Be More Than A Fiduciary

In this episode, Eric discussed:

• Defining your purpose 
• Finding the right people
• Bringing out the best in your team 
• The key to effective leadership 

Key Takeaways:

• Define your purpose and allow for that purpose to evolve over time. Defining your purpose is a crucial step for leaders from various fields, including parents. Purpose can change and leaders should adapt their philosophy accordingly. 
• Don’t just look for excellent employees, find the right people for the right role. Finding the right people for the right job and retaining them is a challenging and continuous process. 
• Once you’ve found the right people and put them in the right roles, you must continuously bring out the best in them by putting them through training and continuous education. 
• Setting a clear purpose, hiring skilled people, training properly, providing resources, maintaining excellence, encouraging frequently, and being an inspiring presence is key to effective leadership. 

“If we're going to be a good leader, we need to set a standard of excellence.” - Eric Dyson

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 for 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

In this episode of Friday Fiduciary Five, Eric Dyson talks about the importance of effective employee communications regarding target date funds, highlighting a white paper that found that 80% of participants understood that TDFs do not offer a guarantee, leaving 20% with a misperception. 

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.

Brendan is the Head of Retirement Investing for Nuveen where he is responsible for the firm’s DCIO efforts in the U.S. In this role, he leads strategy and distribution for Nuveen investment and TIAA lifetime income solutions in the 401(k), 403(b), and 457(b)  marketplaces. He joined the organization in 2015.

Brendan has more than two decades of retirement leadership experience in the financial services industry. A frequent speaker at industry conferences, he has been quoted in a number of publications such as the Financial Times, Investment News, and Plan Sponsor magazine, and was recently named #35 on the 2022 “401kWire 100 Most Influential People” list. Prior to joining TIAA, he was Chief Operating Officer of F-Squared Retirement Solutions, a subsidiary of F-Squared Investments. Previously, he was a Senior Vice President at Putnam Investments responsible for Defined Contribution Investment Only Business Development. In addition, he held other leadership roles at Putnam Investments including 401(k) product development, DCIO relationship management, and institutional trust services.

Brendan graduated with a B.S. in Business Administration from St. Joseph’s College and an M.B.A. from the Carroll School of Management at Boston College.

In this episode, Eric and Brendan McCarthy discuss:

• Transforming retirement outcomes
• Providing guaranteed income 
• Utilizing target date funds 
• Acting on innovative solutions 

Key Takeaways:

• Plan sponsors/advisors can transform retirement outcomes for participants by offering retirement income solutions like annuities within 401(k) plans, providing guaranteed lifetime income. Annuities shift longevity risk from employees to insurance providers, ensuring participants don't run out of income in retirement.
• Employers can offer annuity options in 401(k) plans to provide pension-like guaranteed income without offering traditional pensions. Seek guidance from retirement plan consultants, product manufacturers, and record keepers when considering retirement income solutions. 
• Industry trade groups offer certification programs to enhance advisors' knowledge of retirement income. Target date funds with embedded annuities gradually shift to guaranteed income as participants approach retirement.
• Record keepers face complexities in complying with legislation like SECURE 2.0 but are working to implement retirement income solutions. Young advisors should act now on innovative solutions to help employees build retirement savings.

“Our belief is that simple, low cost, and portable will win that. For anything to be successful in a 401k plan today, it needs to be simple, low cost, and portable.” - Brendan McCarthy

Connect with Brendan McCarthy:

Website: https://www.nuveen.com/global/ 

LinkedIn: https://www.linkedin.com/in/brendan-mccarthy-4616ab8/ 

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 for 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.

In this episode of Friday Fiduciary Five, Eric Dyson talks about the importance of leadership in the retirement plan space, drawing on his 10 years of Navy leadership experience. 

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.

In this episode, Eric, Ralph Ferraro, and Matthew Condos discuss:

• Shifting from accumulation to guaranteed income
• How lifetime income solutions address retirement stressors 
• The spectrum of retirement income solutions 
• The trend in lifetime income solutions 

Key Takeaways:

• Defined contribution retirement plans need a greater focus on income solutions. It’s important to focus on offering a broad array of options. Consider the scalability and institutional pricing of defined contribution plan solutions and how that makes them ideal for guaranteed income. 
• According to research, contributions and participation rates increase when guaranteed income is offered. The transfer of risk-benefit of lifetime income solutions addresses financial stressors related to retirement. 
• There is a spectrum of retirement income solutions. It ranges from systematic withdrawals to immediate annuities, with middle-ground products that offer flexibility and certainty. Evaluate different products and their trade-offs using checklists and resources. 
• There is a trend in the adoption and success of lifetime income solutions of success with government clients due to their understanding of traditional pension plans and the benefits of guaranteed income. Auto-enrollment and auto-increase features have the potential to drive the adoption of guaranteed income solutions. 

“We think that there's a lot of value in ensuring that you offer a broad array of solutions to your employees. So within the retirement plan, we need to move beyond just accumulation now to and savings to the income side” - Ralph Ferraro

Connect with Ralph Ferraro:

LinkedIn: https://www.linkedin.com/in/ralph-ferraro-6355932/ 

Connect with Matthew Condos:

LinkedIn: https://www.linkedin.com/in/matthew-condos-8630027a/ 

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 for 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.

In this episode of Friday Fiduciary Five, Eric Dyson talks about the Department of Labor's guidance on target-date funds (TDFs), emphasizing the importance of inquiring about non-proprietary TDFs, regardless of plan size, as per DOL guidance. 

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.

Bonnie’s passion is sharing her knowledge with financial advisors. When she founded Endeavor Retirement, her goal was to make retirement legislation easy to understand. She keeps advisors up to date on the rules and regulations through her webinars, presentations, and consultations. The result — advisors and consultants help more people access their retirement savings.

In this episode, Eric and Bonnie Treichel discuss:

• Next practices  when making meeting minutes
• How much is enough
• What SHOULD be included
• What is unnecessary
• Avoiding potential issues by following the plan document 
• Documenting processes in target date funds 
• ESG is an extension of the fiduciary process 

Key Takeaways:

• When making meeting minutes, strike the perfect balance between including enough information to demonstrate loyalty and prudence without being overly detailed. Avoid having conflicting sets of minutes.  Document who was present, what their role is, and the topics covered. Include supporting documents and references in meeting minutes. 
• Follow the plan document to avoid potential issues with compliance, forfeiture accounts need to be spent according to the plan document. One way where advisors can help out plan sponsors is with fiduciary calendars and checklists. 
• Follow a prudent process with target date funds and document that process. As an advisor, you must help plan sponsors with benchmarking and RFPs. Commit to regularly reviewing the DOL’s 2013 Target Date Fund Tips. 
• ESG is not a separate process but an extension of the existing fiduciary process. Document the rationale for including ESG factors and ensure that they are in the best financial interest of participants. 
• Advisors need to help plan sponsors understand their fiduciary liability insurance and their role as a fiduciary. 

“It's up to us over time to piece together these best practices. This is iterative, you have to meet people where they are. So you should do a more comprehensive fiduciary training once a year.” - Bonnie Treichel

Connect with Bonnie Treichel:

Website: https://endeavor-retirement.com/ 

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

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 for 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.

In this episode of Friday Fiduciary Five, Eric Dyson talks about the importance of reviewing fund fees and investment expenses in target date funds (TDFs) for ERISA plan committee members and industry professionals.

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.

Kevin Morgan is the Managing Director for Retirement Investment Consultant at J.P. Morgan Asset Management, covering TX, CO, OK, NE, AR, & LA

Kevin lives just outside Fort Worth, TX has been with JP Morgan for 12 years, & is a 25-year veteran of the qualified plan industry. He has extensive experience in investment strategies, 401(k) plan sales, plan implementation/conversions, relationship management with plan sponsors, and direct participant communication/education. Prior to joining J.P. Morgan, Kevin held positions with Fidelity & Deutsche Bank. 

Kevin holds NASD series 6, 63, 3 & 30 licenses. He attended the University of Cincinnati.

In this episode, Eric and Kevin Morgan discuss:

• Avoiding inefficient assumptions 
• Treating participants as individuals, not as a group of “averages.”
• What’s at stake in plan design decisions for the quality of life of employees; now and in retirement.

Key Takeaways:

• Plan sponsors think consultants are clicking through all the technology and information for participants, while consultants think participants have access to everything. In reality, it does not happen often enough - it's just inefficient assumptions on both sides.
• Always communicate, and don’t make assumptions about "the average" participant or plan sponsor. Treat every plan sponsor individually, survey their culture, employee tenure, and what success looks like for their 401(k) plan. 
• Look at your plan through a window, and not a mirror. Understand the specifics, don’t treat it as a mirror of yourself. Select only the target date funds that are suited to your participants’ risk tolerances and auto-escalation. 
• A small difference in savings can drastically impact someone's dignity and quality of life in retirement. That’s why we must ensure people have enough wealth to live retirement on their own terms after working so hard.

“Your job is to look at your company and your plan through a window and not through a mirror.” - Kevin Morgan

Connect with Kevin Morgan:

LinkedIn: https://www.linkedin.com/in/kevin-morgan-0a95bba/ 

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 for 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.

In this episode of Friday Fiduciary Five, Eric Dyson talks about the importance of understanding TDF investments and glide paths, highlighting the need for tools to match demographics with the right glide path.

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.