Revamping Retirement

This month, CAPTRUST’s Jennifer Doss and Audrey Wheat are joined by Neal Ringquist, executive vice president and chief revenue officer for the Retirement Clearinghouse. In this discussion on auto-portability, Neal emphasizes the advantages and benefits of auto-portability for both the participant and the plan sponsor. These benefits include: Streamlining the system, leading to increased average account balances over time Reducing administrative hassles associated with managing multiple accounts Reducing cash-out leakage, especially for individuals with lower incomes Improving retirement outcomes for participants by retaining balances In Minute with Mike, Mike Webb talks about retirement plan eligibility for part-time employees. Subscribe to Revamping Retirement for more episodes with insights for plan sponsors.

This month, CAPTRUST’s Jennifer Doss and Matt Patrick are joined by Dr. Nari Rhee, director of the Retirement Security Program at the UC Berkeley Labor Center.  In this conversation, which focuses on labor and retirement issues, Dr. Rhee emphasizes the challenges faced by low and middle-income workers in the U.S. retirement system, particularly in the private sector. The discussion touches on topics such as the inadequacy of Social Security for low-wage workers, barriers in defined contribution plans, and the impact of job characteristics on retirement benefits.   In Minute with Mike, Mike Webb covers the different types of services fiduciaries can provide under ERISA.  Subscribe to Revamping Retirement for more episodes with insights for plan sponsors.  

In this month’s episode of Revamping Retirement, Jennifer Doss and Dawn McPherson sit down with Amber Moulder and James Sheridan from Candidly. Candidly is a financial wellness platform focused on addressing student loan debt, emergency savings, retirement, and more.   This episode covers the restart of student loan payments, SECURE 2.0 and its impact on student loans, plus the demographics of Americans facing the most student debt.   In Minute with Mike, Mike Webb explains SECURE 2.0’s implications for required minimum distributions. 

In this month’s episode of Revamping Retirement, Jennifer Doss talks with Kimberly Plessinger and David McIntee from Kimley-Horn. They discuss the company's financial wellness initiatives, including benefits and retirement plans.   Kimley-Horn places a strong emphasis on financial wellness, especially for its younger employees,  providing educational resources and support to help employees understand the importance of saving for retirement and making informed financial decisions.  The discussion then shifts to focus on the company’s transition to 3(38) discretionary services for retirement plan management. This transition helped reduce fees for plan participants while maintaining a collaborative relationship with CAPTRUST.  In Minute with Mike, Mike Webb covers the two-year delay in the implementation of the new mandatory Roth age-50 catch-up rule under SECURE Act 2.0.    Subscribe to Revamping Retirement for more episodes with insights for plan sponsors.   Under the Investment Advisers Act of 194

In episode 55 of Revamping Retirement, Jennifer Doss and Scott Matheson are joined by Michael Consorte, director of university-wide benefits for SUNY. Michael shares his expertise in retirement program management, participant engagement, and adapting offerings to meet participant needs.  Michael emphasizes the importance of adopting a participant-centric approach. He discusses three main participant groups—those who are risk-averse, those who want to manage their investments, and those who want to make their own choices but lack expertise—and how SUNY tailors its benefits to address the needs of each group.  Later, Mike Webb covers the importance of a plan document.   Subscribe to Revamping Retirement for more episodes with insights for plan sponsors.   Under the Investment Advisers Act of 1940, this podcast is defined as an advertisement and includes an uncompensated testimonial by a CAPTRUST client. Please be advised that clients’ experiences as described in the podcast do not necessarily represent

This month, Jennifer Doss and Dawn McPherson look back on the first half of the year, including a mid-year market update with CAPTRUST’s Kevin Fieldman, director of investment research.   Listen to learn more about market volatility, inflation, and some SECURE 2.0 provisions that are affecting plan sponsors now and in the near future.     Later, Mike Webb breaks down the enhanced tax credit for small businesses, a new provision in SECURE 2.0.   Subscribe to Revamping Retirement for more episodes with insights for plan sponsors.  

This month, Jennifer Doss and Scott Matheson are joined by David Stinnett, principal of strategic retirement consulting at Vanguard. Stinnett breaks down the 22nd annual “How America Saves” report, which covers trends in retirement plan design and participant behavior, including the use of financial advice programs, savings rates, and more.   Later, Mike Webb covers Roth catch-up contributions in his SECURE 2.0 series of this month’s Minute with Mike.  Subscribe to Revamping Retirement for more episodes with insights for plan sponsors.    

This month, Katie Gatti Tassin of Morning Brew’s Money with Katie show joins CAPTRUST’s Jennifer Doss and Scott Matheson on Revamping Retirement. Tassin is known for her financial expertise focused on the millennial generation and covering topics from long-term savings and 401(k) contributions to personal finance goals and salary negotiations.   With Jennifer and Scott, she discusses what millennials are most worried about when it comes to finance, and why saving for retirement should be a bigger priority.   Later, Mike Webb talks about the mandate of automatic enrollment in retirement plans in this month’s Minute with Mike. 

In episode 51 of Revamping Retirement, Scott Matheson and Dawn McPherson are joined by John Sullivan, chief content officer at the American Retirement Association.  John has more than 25 years’ experience covering financial markets in roles such as editor-in-chief of 401(k) Specialist and Investment Advisor magazines and retirement editor of ThinkAdvisor.com.   Listen to hear key takeaways from the recent National Association of Plan Advisors (NAPA) Summit in San Diego, plus some of the challenges and opportunities plan sponsors face today.   Later, Mike Webb discusses new emergency savings options from the SECURE 2.0 Act in this month’s Minute with Mike.  RESOURCES: SECURE 2.0 Opportunities for Plan Sponsors | Retirement Plan (captrust.com)  Anticipating SECURE 2.0 Changes (Webinar Recording) | Retirement Plan (captrust.com) 

In episode 50 of Revamping Retirement, Jennifer Doss and Dawn McPherson talk with Chris Whitlow, CAPTRUST senior director of advice and wellness. Before joining CAPTRUST, Chris founded Edukate, a digital financial wellness platform. The three talk through what’s trending in terms of financial wellness, and why it’s the topic of conversation among retirement plan sponsors. Chris shares his advice to plan sponsors to identify and understand what their employees need when creating a financial wellness plan.   In Minute with Mike, Mike Webb provides insight on the SECURE 2.0 Act and student loan repayment.   ADDITIONAL RESOURCES  CAPTRUST’s Financial Wellness Solution for Plan Sponsors   Home | CAPTRUST Advice 

In this month’s episode of Revamping Retirement, Jennifer Doss and Scott Matheson are joined by Vanguard Senior ERISA Consultant Janet Luxton to unpack SECURE 2.0 from a recordkeeper’s perspective. The three look at what’s required versus what is optional in the legislation, as well as a seemingly simple question: What do you focus on first? From required minimum distributions (RMDs) to emergency savings accounts, Janet provides an interesting viewpoint on the new ruling. Also in this episode, CAPTRUST Senior Financial Advisor Mike Webb kicks off his SECURE Act Series going over 403(b)s and CITs.   Additional Resources Revamping Retirement Podcast | Episode 48: Breaking Down SECURE 2.0… (captrust.com) SECURE 2.0 Act Passes | Retirement Plans | CAPTRUST SECURE 2.0 Wealth Brief | Wealth Management | CAPTRUST

In this month’s episode of Revamping Retirement, Jennifer and Scott are joined by Dawn McPherson, CAPTRUST’s director of retirement plan consulting. Listen as the team breaks down SECURE 2.0 Act, which passed at the end of 2022, including their favorite—and not so favorite—provisions of the legislation and potential benefits to participants. Jennifer and Dawn discuss the new required minimum distribution (RMD) age, student loan repayment options, the IRS correction program, the paper statement requirement, and more.   Also in this episode, CAPTRUST Senior Financial Advisor Mike Webb sheds light on common misconceptions about excess deferrals for plan sponsors.  To close the show, Scott introduces CAPTRUST Director of Endowments and Foundations Heather Shanahan, who will be hosting the firm’s new podcast series, Mission + Markets. Focusing on endowments and foundations, this new podcast will explore an array of topics from board turnover to RFP best practices, launching with CAPTRUST’s 2022 Endowments and Fou

On this month’s Revamping Retirement, Jennifer Doss and Scott Matheson look back at 2022 and recap the year’s most popular episodes.  In the final episode of 2022, Jennifer and Scott discuss their favorite Revamping Retirement episodes of the year. From the changing landscape of the workforce to the importance of participant communication, the podcast covered a wide array of topics in 2022. Revamping Retirement welcomed guests to share their expertise across the industry, like economist Dr. Shlomo Benartzi and Rosalyn Brown, equity, diversity, and inclusion director for WE Inspire. Promote. Network (WIPN). Jennifer and Scott recap conversations on retirement trends, participant needs, industry regulations, and much more, plus look ahead to 2023 trends.   In Minute with Mike, Mike Webb discusses year-end plan amendment deadlines.  Want to hear about something or from someone specific on Revamping Retirement in 2023? Leave us a review and let us know!  Mentioned in the Podcast  Episode 36: Maximizing Benefi

On this month’s Revamping Retirement, Scott Matheson and Jennifer Doss are joined by Lindsay Barnard, senior product manager at Alegeus, to discuss trends in today’s Health Savings Account (HSA) industry.   The health savings account (HSA) has only been around since 2003, thanks to an amendment to the Medicare Prescription Drug, Improvement, and Modernization Act. Despite the short time on the market, these accounts can make a huge impact on a participant’s retirement financial planning. In this episode of Revamping Retirement, Lindsay shares the industry trends she sees regarding HSAs for participants from her vantage point as senior product manager at Alegeus, which provides innovative software to health plan providers for programs like HSAs, flexible spending accounts (FSAs), continuation of health coverage (COBRA), and other wellness incentives. Lindsay, Scott, and Jennifer dive into questions on topics like employer HSA contributions, utilizing a spouse’s HSA, and targeting amounts for healthcare needs i

On this month’s Revamping Retirement, Scott Matheson is joined by guest host Audrey Wheat, Manager of Vendor Analysis at CAPTRUST, along with Jon Atchison, senior lead of governance, risk, and compliance. In honor of National Cybersecurity Awareness month, the trio discuss the need for retirement plan sponsors to understand and evaluate cybersecurity risks. Audrey and Jon break down the three-pronged 2021 Department of Labor cybersecurity guidance and share how plan sponsors have evolved their approaches as well as what still needs to be done. Later, Mike Webb shares an easy but effective way to gauge the success of your retirement plan.   Mentioned in the Podcast Cybersecurity Best Practices (Webinar Recording) | CAPTRUST US Department of Labor announces new cybersecurity guidance for plan sponsors, plan fiduciaries, record-keepers, plan participants | U.S. Department of Labor (dol.gov). The guidance covers the following: Tips for Hiring a Service Provider Cybersecurity Program Best Practices Online Sec

  On this episode of Revamping Retirement, Jennifer Doss and Scott Matheson talk with Debra Gates, CAPTRUST manager of advice & wellness. Debra shares her thoughts on why employees are increasingly looking to employers for guidance on financial wellness and retirement readiness. She also talks about why effective communication requires plan sponsors to carefully consider the demographics of their employee population and adapt their approach for different participant groups.  As the classic view of retirement evolves, Debra discusses how new strategies, media, and initiatives can drive good behavior to help employees get on track—and stay on track—to reach their personal financial goals.  Later, Mike Webb reviews the potential plan sponsor pitfalls of grandfathering in Minute with Mike.    Mentioned in the Podcast   In a recent CAPTRUST webinar, Debra takes a deep dive into best practices for participant communications. Along with Barry Schmitt and Mike Webb, she addresses the following questions:

In episode 43 of Revamping Retirement, Jennifer Doss and Scott Matheson are joined by Dawn McPherson, CAPTRUST’s director of retirement plan consulting. Jennifer and Dawn recently attended the National Association of Plan Advisors (NAPA) D.C. Fly-In Forum, which provides an opportunity for retirement plan advisors to engage with key policymakers and get the inside scoop on what’s going on in terms of legislative policy affecting the retirement industry. The two provide an update on where we’re at with the Senate’s Securing a Strong Retirement Act (SECURE 2.0) and the House’s Retirement Improvement and Savings Enhancement to Supplement Healthy Investments for the Nest Egg (RISE and SHINE) Act, what needs to happen get a reconciled bill over the finish line, and the expected timeframe for doing so. They also explore some of the more significant provisions, like student loan repayment, emergency savings access, and auto-portability. On the regulatory front, Jennifer shares what she heard from Ali Khawar, the act

In episode 42 of Revamping Retirement, Jennifer Doss and Scott Matheson talk with Dr. Shlomo Benartzi, a behavioral economist widely known for the Save More Tomorrow (SMarT) program, which he pioneered with Nobel Laureate Dr. Richard Thaler. Save More Tomorrow is a behavioral nudge designed to help employees increase their saving rates gradually over time. The SMarT program was incorporated into the Pension Protection Act of 2006 and has since helped boost the retirement savings of more than 15 million Americans through auto-enrollment and auto-escalation features. More than 25 years later, Dr. Benartzi talks about the success of the SMarT program and shares why he feels there is a big opportunity to rethink the details, particularly when it comes to incorporating technology to elevate customization. He also discusses how proposed legislation like the Securing a Strong Retirement Act of 2021 (SECURE 2.0) could help move the dial for auto-features. Shifting the focus from the accumulation phase of retirement,

In episode 41 of Revamping Retirement, Jennifer Doss and Scott Matheson check in on their 2022 predictions and discuss what the second half of the year may have in store for the retirement industry. Find out where we are with the DOL Rule, environmental, social, and governance (ESG) guidance, the Securing a Strong Retirement Act of 2022—better known as SECURE 2.0—and the newly proposed Rise and Shine Act—formally known as the Retirement Improvement and Savings Enhancement to Supplement Healthy Investments for The Nest Egg Act. In Minute with Mike, Mike Webb discusses the types of investments permitted in defined contribution retirement plans.

In episode 40 of Revamping Retirement, Jennifer Doss and Scott Matheson are joined by Shawn O’Brien, associate director of retirement research at Cerulli Associates, a strategic consulting and market research group focused on the financial services industry. With extensive research across industry stakeholders—from plan sponsors and participants to recordkeepers and asset managers—Shawn shares Cerulli’s latest insights on key topics like the adoption of environmental, social, and governance (ESG) investing in retirement plans, plan sponsor reaction to inflation, and the prevalence of managed accounts. He also discusses what he considers to be the biggest disconnect between the demand and supply sides of the industry. Later, Mike Webb provides an overview of the taxation of Roth distributions in Minute with Mike.