Revamping Retirement

In episode 24, Mike Webb chats with David Levine, Principal at Groom Law Group, and Rebecca Moore, Managing Editor of PLANSPONSOR Digital, to discuss the popular and long-running PLANSPONSOR Ask the Expert column. With more than a decade worth of plan sponsors questions answered by industry experts, the column continues to be one of the most popular features on PLANSPONSOR's website. Mike, David and Rebecca share the history of the column, contributing factors to its success, and tips on how plan sponsors can have their questions featured. To submit a question to the column, email Rebecca at Rebecca.Moore@issgovernance.com.

In episode 23, Mike Webb chats with Christine Roberts, a prominent ERISA attorney and author of the popular E is for ERISA blog. Christine shares the backstory of her blog, the "DB-ification" trend in defined contribution retirement (DC) plans and the movement toward more employer-control versus employee discretion of DC plans to better provide a sustainable source of income during retirement, and the one provision she would change with a magic retirement wand.

In episode 22, Mike Webb chats with Mary Beth Franklin, contributing editor to InvestmentNews and a nationally recognized expert on Social Security claiming strategies. Sharing the current funding concerns and potential future reforms for social security, Mary Beth provides tips on when to claim and when to delay social security benefits in order to maximize value, particularly in the current low-interest rate environment. She also highlights the specific need for women to carefully consider their social security claiming strategy to ensure sufficient retirement income.

In episode 21, Mike Webb chats with arguably one of the coolest guys in retirement, J.D. Carlson. Learn how J.D. went from surf shop owner to CEO of TPA firm Plan Design Consultants, Inc., and host of the notorious Retireholi(k)s, a weekly show where retirement industry professionals notoriously get together for a few beers and "talk shop".

Let's face it, for most, ERISA and retirement plan law can be somewhat dull. However, this episode's Revamping Retirement guest has found a way to weave sports, pro-wrestling, soap operas and general '70s and '80s pop culture into his practice. Ary Rosenbaum practices ERISA and retirement plan law at The Rosenbaum Law Firm P.C. and is also known by industry insiders as "That 401(k) Guy," infusing personality into his practice through his That 401(k) Site website, conference series, and podcast. In this episode 20 of Revamping Retirement, Mike Webb chats with Ary about his perspective on topics such as the DOL's Fiduciary Rule and ESG and Private Equity in retirement plans, his "wish list" for compliance changes to help plan sponsors avoid plan errors, and his collection of Mets memorabilia.

In episode 19, Mike Webb chats, once again, with J.Money, an award-winning personal finance blogger, about the impact of the pandemic on the FIRE (Financial Independence, Retire Early) movement. FIRE (Financial Independence, Retire Early) is a lifestyle movement that embraces the goal of achieving financial independence by decreasing spending and/or increasing income. Mike and J.Money discuss why now, in the middle of a pandemic and recession, individuals may want to consider adopting some of the key FIRE tenants. Will the pandemic light a flame for future FIRE movement participants?

According to a recent survey, more than 70% of employees would have some level of financial difficulty if their next paycheck was delayed by one week. Thus, the need for emergency savings to cover unforeseen expenses is clear. But how can employers encourage their participants to take control of their own financial wellness? One option, growing in popularity among retirement plan sponsors, is to offer an emergency savings account through the retirement plan recordkeeper. But are these "sidecar" accounts the best approach? In episode 18, Mike Webb and Jack Towarnicky of the American Retirement Association discuss differing views over utilizing sidecar accounts for emergency savings.

Automatic enrollment has gained significant traction over the past two decades, with nearly 71% of plans with 1000 or more participants utilizing the feature. Two recent studies by Vanguard and John Hancock share statistical data that helps highlight the overwhelming case for auto-enrollment as a defined contribution retirement plan strategy. In episode seventeen, Mike Webb discusses the statistical case for adopting auto-enrollment, as well as how finding the sweet spot for default deferrals and auto-escalation can help improve participants' retirement readiness.

Target date funds have experienced increasing popularity and growth in recent years, becoming an important investment option in many defined contribution retirement plans. In episode sixteen, Mike Webb gets back to the basics to discuss the two primary types of target date funds - "off the shelf" and customized - and shares the key components used to evalutate these investments.

On March 27, 2020, the House passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), a $2.2 trillion dollar relief bill to counter the economic impact of the COVID-19 pandemic. The legislation contains several retirement plan-related provisions aimed at helping plan sponsors and participants deal with the implications of the pandemic. However, the nuances of three of the provisions may have some unintended consequences. In episode fifteen of Revamping Retirement, Mike Webb discusses the potential issues with these CARES Act provisions.

The market volatility and uncertainty surrounding the coronavirus pandemic have many retirement plan investors concerned. In Episode 14, Mike Webb shares some perspective on the recent market downturn and its impact on retirement plans.

Revenue sharing refers to the practice of investment providers sharing revenue with recordkeepers in exchange for performing some of the duties that the investment provider would typically have to do. Understandably, this can be a confusing topic for retirement plan sponsors. In Episode 13 of Revamping Retirement, Mike Webb simplifies the concept of revenue sharing and explains the importance of understanding a fund's net cost.

The Setting Every Community Up for Retirement Enhancement Act of 2019, better known as the SECURE Act, aims to improve retirement security for many Americans. Since its passage in December of 2019, it has readily been at the center of retirement plan dialogue. In episode twelve of Revamping Retirement, Mike Webb shares the major provisions and discusses the impact the Act may have on retirement plan sponsors and participants.

Over the past decade, the WMCHealth Network has grown significantly through mergers and acquisitions. In episode eleven of Revamping Retirement, Mike Webb chats with Jordy Rabinowitz and Tracy Tillery about how the organization successfully integrated plans and effectively communicated to participants to ultimately enhance the overall benefits for both its existing and incoming employees.

In episode ten of Revamping Retirement, Mike Webb talks with Lisa Schwartzenburg, the Assistant Director of Benefits, Wellness & Safety at Gonzaga University, about the role the university's unique culture plays in regard to their retirement plan and other employee benefits.

In episode nine of Revamping Retirement, Mike Webb chats with J.Money, an award-winning personal finance blogger and owner of the popular Budgets are Sexy website. As a notable member of the FIRE (Financial Independence, Retire Early) movement, J.Money shares his journey towards financial independence and the key tenants of FIRE, including how to adopt the philosophy without entirely sacrificing your lifestyle.

In episode eight of Revamping Retirement, Mike Webb chats with Dean Carson and Roger Smith from the State of Oregon Public Employees Retirement System (Oregon PERS) about their innovative and highly regarded Retirement Savings Expo, an annual event that provides Oregon public employees an opportunity to learn about their various benefits all in one place, with a creative and fun approach. At the Expo, employees have direct access to valuable retirement planning activities, resources, and other useful information and can meet with PERS and Oregon Savings Growth Plan (OSGP) retirement counselors, health insurance experts, and investment professionals. There are also workshops and resources tailored for everyone - from the newest public employee, to someone ready to retire. While many retirement plan sponsors struggle to engage participants, the PERS Expo has amassed a following among their employees, exceeding attendance expectations every year. Learn how the Expo got its start, how they keep their members comi

In episode seven of Revamping Retirement, Mike Webb explains the significance of missing participants.

In episode six of Revamping Retirement, Mike Webb explores the the importance of financial wellness programs to engage retirement plan participants.