linkedin.com/in/401kguy/ 

The information and content of this podcast are general in nature and are provided solely for educational and informational purposes. It is believed to be accurate and reliable as of the posting date, but may be subject to change

It is not intended to provide a specific recommendation for any type of product or service discussed in this presentation or to provide any warranties, investment advice, financial advice, tax, plan design, or legal advice (unless otherwise specifically indicated). Please consult your own independent advisor as to any investment, tax, or legal statements made.

The specific facts and circumstances of all qualified plans can vary, and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan-specific circumstances.

In this episode of Friday Fiduciary Five, Eric Dyson discusses the importance of details in fiduciary work, referencing Admiral Hyman Rickover's saying, "The devil's in the details, but so is salvation." He explains his process of conducting advisor searches for plan sponsors, emphasizing the need to understand pricing models, particularly asset-based pricing. Eric highlights a case where a plan's participant count increased from 3,000 to 3,600, affecting the per head pricing whereas record keeper's overall revenue was unchanged. He advises advisors to focus on the cost per head to better understand pricing changes and complexities, promising to delve deeper into benchmarking details in future episodes.

Connect with Eric Dyson: 

Website: https://90northllc.com/

Phone: 940-248-4800

Email: [email protected] 

LinkedIn: https://www.linkedin.com/in/401kguy/ 

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

The specific facts and circumstances of all qualified plans can vary, and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan specific circumstances.

Mike DiCenso is a seasoned professional in the retirement industry, carrying over three decades of rich experience. His expertise spans a broad range of competencies:

• Crafting visionary strategies and direction, marked by critical thinking and market leadership Proficient in practice management and mastering business metrics
• Demonstrated organizational leadership, with a focus on revenue, asset, and profit growth
• Proven track record in sales and marketing leadership, formulating effective models, and offering mentoring
• Remarkable team-building and recruitment capabilities
• Strong expertise in managing mergers and acquisitions
• Held prominent positions such as CEO, COO, and CMO
• Well-versed in providing holistic solutions and leadership

In this episode, Eric and Mike DiCenso discuss:

• Non-qualified plans are a strategic opportunity needed by companies, but many advisors still fail to consider
• Flexible by design, powerful in execution
• A high-impact solution for industries where leadership churn is costly
• Execution is everything: design with care, comply with precision

Key Takeaways:

• Despite their potential to transform executive compensation, non-qualified plans remain overlooked, especially in the small to mid-sized business segment. Yet, for companies with 5–100 employees, these plans can be the missing piece in retaining key leaders and crafting a compelling rewards strategy that traditional retirement plans can’t match.
• Unlike more narrow guard rails of qualified plans, non-qualified deferred compensation offers immense design freedom. Whether it’s deferred bonuses, phantom stock, or performance-based vesting, companies can align rewards with real results, giving them the power to incentivize the exact behaviors and milestones that drive growth.
• Sectors plagued by executive turnover (construction, tech, engineering, and others) stand to gain the most benefit. Non-qualified plans provide a long-term golden thread, tying top performers to the company’s future and reducing the risk of talent loss to competitors.
• These plans demand more than just enthusiasm, however. They require thoughtful planning, buy-in from leadership, and strict alignment with IRS Section 409A. Begin with your CFO or HR lead, engage vetted providers, and never promise what you can’t fund. A well-run plan earns loyalty. A careless one invites risk.

“The big key to this is plan design. That's where the rubber meets the road, and that's where the true benefit arrives.” - Mike DiCenso

Connect with Mike DiCenso:

LinkedIn: https://www.linkedin.com/in/michael-dicenso-a479b16/ 

Connect with Eric Dyson: 

Website: https://90northllc.com/

Phone: 940-248-4800

Email: [email protected] 

LinkedIn: https://www.linkedin.com/in/401kguy/ 

The information and content of this podcast is general in nature and is provided solely for educational and informational purposes. It is believed to be accurate and reliable as of the posting date but may be subject to change

It is not intended to provide a specific recommendation for any type of product or service discussed in this presentation or to provide any warranties, investment advice, financial advice, tax, plan design or legal advice (unless otherwise specifically indicated). Please consult your own independent advisor as to any investment, tax, or legal statements made.

The specific facts and circumstances of all qualified plans can vary and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan-specific circumstances.

In this episode of the Friday Fiduciary Five, Eric Dyson discusses the current “Hot Topics” for ERISA plans. Leading the list is the Cunningham v. Cornell decision, which shifts the burden of proving exemptions in prohibited transactions to fiduciaries. Fee and forfeiture litigation remains active, with dozens of new cases this year. Health plan fiduciary risks—such as mental health parity rules and PBM transparency—are under increased scrutiny. SECURE 2.0 compliance, especially auto-enrollment and catch-up contributions, is still a key focus. Emerging risks around AI, cryptocurrency, ESG, and private equity in 401(k) plans are also highlighted. Dyson emphasizes strong fiduciary governance and stewardship.

Included in this episode are references to previous podcast episodes that address many of these issues.

Connect with Eric Dyson: 

Website: https://90northllc.com/

Phone: 940-248-4800

Email: [email protected] 

LinkedIn: https://www.linkedin.com/in/401kguy/ 

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

The specific facts and circumstances of all qualified plans can vary, and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan specific circumstances.