401(k) Specialist Podcast

Stable value funds are a staple in many 401(k) plans, offering principal protection and steady returns by investing in high-quality bonds. They’re particularly popular with participants nearing retirement who want to reduce market risk while still earning a competitive yield. But recent market conditions and interest rate changes have raised new considerations for these low-risk options. In this episode of the 401(k) Specialist Podcast, Matt Condos, Senior Vice President of Retirement Plan Services Product Solutions at Lincoln Financial, provides insights on stable value’s role in today’s retirement landscape, how it compares to money market funds during periods of rising interest rates, and the contract features—like put provisions—that plan sponsors and advisors need to understand. He also examines evolving product designs aimed at improving liquidity and transparency while still offering the stability participants expect. Three Key Insights Understanding Put Provisions and Liquidity Needs Stable Value Funds Offer Long-Term Stability Misconceptions vs. Money Market Funds The views expressed are those of the speaker/writer and not necessarily those of any Lincoln Financial® affiliate. Neither the information, nor any opinion expressed herein shall be construed as investment advice. All investments involve risk, including possible loss of principal. Lincoln Financial is the marketing name of Lincoln National Corporation and its affiliates including The Lincoln National Life Insurance Company, Fort Wayne, IN, Lincoln Life & Annuity Company of New York, Syracuse, NY and broker dealer Lincoln Financial Distributors, Inc., Radnor, PA. The Lincoln National Life Insurance Company does not solicit business in the state of New York, nor is it authorized to do so. Securities and investment advisory services offered through other affiliates. Affiliates are separately responsible for their own financial and contractual obligations. LCN-8252510-080525

As retirement plan participants transition from the accumulation phase to decumulation, the focus moves from building wealth to ensuring sustainable income—what’s also known as "value creation." Danielle Kelso, Senior Institutional Solutions Consultant at Allianz Life Insurance Company of North America, joins the 401(k) Specialist Pod(k)ast to shed light on the changes and innovations shaping the future of retirement security. In her role, Kelso provides research, analytics and product expertise to the Allianz sales team, and shares her expertise on what retirement plan advisors and plan sponsors need to be thinking about when it comes to supporting a retiree’s lifestyle by ensuring stable income and managing risks effectively. Key Insights: Personalized Income Planning Replaces One-Size-Fits-All The future of retirement planning lies in personalized strategies. Custom plans that integrate all income sources and reflect individual goals and spending habits offer better outcomes than generic investment approaches. Redefining Value Creation in Retirement Value creation is evolving beyond accumulating the highest portfolio balance. In retirement, it now centers on generating reliable, sustainable income that supports lifestyle and essential needs. This shift emphasizes peace of mind and financial security over raw returns. Annuities Play a Key Role in Managing Retirement Risks Modern annuities help mitigate key retirement risks such as longevity, market volatility, inflation, and personal life changes. Allianz research shows that portfolios including annuities significantly improve the probability of meeting income goals—by up to 25–40% in adverse markets. See Also: Exploring Guaranteed Income in DC Plan Trends with Allianz Life’s Matt Stubblefield Solving the Portability Puzzle with Allianz Life’s Ben Thomason Exploring Retirement Income Strategies with Joshua Grass and Todd Levy

The third edition of the retirement industry’s least traditional conference is coming up Aug. 3–5 in Milwaukee, Wis. To get the low-down, we spoke with organizer Sheri Fitts, a well-known expert in personal branding for financial advisors and 401(k) marketing. Audio here Sheri explains what sets the conference apart. It focuses on helping attendees strengthen their personal brand through storytelling and human connection. Additionally, she highlights key agenda items and explains why the event welcomes a broad mix of professionals. For more information about SWAY | LIVE, check out the event website here: https://swaylive.sherifitts.com/SWAYLIVE2

Recently the Department of Labor’s (DOL) Employee Benefits Security Administration announced that it has rescinded its 2022 guidance that discouraged retirement plan fiduciaries from including cryptocurrency investments in 401(k) plans. The move is seen as a removal of a big regulatory roadblock that forced plan fiduciaries to exercise “extreme care” before adding crypto to 401(k) investment menus, in line with the Trump administration’s expressed desire to eliminate what it sees as regulatory overreach and that investment decisions should be made by fiduciaries, and not D.C. bureaucrats. Knut A. Rostad, Co-Founder and President of the Institute for the Fiduciary Standard, one of the most outspoken advocates of the need for a fiduciary standard to protect investors, is no fan of the decision, and explains why in colorful terms on this episode of the 401(k) Specialist Podcast. Key Insights: DOL Crypto Guidance Reversal Sparks Fiduciary Concerns Knut Rostad sharply criticized the Department of Labor's decision to rescind its 2022 guidance discouraging crypto in 401(k)s, calling it a “sucker punch” to retirement investors and a dangerous shift away from fiduciary duty. Fiduciary Oversight Diminishing Across Agencies Rostad argues that the DOL’s move undermines its fundamental role and signals a broader decline in regulatory accountability—raising alarms about fiduciary standards at both the DOL and SEC. Crypto and Private Equity Pose Participant Risks Despite fewer restrictions, fiduciaries are urged to avoid adding crypto and private equity to plan menus due to volatility, lack of transparency, and custody issues—likening such moves to gambling. SEE ALSO: • EBSA Rescinds Guidance Warning Against Cryptocurrency in 401(k)s • Better Markets Rips DOL Decision to Rescind 2022 Crypto Guidance

One of the most promising—and rapidly evolving—segments of the retirement plan industry is the small- to medium-sized business (SMB) market. With a wave of government incentives and employee expectations for workplace benefits on the rise, the time is ripe for innovation and growth. To help unpack the challenges and opportunities in serving this critical market, we’re joined by Stan Smith, Chief of Growth at 401GO, a digital-first recordkeeper focused on making 401(k) plans more accessible and scalable for smaller employers. Smith shares his front-line insights on what’s driving critical change in the retirement plan market, what advisors need to know to serve the SMB market, why automation and simplicity are keys to unlocking long-term success, and where he sees the retirement plan market heading. Key Insights: Recordkeeper evolution and AI integration: The discussion highlighted growing pressures on legacy recordkeepers and forecasted industry shifts toward AI-driven solutions, with an emphasis on internal automation and participant-centric innovation. The SMB market is a massive growth opportunity: Stan Smith emphasized that with 1 million new plans expected by 2029, driven by mandates and Secure 2.0, the SMB (small-to-medium-sized business) market is ripe for advisor engagement and innovation. Technology and simplicity are game-changers: 401GO’s strength lies in its “road to simplicity” approach—offering advisors and sponsors streamlined onboarding, real-time functionality, and intuitive UX/UI to remove traditional recordkeeping hurdles. SEE ALSO: A Smart Retirement Strategy for Business Owners Using Cash Balance Plans 401GO Expands Service Offerings with Apex Fintech Solutions Collaboration 401GO Grows Retirement Investment Offerings with Mesirow

The integration of guaranteed lifetime income solutions into workplace retirement plans remains a hot topic among plan advisors, sponsors and participants. To get an idea of the current state of these efforts, we talk with Matt Stubblefield, Aggregator Channel Director at Allianz, who highlights some key findings from a new report by the Allianz Center for the Future of Retirement, part of Allianz Life Insurance Company of North America. The report that examines participant attitudes, preferences and demand for annuities in defined contribution retirement plans, and Stubblefield will share ideas on how plan advisors can put these learnings into practice to enhance their client offerings. Key Insights: Rising Demand for Lifetime Income Solutions Allianz's research reveals that participants strongly favor guaranteed lifetime income options like annuities, with 86% preferring predictable income over managing a lump sum. This trend reflects growing concerns around market volatility, inflation, and longevity risk. Millennials and Diverse Groups Lead Interest in Annuities Millennials show the highest interest in adding annuities to their retirement plans, followed by Gen X and Baby Boomers. Black, Hispanic, and Asian-American participants express more interest than white participants, showing a shift toward securing stable retirement income across demographics. In-Plan Annuities and Personalized Advice Are Preferred Participants prefer contributing to annuities gradually via payroll deductions. They prioritize features like market protection, flexibility, and portability. Many view personalized advice and managed accounts as critical tools for effectively incorporating these products into retirement strategies. See Also: Solving the Portability Puzzle with Allianz Life’s Ben Thomason Exploring Retirement Income Strategies with Joshua Grass and Todd Levy Research Cited: The State of Lifetime Income: Participant Survey, conducted by the Allianz Center for the Future of Retirement in November 2024 with a nationally representative sample of 2,488 respondents aged 18+ who are currently contributing to an employer-sponsored retirement plan. Fixed index annuities are designed to meet long-term needs for retirement income. They provide guarantees against the loss of principal and credited interest, tax-deferred accumulation potential, and the reassurance of a death benefit for beneficiaries. This content is for general educational purposes only. It is not intended to provide fiduciary, tax, or legal advice and cannot be used to avoid tax penalties or to promote, market, or recommend any tax plan or arrangement. Please note that Allianz Life Insurance Company of North America, its affiliated companies, and their representatives and employees do not give fiduciary, tax, or legal advice. Allianz does not provide financial planning services. Guarantees are backed solely by the financial strength and claims-paying ability of the issuing insurance company. Allianz Life Insurance Company of North America is not Affiliated with 401(k) Specialist Allianz Life Insurance Company of North America (Allianz), 5701 Golden Hills Drive, Minneapolis, MN 55416-1297. 800.542.5724 www.allianzlife.com For institutional use only - not intended for use with the public.

The inaugural "Next-Gen 401(k) Report" from KWP Growth Partners is being released on April 8, unveiling a dozen transformative trends that are shaping the future of retirement plans, putting the spotlight on 60 leading digital-forward companies that are driving innovation in the workplace retirement plan space. Will Prest, Managing Partner for KWP Growth Partners and Lisa Kottler, KWP’s Partner of Strategic Growth and Innovation, join this episode of the 401(k) Specialist Podcast to discuss the new report and what makes it a valuable new resource for firms throughout the workplace retirement plan ecosystem. Key Insights Next Gen 401(k) Report Launches with 12 Key Trends KWP Growth Partners released the inaugural Next Gen 401(k) Report spotlighting 60 innovative companies and 12 transformative trends shaping the retirement industry. Designed for advisors, recordkeepers, asset managers, and fintechs, the report helps stakeholders identify emerging opportunities and collaborate for better retirement outcomes​. Collaboration Over Competition in RetireTech A major takeaway is the growing collaboration between legacy firms and challenger retiretech brands. Instead of competing, firms are forming strategic partnerships—like John Hancock with Swell—to broaden market access, accelerate innovation, and close the retirement coverage gap​. Top Trends: AI, Embedded Solutions & Human-Centered Design Among the top trends are AI-driven personalization, embedded solutions like guideline and Gusto's payroll integration, and user-friendly, jargon-free design. These trends are enhancing engagement, efficiency, and inclusivity across retirement platforms​. See Also: ‘RetireTech Map 1.0’ Highlights Retirement Plan Industry Innovators

In this episode, we explore how large-cap value investing fits into a well-structured 401(k) plan investment menu with the help of Devin Armstrong, co-lead manager of the Invesco Comstock Fund, who is Senior Portfolio Manager and Director of U.S. Value Research at Invesco. With market uncertainty and shifting economic conditions, value investing remains a compelling strategy for long-term retirement savers. Armstrong breaks down why large-cap value stocks help to diversify 401(k) plan holdings, and walks us through the team’s unique contrarian approach and classic value investing techniques that distinguish the Invesco Comstock Fund. Key Insights Importance of Large-Cap Value in 401(k) Plans Large-cap value investing plays a crucial role in 401(k) investment menus by providing diversification and long-term stability. As market cycles shift between growth and value investing, maintaining exposure to both styles ensures a balanced portfolio and mitigates risk​. Market Shifts and Investment Strategy The economic environment is changing, with inflation and rising interest rates creating a more favorable backdrop for value stocks. Historical data shows that during inflationary periods, value stocks tend to outperform growth stocks, making them a strong consideration for retirement portfolios​. Invesco’s Contrarian Approach The Invesco Comstock Fund follows a disciplined, valuation-driven approach. The team seeks undervalued companies facing temporary challenges, aiming to capitalize on market dislocations while maintaining a long-term investment perspective​.

It was announced at the start of the recent Viking Cove Institute 2025 Industry Leaders Summit that well-known retirement industry veteran Amy Glynn would be taking the reins as President at the unique independent organization that boasts a membership of over 600 advisors across roughly 200 firms. Glynn joins the 401(k) Specialist Pod(k)ast to talk about the transition, the recent summit, why advisors need independent guidance, and some key new initiatives set to roll out this year at Viking Cove. Key Insights: Industry Leadership Shift at Viking Cove Institute Amy Glynn has taken over as President of Viking Cove Institute, bringing a fresh vision to support independent retirement advisors with resources and networking​. Expansion of Financial Services & Initiatives Viking Cove is launching new initiatives, including the VCI 100 annual insights, enhanced technology for community circles, and expanded fiduciary certification programs​. Advocacy for Diversity & Women’s Leadership Glynn is leading efforts to support women in the retirement industry through the Women in Pension Network, Women on Boards 50/50, and Viking Cove’s leadership summi

The “flavor of the month” in retirement plan ERISA lawsuits seems to be 401(k) forfeiture reallocation cases, where employers are accused of using forfeited funds to benefit the company instead of plan participants. Richard Clarke, Chief Insurance Officer at Colonial Surety Company, a leading direct seller and writer of surety bonds, joins the 401(k) Specialist Podcast to address why plan sponsors need to remain vigilant and have the proper guardrails in place to mitigate the risk of a costly lawsuit. He’ll also talk about some of the new SECURE 2.0 provisions and how plan sponsors can safeguard against fiduciary breaches resulting from the new provisions. Key Insights Rise in 401(k) Forfeiture Lawsuits: ERISA lawsuits targeting 401(k) forfeiture reallocations are increasing, with plan sponsors accused of misusing forfeited funds instead of reinvesting them for participants​. Fiduciary Liability Risks: Plan fiduciaries face personal liability if forfeitures are not handled in accordance with ERISA guidelines, emphasizing the need for proper safeguards​. Secure 2.0 Compliance Challenges: New Secure 2.0 provisions create compliance hurdles for plan sponsors, including higher RMD ages, emergency withdrawals, and expanded eligibility rules​

High-profile retirement plan advisor Holly Knight joins the 401(k) Specialist Podcast in this episode to discuss her recent move from NFP to Alera Group, where she is in the newly created role of “Director of Retirement Advisor Services.” Knight explains the rationale behind the move and why she believes the young and growing company is uniquely positioned to deliver true financial integration for its clients, and how she plans to tackle the task of building scalable infrastructure. Key Insights: Financial Wellness IntegrationScalability & InnovationRetirement Industry EvolutionSEE ALSO: • Alera Group Names Retirement Advisor Services Director

A second Trump Administration, coupled with new leadership at the SEC and Department of Labor, brings the potential for significant changes in the regulatory environment in Washington, including discussions that could impact retirement tax incentives and their role in encouraging long-term savings. For insight on what this could mean when it comes to the retirement industry, we check in with Eric J. Pan, President and CEO of the Washington, D.C.-based Investment Company Institute. ICI is the leading association representing the interests of regulated funds and the more than 120 million Americans who depend on them to achieve long-term financial goals including retirement. He chimes in on ICI’s new “Help U.S. Retire” advocacy campaign, changes at the SEC, the need to protect the tax treatment of retirement savings, and why the 401(k) is envied by countries around the world. Key insights: Preserving Retirement Tax BenefitsLeveling the Retirement Playing FieldGlobal Recognition of the U.S. 401(k) System

The Social Security Fairness Act was signed into law by President Joe Biden on Jan. 6 thanks to strong bipartisan support. The intent was to provide greater retirement security and “fairness” to people who have dedicated their careers to public service, with bill supporters saying the old law unfairly stripped many low-income government and public workers of the benefits they deserve. But did they get it wrong? Andrew G. Biggs, senior fellow at the American Enterprise Institute and a nationally recognized expert on retirement issues and Social Security policy, makes a compelling argument for why the Social Security Fairness Act essentially amounts to a $200 billion giveaway to people who neither need the benefits nor paid into the system to receive them. Key Insights Impact of Social Security Fairness ActPublic Sector Pension DynamicsFiscal Consequences

With the new year quickly approaching, it’s a good time to think about some of the key trends to watch out for in 2025. Vanguard Head of Defined Contribution Research Jeff Clark—who is the author of the company’s popular “How America Saves” research—joins the 401(k) Specialist Podcast to talk about four 2025 retirement trends he anticipates will impact the workplace retirement plan market next year. podcast here Clark covers growing Roth contribution options, increases in auto enrollment, why to expect a broader focus on financial wellness, and continued momentum for in-plan lifetime income options.

t’s always important for retirement plan advisors to know the primary concerns and interests of 401(k) participants in order to be able to communicate with them effectively. Invesco recently conducted some new research on the mindset of participants, and in this episode of the 401(k) Specialist Pod(k)ast, we talk with Greg Jenkins, Managing Director and Head of Institutional Defined Contribution at Invesco, who shares some surprising findings uncovered by the new research, and what advisors can learn from it. Key Insights: Participants’ Financial ConcernsMiscommunication on Retirement IncomeTarget Date Fund MisunderstandingsInvesco partnered with Ipsos to conduct an online survey of 583 defined contribution plan participants (May-July 2024). Participant respondents had following characteristics: Age 25-65 years old; Personal income $30,000+; Employed full-time for an organization for 1+ years; Employer has 1,000+ employees; Actively contributing to a defined contribution plan; Does not work in education, financial services, the federal government, or involved in the management of or decisions regarding employer’s retirement plans. Source for all data: May 2024 online survey by Invesco and Ipsos. Invesco is not affiliated with Ipsos. Invesco Distributors, Inc. is the US distributor for Invesco’s retail products. NA4047681

In this episode, we sit down with Pete Welsh, Managing Director of Retirement and Wealth at Inspira Financial, to explore the complexities of company mergers and their impact on retirement plans. Welsh sheds light on what happens when businesses with different retirement plans merge, outlining key outcomes and compliance concerns. He also provides expert guidance on plan terminations and offers insights into how companies can navigate these intricate processes while staying compliant with federal regulations.

The small to mid-size business retirement plan market is a key growth opportunity for advisors who are looking to expand their client base and provide much-needed benefit solutions to a traditionally underserved segment. With all the new tax incentives for startup plans and state mandates to either offer a plan or have employees opted-in to a state-run auto-IRA program, the time has never been better to get smaller businesses on board with starting a plan—which can lead to additional opportunities on the wealth management side. To learn more about the SMB market, we’re joined by Sean Jordan, Vice President of Small and Mid-Market Segments at Principal Financial Group, to discuss why advisors need be paying close attention to this segment.

In this episode of the 401(k) Specialist Podcast, we’ll travel down the road to better participant outcomes with MFS Investment Management’s Jeri Savage, who will direct us through the key insights from the newly released 2024 MFS Global Retirement Survey. Podcast Episode Player Savage, Lead Retirement Strategist at Boston-based MFS, elaborates on some of the most impactful findings and explores how advisors and plan sponsors can help participants prioritize savings, improve retirement readiness, and navigate the complexities of target date funds. Key Insights: Target Date Fund Misunderstandings: Addressing misconceptions, especially the belief that target date funds guarantee income, will drive better participant outcomes. Retirement Concerns: The 2024 MFS Global Retirement Survey shows that three-quarters of participants feel they need to save more to achieve better participant outcomes in retirement. Competing Financial Priorities: Younger generations face significant financial challenges, like student loans, making it harder

Since the rapid rise in interest rates over the past few years, fixed income has come back into the spotlight. As the Federal Reserve begins cutting interest rates, retirement plan advisors might now be wondering how this shift will impact core bond and core plus bond portfolios. To find out, we speak with Matt Brill, CFA, Head of North America Investment Grade Credit and Senior Portfolio Manager for Invesco Fixed Income. He’ll walk us through the basics of core bond and core plus bond portfolios, how the Fed’s intended “soft landing” will impact these sectors, and also highlight some of the fixed income opportunities that are most favorable for fixed income investors right now. Key Insights Due Diligence on Bond Funds: Fiduciaries should consider fees, performance against benchmarks, and the level of risk when assessing core and core plus bond funds. A balance between risk and stability is crucial to avoid bond portfolios behaving more like equities. Impact of Fed Rate Cuts: The Federal Reserve's decision to cut interest rates is expected to benefit bond funds, making it easier to add bonds to portfolios and improve credit assets' performance, such as high yield and emerging markets. Core vs. Core Plus Bonds: Core bond portfolios consist of highly liquid, lower-risk assets like treasuries, while core plus portfolios include higher-risk options, such as emerging markets and high-yield bonds, offering higher returns but also greater risk. Not a Deposit | Not FDIC Insured | Not Guaranteed by the Bank | May Lose Value | Not Insured by any Federal Government Agency Before investing, investors should carefully read the prospectus and carefully consider the investment objectives, risks, charges and expenses. For this and more complete information about the fund(s), investors should ask their financial professionals for a prospectus or visit invesco.com/fundprospectus Past performance does not guarantee future results. An investment cannot be made into an index. All data provided by Invesco unless otherwise noted. Before investing, consider the Fund's investment objectives, risks, charges and expenses. Visit invesco.com/fundprospectus for a prospectus/summary prospectus containing this information. Read it carefully before investing The risks of investing in securities of foreign issuers, including emerging markets, can include fluctuations in foreign currencies, political and economic instability, and foreign taxation issues. Active trading results in added expenses and may result in a lower return and increased tax liability. The risks of investing in securities of foreign issuers, including emerging markets, can include fluctuations in foreign currencies, political and economic instability, and foreign taxation issues. Junk bonds have greater risk of default or price changes due to changes in the issuer’s credit quality. Junk bond values fluctuate more than high quality bonds and can decline significantly over a short time. As with any comparison, investors should be aware of the material differences between active and passive strategies. Unlike passive strategies, active strategies have the ability to react to market changes and the potential to outperform a stated benchmark. Other differences include, but are not limited to, expenses, management style and liquidity. Investors should consult their financial professional before investing. Invesco Distributors, Inc.

Considerable resources have been devoted to solving the challenge of portability in retirement savings over the past few years, and the stakes are high to get it right and cut down on costly an unnecessary retirement plan leakage. In this episode, we talk with Ben Thomason, Head of Defined Contribution Distribution at Allianz Life Insurance Company of North America, to explore the importance of portability and the unique challenges it poses when it comes to in-plan guaranteed lifetime income solutions. Thomason dives into the complexities of why portability matters for participants, preserving benefits, maintaining guarantees, and navigating the challenges of transferring retirement assets across plans and IRAs. He also talks about key factors advisors need to consider when assessing different in-plan guaranteed lifetime income options. Key Insights: Here are three concise key insights from the podcast episode: Technology's Role in PortabilityImportance of PortabilityProduct Design and Portability