401(k) Fridays Podcast

Episode Summary

Here is another Sponsor Spotlight episode, where we interview an employer who took a different approach or strategy to change participant behaviors and outcomes.  In this episode, I had the pleasure of speaking with Sarah Redgrave, the Vice President of Total Rewards at KinderCare Education.  Sarah shares a unique approach she and her team took to integrate the 401(k) plan communication into their new total rewards strategy.  While the campaign had some surprising and positive results, the real benefit of this episode is Sarah’s introspective, honest and motivational thoughts she shares with employers on finding your north star, blazing new trails and bravery in business.  Finally, be sure to stick around after the interview for a new closing segment called the 401(k) Fridays Fiduciary Fact and Folly.  

Guest Bio

Sarah has over 15 years of international experience in benefits, compensation, internal communication, and change management. 

Currently she is accountable for the Total Rewards programs within KinderCare Education, a provider of early chilcare education with 30,000 employees across the United States.

Previously, she was accountable for Eddie Bauer’s Benefits, Compensation, Employee Communication, and Recognition Programs across the US, Canada, and Hong Kong. 

Prior to Eddie Bauer, she helped to build and lead the Communication and Change Management Practice at Hymans Robertson, a UK-based HR consulting firm. She spent five years as a communication consultant for Eckler Partners in Toronto, a pension and benefit consulting firm, where she consulted to clients across a wide variety of industries; and provided solutions that helped keep employees informed and engaged through times of significant cut-backs. 

401(k) Fridays Overview

Welcome to the 401(k) Fridays Podcast, where employers come to learn and retirement industry leaders come to share their unique stories, experiences and perspectives.  My name is Rick Unser, and I am your host.  Each episode leverages my nearly two decades of experience as a retirement consultant and features a candid interview with an industry expert to help enhance fiduciary protection, streamline plan operations or improve participant retirement readiness.  

For more information please visit www.401kfridays.com

Episode Description

It should be no surprise that 401(k) plan fees have been the hot topic of discussion amongst both plan sponsors and the industry.  With fee disclosure regulations, a growing number of lawsuits and the press all swirling around the issue the need for plan fiduciaries to have a process to both understand and evaluate plan fees for reasonableness has never been more important.  My guest, Tom Kmak, the CEO and co-founder of the firm Fiduciary Benchmarks which provides independent, comprehensive and informative fee benchmarking services is in a unique position in this conversation, over the past 9 years they have evaluated and benchmarked the fees of over 80,000 retirement plans.  During our conversation, Tom specifically shares his experience and perspective on how to create a meaningful fee benchmarking process.  As a 30 year industry veteran, he also shares great stories, analogies and opinions to help employers understand and process some of the more controversial and complex topics around 401(k) plan fees.  Be sure to listen for his thoughts on flat dollar participant fees, why the DOL did not use the word “lower” in their recent fee disclosure regulations and much more!

Guest Bio

CEO and co-founder of Fiduciary Benchmarks, 2007 to current.  Fiduciary Benchmarks (FBi) is a premier and patented benchmarking service (U.S. Patent 8,510,198) for defined contribution plans that uses various mathematical models to help fiduciaries determine whether the fees they are paying to their service providers are reasonable in light of the value being received.  Through their construction and presentation, FBi reports give plan decision makers the context necessary to improve decisions and positively affect the measures of long-term plan success.  FBi reports are available primarily through advisor/consultants, recordkeepers, TPAs and other plan service providers. 

Prior to founding FBi, Tom Started the JPMorgan Retirement Plan Services business in 1990 with American Century.  Upon leaving in October 2007, that business employed 1,100 people serving 200 large plan sponsors with over 1.5 million participants and more than $115 billion in assets.

During his 18 years 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.

Named by Ingram’s magazine as one of Kansas City’s inaugural class of “Forty most influential people under Forty,” Tom is a recognized expert in the retirement services industry who has been a featured speaker at various conferences and has published articles in some of the most well-known periodicals in the industry.

Graduated Phi Beta Kappa from DePauw University with B.A. degrees in Economics and Computational Mathematics.  He is also the first graduate of the Management Fellows Program and 3 year letterman in inter-collegiate basketball.

401(k) Fridays Overview

Welcome to the 401(k) Fridays Podcast, where employers come to learn and retirement industry leaders come to share their unique stories, experiences and perspectives.  My name is Rick Unser, and I am your host.  Each episode leverages my nearly two decades of experience as a retirement consultant and features a candid interview with an industry expert to help enhance fiduciary protection, streamline plan operations or improve participant retirement readiness.  

For more information please visit www.401kfridays.com

Episode Description

As the Greek Philosopher Heraclitus said, the only thing that is constant is change.  At no time has that statement likely been more accurate about 401(k) plans than where we are today in the retirement market.  My guest George Castineiras is the Managing Director of Gibraltar Ventures.  He spends his time speaking to and making investments in companies that are shaping what the next several decades of the retirement industry will look like, as a preview things will likely be very different.  Our conversation highlights George’s experience focusses specifically on the concepts, trends and topics that employers should start thinking about today and keep an eye on over the next several years.  Throughout, as only George can, he provides great examples, insights and predictions that will definitely leave you thinking!

Guest Bio

George Castineiras is responsible for exploring, developing and investing in transformational ideas and business strategies to power the ambitions of people, institutions, and communities. 

Prior to leading Gibraltar Ventures, George ran the Total Retirement Solutions business where he oversaw sales, service, operations and product development for Prudential’s defined contribution, defined benefit and nonqualified executive benefit solutions. He joined Prudential in 2002 as head of Western Region Sales and was soon thereafter named senior vice president, National Corporate Sales. Later, he became senior vice president of Client Relations and Business Development for Prudential Retirement’s distribution and key account relationship management teams.  He held a similar position with Prudential’s Institutional Income Innovations group. 

Early in his career, George held sales leadership positions with Metropolitan Life Insurance Company and The Principal Financial Group.   

He is also the Founder and CEO of Castineiras Ventures, LLC. George has three patents, 10 patents pending and 16 trademarks. 

George earned an MBA at the MIT Sloan School of Management and a dual bachelor’s degree in finance and economics from Loyola Marymount University. He has completed executive programs at Harvard, University of Michigan, Wharton, NYU, and LIMRA. 

401(k) Fridays Podcast

Welcome to the 401(k) Fridays Podcast, where employers come to learn and retirement industry leaders come to share their unique stories, experiences and perspectives.  My name is Rick Unser, and I am your host.  Each episode leverages my nearly two decades of experience as a retirement consultant and features a candid interview with an industry expert to help enhance fiduciary protection, streamline plan operations or improve participant retirement readiness.  

For more information please visit www.401kfridays.com

Episode Summary

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

Welcome to the 401(k) Fridays Podcast, where employers come to learn and retirement industry leaders come to share their unique stories, experiences and perspectives.  My name is Rick Unser, and I am your host.  Each episode leverages my nearly two decades of experience as a retirement consultant and features a candid interview with an industry expert to help enhance fiduciary protection, streamline plan operations or improve participant retirement readiness.  

For more information please visit www.401kfridays.com

Episode Description

By leaps and bounds, target date funds, or lifecycle funds are the fastest growing investment in 401(k) plans primarily due to their popularity with plan sponsors as the qualified default investment alternative, or QDIA in their 401(k) plan.  As some fiduciaries are starting to realize, evaluating target date funds can be a bit tricky due to the numerous variances in style from one fund to another.  For that reason, I invited Rich Weiss, Senior Portfolio Manager at American Century Investments to help demystify target date funds and help employers better understand what they should focus on as they evaluate options in the market.  Rich does a great job of effortlessly explaining both the fundamentals of target date funds and more specific concepts of risk that employers should be aware in their monitoring and evaluation process.  He also discusses the three pillars of differentiation amongst target date managers, glide path construction, investment diversification and management style.  As you will hear, some of his perspectives might make you rethink some things about your go forward strategy. 

Guest Bio

Rich Weiss, is a Senior Vice President and Senior Portfolio Manager at American Century Investments.  He is the co-portfolio manager for the firm’s asset allocation strategies, including Strategic Allocation, Global Allocation and One Choice Portfolios®. He also serves as a member of the firm’s Asset Allocation Committee, which is responsible for establishing investment policy and reviewing investment decisions for all of our asset allocation products.

Prior to joining the firm in 2010, Rich was executive vice president and chief investment officer of City National Bank, where he was responsible for their $12 billion investment management group and directed investment policy and strategy. Previously, he was executive vice president and chief investment officer at Sanwa Bank California, where he managed all aspects of their investment department. Earlier in his career, Rich held senior investment positions at Vantage Global Advisors, TSA Capital Management, PaineWebber and Mellon Bank. He has worked in the investment industry since 1984.

Rich holds a bachelor’s degree in finance from the Wharton School of the University of Pennsylvania and an MBA from the University of Chicago. He has authored several academic papers and is well known for his advanced work in the field of global investing.

401(k) Fridays Podcast Overview

Welcome to the 401(k) Fridays Podcast, where employers come to learn and retirement industry leaders come to share their unique stories, experiences and perspectives.  My name is Rick Unser, and I am your host.  Each episode leverages my nearly two decades of experience as a retirement consultant and features a candid interview with an industry expert to help enhance fiduciary protection, streamline plan operations or improve participant retirement readiness.  

For more information please visit www.401kfridays.com 

Episode Description

Over the years, participant 401(k) plan loans have gotten a bad rap both with plan sponsors and within the industry.  In this episode my guest, Todd Cowman, a Senior Consultant at the Principal Financial Group explores whether that bad reputation is deserved.  Todd does a great job of explaining some of the fundamentals of 401(k) plan loans, which are often times misunderstood, and brings a frank overview of the pros and cons of 401(k) plan loans for participants and plan sponsors.  Finally, he leaves plan sponsors with some thoughts on plan design and loan policy features to help limit the potential abuses of 401(k) loans. 

Guest Bio

Todd Cowman is a Senior Consultant for the Principal Financial Group . Todd has been with the Principal Financial Group since 1993.  He works primarily with Defined Contribution and Defined Benefit clients, both qualified and nonqualified, with up to $1B in retirement plan assets, designing an overall retirement program that is both cost effective to employers and meaningful to employees, while continuing to meet strict regulatory requirements.  

Todd has focused much of his efforts around mergers and acquisitions, helping plan sponsors understand the unique plan design challenges that arise and navigating available options.  He has assisted in developing multiple written documents related to this topic which are frequently used by plan sponsors and other financial professionals.  Todd also assists plan sponsors in resolving plan operational/qualification failures and negotiating corrections with the Internal Revenue Service.

Todd is often asked to speak on various plan design topics at client specific and industry conferences as well as supporting our sales efforts in the field by participating in SWAT visits both in and outside our Corporate Center in Des Moines, IA.  Todd earned his Qualified 401(k) Administrator (QKA) designation from ASPPA in 2008.

401(k) Fridays Podcast Overview

Offers companies of all sizes free strategic, educational and actionable content to improve  their retirement plans.  My name is Rick Unser and I am your host.  All episodes leverage my nearly two decades of experience working with employers to bring you candid interviews with industry experts to enhance Fiduciary Protection, streamline Plan Operations and improve employee Retirement Readiness.  

For more information please visit www.401kfridays.com

Episode Summary

You might have heard that Men are from Mars and Women are from Venus, you also might understand a thing or two about Millenials, Generation Xers and Baby Boomers.  However, what you might not realize is that having a better grasp on how different generations and genders approach preparing for retirement could actually help you improve your retirement plan health.  My guest, Margaret Rux, is a principal and head of Strategic Retirement Consulting at Vanguard. Her team of attorneys, actuaries, plan analysts, and senior benefits professionals offer consulting, analysis, and expertise on a variety of fiduciary and regulatory issues affecting plan design and compliance.  Margaret shares great insights from their research on the differences between the generations and genders in retirement plans.  For plan sponsors, she shares strong evidence that your go forward plan design can be the great equalizer between historical differences between the groups.

Guest Bio

Margaret Rux is a principal and head of Vanguard Strategic Retirement Consulting. Her team of attorneys, actuaries, plan analysts, and senior benefits professionals offers consulting, analysis, and expertise on a variety of fiduciary and regulatory issues affecting plan design and compliance. Ms. Rux joined Vanguard in 1987. She has spent most of her career in Institutional Client Services and has also held leadership positions in Vanguard's retail and international businesses. Ms. Rux earned a B.S. from Ithaca College and an M.B.A. from Saint Joseph’s University. She is also a certified ERISA paralegal. 

401(k) Fridays Podcast Overview

Offers companies of all sizes free strategic, educational and actionable content to improve  their retirement plans.  My name is Rick Unser and I am your host.  All episodes leverage my nearly two decades of experience working with employers to bring you candid interviews with industry experts to enhance Fiduciary Protection, streamline Plan Operations and improve employee Retirement Readiness.  

For more information please visit www.401kfridays.com

Episode Summary

You might have heard that Men are from Mars and Women are from Venus, you also might understand a thing or two about Millenials, Generation Xers and Baby Boomers.  However, what you might not realize is that having a better grasp on how different generations and genders approach preparing for retirement could actually help you improve your retirement plan health.  My guest, Margaret Rux, is a principal and head of Strategic Retirement Consulting at Vanguard. Her team of attorneys, actuaries, plan analysts, and senior benefits professionals offer consulting, analysis, and expertise on a variety of fiduciary and regulatory issues affecting plan design and compliance.  Margaret shares great insights from their research on the differences between the generations and genders in retirement plans.  For plan sponsors, she shares strong evidence that your go forward plan design can be the great equalizer between historical differences between the groups.

Guest Bio

Margaret Rux is a principal and head of Vanguard Strategic Retirement Consulting. Her team of attorneys, actuaries, plan analysts, and senior benefits professionals offers consulting, analysis, and expertise on a variety of fiduciary and regulatory issues affecting plan design and compliance. Ms. Rux joined Vanguard in 1987. She has spent most of her career in Institutional Client Services and has also held leadership positions in Vanguard's retail and international businesses. Ms. Rux earned a B.S. from Ithaca College and an M.B.A. from Saint Joseph’s University. She is also a certified ERISA paralegal. 

401(k) Fridays Podcast Overview

Offers companies of all sizes free strategic, educational and actionable content to improve  their retirement plans.  My name is Rick Unser and I am your host.  All episodes leverage my nearly two decades of experience working with employers to bring you candid interviews with industry experts to enhance Fiduciary Protection, streamline Plan Operations and improve employee Retirement Readiness.  

For more information please visit www.401kfridays.com

Episode Summary

If you are at all curious about how rising interest rates here in the United States could impact your 401(k) investments, employees and the economy, my guest Chris Dillon a fixed income portfolio specialist with T. Rowe Price covers these topics and more!  During our conversation Chris does a great job of explaining in an understandable way some fundamental concepts such as what a fixed income yield curve is and how interest rate changes impact bond prices.  He also helps make sense of the Federal Reserve’s interest rate policy, how negative rates and deflation in some countries could impact the US markets and why inflation is a good thing.  Finally, he provides great insights on strategies employers can use in your 401(k) to position your fixed income offerings and to provide options that could do well in a rising interest rate environment.  This episode is packed, I hope you enjoy!

Guest Bio

Chris Dillon is a portfolio specialist in the Fixed Income Division at T. Rowe Price. He supports the Municipal Bond, International Bond, and Global Unconstrained Bond Strategies, working closely with clients, prospects, and consultants. Mr. Dillon is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

Mr. Dillon has 19 years of investment experience, 10 of which have been with T. Rowe Price. Prior to joining the firm in 2006, he was an investment advisory research consultant for PNC Advisors. Before PNC Advisors, Mr. Dillon directed fixed income management research for Smith Barney Consulting Group.

Mr. Dillon earned a B.A., cum laude, in history/economics from the University of Delaware and an M.B.A. in business administration from Wilmington University. He also has earned the Chartered Financial Analyst designation.

401(k) Fridays Podcast Overview

Offers companies of all sizes free strategic, educational and actionable content to improve  their retirement plans.  My name is Rick Unser and I am your host.  All episodes leverage my nearly two decades of experience working with employers to bring you candid interviews with industry experts to enhance Fiduciary Protection, streamline Plan Operations and improve employee Retirement Readiness.  

For more information please visit www.401kfridays.com

Episode Summary

Well, I have to admit, this episode didn’t unfold quite the way I thought it was going to, however, thanks to my guest, Peter Dunn, aka Pete the Planner, it turned out to be the most inspirational and motivational episode of the 401(k) Fridays podcast yet.  Pete the Planner® has a unique set of gifts as both an award-winning comedian and financial mind. He's a USA TODAY columnist and the author of ten books, and the host of the popular radio show The Pete the Planner Show. Pete has appeared regularly on CNN Headline News, Fox News, Fox Business as well as numerous nationally syndicated radio programs. During our conversation Pete draws on his years of experience working with individuals on their financial needs to cover a range of topics all relating to challenges participants face in saving for retirement.  Most importantly, don’t miss the last several minutes of the podcast where Pete shares some very passionate and inspiring messages for employers about the important role you play in creating successful retirement outcomes for your employees.

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. 

401(k) Fridays Podcast Overview

Offers companies of all sizes free strategic, educational and actionable content to improve  their retirement plans.  My name is Rick Unser and I am your host.  All episodes leverage my nearly two decades of experience working with employers to bring you candid interviews with industry experts to enhance Fiduciary Protection, streamline Plan Operations and improve employee Retirement Readiness.  

For more information please visit www.401kfridays.com