Revamping Retirement

This month’s episode features an in-depth discussion on artificial intelligence (AI) between Dawn McPherson, Matt Patrick, and Mike Allen, Morningstar's Head of Technology for Workplace Solutions. They explore AI's evolving role in retirement planning, discussing its potential for personalized participant experiences, and operational efficiencies. Highlights include: practical application of AI tools and their potential impact on retirement planning benefits of leveraging AI to enhance participant experiences and streamline backend processes challenges plan sponsors will face when it comes to governance The episode ends with practical tips from Mike Webb for enhancing the 5500 annual report filing process for ERISA retirement plan sponsors. Subscribe to Revamping Retirement for more episodes with insights for plan sponsors. Note: Mike Allen is an employee of Morningstar Investment Management LLC, a registered investment adviser and subsidiary of Morningstar, Inc.

In the latest episode of Revamping Retirement, Dawn McPherson and Jennifer Doss talk with Dan Aronowitz, president of Encore Fiduciary. The three dive into litigation trends, particularly in navigating the complexities of fiduciary liability and underwriting. Highlights include: An overview of recent trends in retirement plan litigation, emphasizing a shift in the types of cases being filed and the implications for plan sponsors. The significance of having a robust fiduciary process and how it can mitigate litigation risks. This includes the choice between active and passive investment options, the importance of monitoring record-keeping and investment fees, and the strategic use of fiduciary insurance. A deep dive into fiduciary liability insurance, detailing what it covers, who should have it, and how it can protect plan sponsors from claims of breach of duty. Discussion on specific risk factors that can make a retirement plan more susceptible to litigation and how these factors influence the underwriting process for fiduciary liability insurance. Later, Mike Webb discusses the differences between reporting and disclosure for retirement plan sponsors in this month’s Minute with Mike. Subscribe to Revamping Retirement for more episodes with insights for plan sponsors.

This month on Revamping Retirement, Dawn McPherson and Matt Patrick talk with Lisa Greenwald, CEO of Greenwald Research. The three discuss the impact of caregiving responsibilities on retirement readiness. Lisa highlights that caregivers face unique challenges that often aren't addressed by employers and benefits providers, such as reduced work hours, job changes for flexibility, and financial strain. The episode also covers the landscape of retirement benefits more broadly, including trends to expand offerings for employee well-being, such as mental health and financial wellness programs. Later, Mike Webb talks about plan fees in this month’s Minute with Mike. Subscribe to Revamping Retirement for more episodes with insights for plan sponsors.

This month on Revamping Retirement, Jennifer Doss introduced new co-hosts Matt Patrick, Audrey Wheat, and Pete Ruffel. The four share their predictions for the year ahead as it relates to plan sponsors and the defined contribution space. Predictions include: Recordkeeper consolidation Expanded QDIA solutions An increase in regulation from the Department of Labor and IRS Subscribe to Revamping Retirement for more episodes with insights for plan sponsors. Last Month’s Episode: Episode 59: Auto-Portability with Neal Ringquist

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: 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 McEntee 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 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 the experience of other clients.

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 the experience of other clients.

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 Foundations survey results.

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 Benefits in a Tight Labor Market Episode 37: DEI: Why Checking the Box Isn’t Enough Episode 38: The MIT Age Lab and the Workplace of the Future Episode 40: Retirement Industry Research: Insights for Plan Sponsors Episode 42: Save More Tomorrow 2.0: Harnessing Inertia with Dr. Shlomo Benartzi Episode 44: Effective Participant Communication Matters DOL ESG Policy

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 in retirement. Later in Minute with Mike, Mike Webb breaks down the Form 5500 filing process for plan sponsors. Mentioned in the Podcast How HSAs Can Help Participants Tackle Retirement Healthcare Costs (Webinar Recording) Alegeus | SaaS-based benefit funding and payment solutions

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 Security Tips

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: How do volatile markets impact participant communications? How often should plan sponsors communicate with employees? What are the most effective media for communicating with participants? What are the fiduciary obligations for communicating with plan participants? Click here to watch the webinar. Episode 42: Dr. Shlomo Benartzi discusses the success of his revolutionary Save More Tomorrow program, the future of auto-features, and how plan sponsors can use choice architecture to help move the needle with participants. Click here to listen. Episode 37: In today’s competitive labor market, many organizations are focused on culture and benefits as differentiators. But when it comes to diversity, equity, and inclusion (DEI), checking the box isn’t enough. We chat with Rosalyn Brown—the equity, diversity, and inclusion director for WE Inspire. Promote. Network. (WIPN)—about the importance of looking at your retirement plan benefits through the lens of DEI. Click here to listen.