401(k) Fridays Podcast

Have questions about where the financial markets are today, interested in how things could unfold as the world re-opens? We cover this and more with my guest Frances Donald, a Managing Director, and Global Chief Economist & Global Head of Macroeconomic Strategy for Manulife Investment Management. In her role, Frances forecasts global macroeconomic and financial trends, analyzes the economy and capital markets for potential opportunities and risks, and serves as a thought leader both within the firm and externally. As you will hear, Frances makes this all very understandable and has some good stories to help explain some very unique events we are living through. 

Before we get started, if you are not receiving invites to our new Webinar Wednesdays events you aren’t on our email list. To take care of that, go to 401kfridays.com/subscribe. What is Webinar Wednesdays, well it is a timely webinar series that I host every other Wednesday where we digest timely retirement related issues plan sponsors should be thinking about. Take care of that today, and you will get an invite to our future events and more info. 

Thats it, I know you will enjoy my conversation with Frances. 

Guest Bio

Have questions about where the financial markets are today, interested in how things could unfold as the world re-opens? We cover this and more with my guest Frances Donald, a Managing Director, and Global Chief Economist & Global Head of Macroeconomic Strategy for Manulife Investment Management. In her role, Frances forecasts global macroeconomic and financial trends, analyzes the economy and capital markets for potential opportunities and risks, and serves as a thought leader both within the firm and externally. As you will hear, Frances makes this all very understandable and has some good stories to help explain some very unique events we are living through. 

Before we get started, if you are not receiving invites to our new Webinar Wednesdays events you aren’t on our email list. To take care of that, go to 401kfridays.com/subscribe. What is Webinar Wednesdays, well it is a timely webinar series that I host every other Wednesday where we digest timely retirement related issues plan sponsors should be thinking about. Take care of that today, and you will get an invite to our future events and more info. 

Thats it, I know you will enjoy my conversation with Frances. 

Guest Bio

I hope this episode finds you safe and healthy during these crazy times. This episode had a lot of twists and turns to get to you. My guest today, Sherrie Boutwell, ERISA Attorney with Boutwell Fay and I had planned this originally as a conversation about some of the trickier distribution scenarios employers face and what to do about them. As things unfolded, we felt it would be helpful to include some commentary on the new COVID related distribution and loan options. So, we start with COVID related topics and then pivot to some of the trickier distribution options that relate to divorce, death and hardship requests. 

Before we get started, with many conferences and other traditional sources of information for people wanting to keep up with retirement plan information postponed or canceled, please share the podcast with your friends, colleagues, within a professional group or with anyone who has an interest in key topics and trends to managing 401(k) plans. You can send them to 401kfridays.com or suggest they search 401(k) Fridays on their favorite podcast app. 

That’s it, I hope you enjoy my conversation with Sherrie!

Guest Bio

Sherrie Boutwell has focused for thirty years in the areas of employee benefits law and ERISA, with an emphasis on retirement and deferred compensation plans. She advises and counsels a broad range of clients, including employers, employees, plan fiduciaries, financial institutions, government agencies and trade associations, on a wide range of employee benefits matters.  Sherrie has extensive experience and is a highly sought after speaker and writer on employee benefits topics.

Sherrie has represented clients before the Internal Revenue Service, the United States Department of Labor, the Pension Benefit Guaranty Corporation, arbitrators from the American Arbitration Association and the United States District Court with respect to employee benefits issues.  Sherrie has experience working with the unique deferred compensation issues that arise in the non-profit and governmental employer arena and also has many years of experience in the design and operation of non-qualified executive deferred compensation plans including the requirements under Section 409A of the Code.

Sherrie takes pride in bringing a practical and down to earth approach to resolving complex benefits issues involving qualified plans, non-qualified plans and health and welfare plans.

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

I hope this episode finds you safe and healthy in these unprecedented times. There are a lot of questions about coronavirus, the new CARES Act, the bear market. All of these moving parts also brings up inevitable concern in the back of many employers heads, will we be sued over how we have handled our 401(k) plan during this time in the future? To help wade through this I am happy to welcome back David Levine, ERISA Attorney with Groom Law Group to the podcast. He shares his perspectives on administrative or business decisions employers are being asked to make. We also delve into the fiduciary considerations and decisions employers are currently or could be faced with in the future. David also delves into what we have learned from some recent major 401(k) litigation, including one that went to the Supreme Court. While we tackled a lot, if we missed something shoot me an email to [email protected] and we will get you an answer or address it on a future episode!

Before we get started, you have my commitment during this time to continue with our weekly episodes where we tackle a timely and relevant workplace retirement plan topic. With many conferences and other traditional sources of information for people on hold, I would encourage you to share the podcast with your friends, colleagues or within a professional group. You can send them to 401kfridays.com or suggest they search 401(k) Fridays on their favorite podcast app. 

Guest Bio

David N. Levine is a principal at Groom Law Group, Chartered.  Mr. Levine advises plan sponsors, advisors, and other service providers on a wide range of employee benefits matters, from health and welfare to retirement and executive compensation matters.  

Mr. Levine was previously the Chair of the IRS Advisory Committee on Tax Exempt and Government Entities (2011-2013) and is currently a member of the Executive Committee of the Defined Contribution Institutional Investment Association.  Mr. Levine regularly speaks on plan design, fiduciary governance, and legislative issues.  He is recognized in the Chambers USA guide for Employee Benefits & Executive Compensation.  Mr. Levine received his J.D., from the University of Pennsylvania Law School and his B.A., with general and departmental honors, from Johns Hopkins 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 175 prior on-demand audio interviews here. Don't forget to subscribe as we release a new episode each Friday!

I hope this episode finds you safe and healthy! While there is no specific Coronavirus talk today, the concept of managed accounts could get a boost once the dust settles in the financial markets. To help us navigate things I am excited to welcome back David Blanchett, who is the head of retirement research for Morningstar Investment Management. We touch on many of the basics of managed accounts, then look at how they compare to TDFs, roboadvice, and how they are currently offered in workplace retirement plans. We also discuss where things are headed and how managed accounts could change some thinking about investment default options in retirement plans in the future. 

Before we get started, two thoughts. First, if you are not subscribed to the podcast take care of that today. You can click subscribe on your favorite podcast or go to 401kfridays.com/subscribe as well. Second, if you like what you hear from David or our other guests on the podcast I would encourage you to follow them on social media. They usually have some pretty informative and timely things to share. 

Guest Bio

David M. Blanchett, PhD, CFA, CFP^® is head of retirement research for Morningstar Investment Management LLC. In this role, he helps develop and maintain methodologies relating to wealth forecasting, general financial planning, automated investment selection, and portfolio assignment for Morningstar Investment Management LLC. Prior to joining Morningstar, he was the Director of Consulting and Investment Research for the Retirement Plan Consulting Group at Unified Trust Company. He has published over 100 papers in a variety of industry and academic journals. His research has received best paper awards from the Academy of Financial Services (2017), the CFP Board (2017), the Financial Analysts Journal (2015), the Journal of Financial Planning (2007, 2014, 2015, 2018), and the Retirement Management Journal (2012). 

He is currently an Expert Panelist for the Wall Street Journal, an Adjunct professor of Wealth Management at The American College, a member of the Executive Committee for the Defined Contribution Institutional Investment Association (DCIIA), and a member of the ERISA Advisory Council.  In 2014, InvestmentNewsincluded him in their inaugural 40 under 40 list as a “visionary” for the financial planning industry, and in 2014, Money named him one of the brightest minds in retirement planning. 

He holds a bachelor’s degree in Finance and Economics from the University of Kentucky, 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. When David isn’t working, he’s probably out for a jog, playing with his four kids, or rooting for the Kentucky Wildcats.

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

If you are looking for a great conversation about the realities, challenges and opportunities for individuals on their journey to retirement, this is the episode for you. If you want information and perspectives on the coronavirus, hold onto that thought for a minute. This episode features my conversation with Katherine Roy, Managing Director, Chief Retirement Strategist and Head of Individual Retirement for J.P. Morgan Asset Management. During our conversation we hit on many of the key points and Katherine’s perspectives on J.P. Morgan’s recently released Guide to Retirement. We talk about what she wishes people spent more time thinking about, thoughts on how your prioritize different savings goals, how employers can better support their employees as they prepare for retirement, an urban legend or two and one of Katherine’s favorite topics, the Roth 401(k) feature. You can find a link to JP Morgan’s Guide To Retirement and more information from this episode at 401kfridays.com/retirement2020. Great stuff, be sure to check it out. 

Before we get started, this episode was recorded prior to recent major market events driven by the Coronavirus. Everything we talk about is very relevant, but if you want to hear more about that, there is double header episode this week where we provide updates for employers about Key 401(k) Plan Management Considerations During COVID-19. That one features yours truly, be sure to check that out as well. 

That’s it, I hope you enjoy my conversation with Katherine!

Guest Bio

S. Katherine Roy, Managing Director, is Chief Retirement Strategist and Head of Individual Retirement for J.P. Morgan Asset Management. In this role, Katherine is responsible for delivering timely personal retirement-related insights to financial advisors. Focused on the retirement income-related landscape for more than 15 years, Katherine specializes in identifying themes, strategies and solutions that can help advisors successfully partner with individuals in the transition and distribution life stages. 

Katherine is consistently ranked as a top speaker at major industry and firm-specific conferences and events. She also has been interviewed and quoted in the financial press on a variety of key retirement planning topics. 

Prior to joining the firm, Katherine was Head of Personal Retirement Planning & Advice at Merrill Lynch, where she led strategy and innovation in retirement income solutions for individuals, and the retirement planning, advice and guidance programs available to integrated benefits plan participants. She also held several roles in financial planning product development, participant communications and consulting, and interactive client experience initiatives. Katherine received a B.A. from Yale University and is a Certified Financial Planner®.

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

This episode is a first in nearly, 200 episodes. We don't have a guest. With as quickly as the financial markets, business conditions and the economy are changing I thought it might be helpful to share some timely information. My commentary is derived from a recent webinar I hosted and covers a brief update on the financial markets, ideas to communicate with employees, process to suspend your match, plan administrative questions and fiduciary considerations. 

We have also have a second episode this week which I released separately which follows our more traditional path. It features my conversation with Katherine Roy of J.P. Morgan discussing her perspective on their Guide to Retirement report. 

Finally, if you like this episode and would like me to do more of them when the times call for it, let me know. Either shoot me an email to [email protected] or leave a comment on LinkedIn. Hope you enjoy!

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

In this unprecedented economic and market environment it is more important than ever for employers and their retirement service partners to work well together. This week I am excited to welcome back Tom Kmak, the CEO of Fiduciary Benchmarks to share his perspectives. Tom has a great message that is simple in concept but not always followed by employers or their service partners. We also delve into his forward looking thoughts around the effectiveness of workplace retirement plans, creating retirement income for employees, as well as some potential threats and obstacles for employers and the retirement industry. If you like what you hear from Tom today, be sure to check out our prior conversations on the podcast as well. 

Before we get started, I would encourage you to look up and follow our guests on the podcast on LinkedIn and Twitter. They love the connections and have a lot to share. Also, if for any reason you are not following me on LinkedIn or Twitter or you are not subscribed to the podcast you can take care of that today by going to 401kfridays.com/subscribe. 

Guest Bio

Tom Kmak is the CEO and co-founder of Fiduciary Benchmarks, 2007 to current.  Fiduciary Benchmarks (FBi) is a financial services technology firm that helps clients protect their current revenue streams via their patented benchmarking service.  Since being founded in 2007, FBI has developed other technologies that help services providers grow their business, manage their business as well as provide research and competitive intelligence on a number of retirement related issues.  Their most recent innovation, the Business Management Dashboard, has been selected by a number of the most prestigious Advisory firms in the business.

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.  First graduate of Management Fellows Program and 3 year letterman in inter-collegiate basketball.

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

Volatility, is an understatement when describing current conditions in the financial markets. To help interpret some recent events and offer thoughts on where we go from here, I am excited to welcome back Scott Kimball, CFA who is a Portfolio Manager with BMO Asset Management. During our conversation he shares very level headed thoughts on what triggered one of the quickest corrections in the stock market we have seen, the rationale for the rapid decline in interest rates, the driving force behind a fall in oil prices, what politics has to do with all this and how could we not talk about the impact of the Coronavirus or COVID-19. Also, be sure to stick around for his wrap up as he shares his thoughts for 401(k) plan sponsors and their employees. We also have a great bonus question this week, check that out at 401kfridays.com/volatility.

One quick request, if you have been enjoying the podcast please be sure to mention it to a friend, colleague or anyone else you think might benefit. Easiest thing to do is suggest they search “401(k) Fridays” on your favorite podcast app, or go to our website at 401kfridays.com. As our audience continues to grow, it helps me secure great guests like Scott that hopefully help you!

Guest Bio

Scott Kimball is a Portfolio Manager with BMO Global Asset Management. He is responsible for the firm’s investment policy and strategy and manages client portfolios. He joined BMO in 2007 and served as a research analyst prior to joining the portfolio management team in 2011. He is also a member of the management committee.

​Previously, Scott held positions at Merrill Lynch and other boutique investment firms. He began his career in the investment industry in 2003.

​Scott holds an M.B.A. from the University of Miami and a B.A. in international business from Stetson University.

In addition, he is a CFA® charterholder.

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

Managed accounts have been around for a while in workplace retirement plans. However, according to my guest Jason Roberts, the founder and chief executive officer of the Pension Resource Institute, a consulting firm that delivers compliance, training and technology-based solutions to financial institutions and plan fiduciaries, we are on the verge of major transition to managed accounts 2.0 which will have benefits and implications for retirement plans, employers and plan participants. We logically start with what a managed account is, some general pros and cons, how they differ from target date funds and more. Then we delve into the what managed accounts 2.0 will look like, how this could lead to high utilization as default funds in retirement plans, benefit participants and the fiduciary implications for employers. Jason, who is also the founder and managing partner of Retirement Law Group, a law firm specializing in ERISA, tax and investment related matters shares thoughts on how to monitor managed account providers and why the DOL tips for target date funds could apply and how tips is probably understated. Lot’s of great stuff to dig into. 

Before we get started, we have had a lot of new listeners to the podcast this year, don’t forget to subscribe on your favorite podcast app so you are notified of each new episode. Like the name implies, we publish new episodes nearly every Friday. That’s it, I hope you enjoy my conversation with Jason!

Guest Bio

Jason C. Roberts, Esq. is the founder and managing partner of Retirement Law Group (RLG), a law firm specializing in ERISA, tax and investment related matters. He is also the founder and chief executive officer of the Pension Resource Institute (PRI), a consulting firm that delivers compliance, training and technology-based solutions to financial institutions and plan fiduciaries serving retirement investors.

Jason currently represents clients in a variety of capacities, including business transactions as well as SEC, FINRA, DOL and IRS compliance and investigative matters.

He also provides counsel to employers with respect to the successful development, implementation and ongoing management of their employee benefit plans.

Prior to founding PRI and RLG, Jason was a partner and co-chair of the Financial Services Group at a national ERISA law firm and the head of the Investment Fiduciary practice for a prominent securities litigation defense firm.

​

Jason has been repeatedly recognized as one of the 100 Most Influential in Defined Contribution by the 401(k) Wire and a Rising Star by SuperLawyers Magazine. He was selected by InvestmentNews as one of the Top 40 Advisors and Associated Professionals under 40, and The Wall Street Journal tapped Jason to participate in its Ask the Experts series answering readers’ questions relating to the Department of Labor Fiduciary Regulation.

​

Jason has published numerous articles focusing on ERISA compliance, fiduciary best practices and is a frequent speaker at retirement plan and financial industry conferences. He is a contributing author and faculty member for the Practicing Law Institute.

Jason received his B.S.B.A. in Finance & Banking from the University of Missouri and his J.D. from UCLA Law School.

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