Staying the Course During Market Volatility

In episode 14 of Revamping Retirement, host Mike Webb shares timely insights on the financial uncertainty brought on by the COVID-19 pandemic—particularly as it relates to retirement savers. With markets reeling from historic drops, Webb offers a measured, optimistic perspective that helps plan sponsors and participants alike keep things in perspective.

What Happens When the Market Drops?

Using relatable hypotheticals and past market data, Webb explains how even steep downturns—like the 26% drop from the Dow’s February 2020 peak—don’t necessarily derail long-term retirement outcomes. For early- and mid-career savers, consistent contributions and strategies like dollar-cost averaging often matter more than short-term investment performance. Even during bear markets, saving steadily can lead to positive outcomes over time.

Why Consistent Saving Still Wins

Webb drives home the idea that “biggest balance wins”—and that retirement success is driven less by timing the market and more by staying in it. He reminds listeners that downturns are temporary, and markets have historically recovered within a few years. Meanwhile, savers who remain disciplined and continue to invest during low points often benefit from compounding and growth when markets rebound.

A Realistic Yet Hopeful Message

Throughout the episode, Webb balances realism with encouragement. While acknowledging the legitimate anxiety many investors feel, he discourages panic-driven decisions. Instead, he urges listeners to stay the course, review their goals, and—if possible—save more. His message is simple: whether in a bear or bull market, consistent saving and long-term thinking remain the cornerstones of a strong retirement strategy.

This episode serves as both a market update and a motivational guide, helping listeners navigate the emotional and financial impact of crisis-driven volatility.

Key Themes Covered in the Episode

In this conversation, Mike Webb sits down with Jordy Rabinowitz, SVP of HR, and Tracy Tillery, Director of HR Operations, to unpack how Westchester Medical Center Health Network (WMCHealth) scaled from a single-campus hospital to a 10-hospital, seven-campus system—and what that explosive growth meant for retirement benefits.

From One Plan to One Ecosystem

Between 2009 and 2016 WMCHealth’s roster ballooned from zero defined-contribution plans to 15 separate plans spread across multiple recordkeepers. Through a phased RFP process the team collapsed fees, standardized provisions, and ultimately migrated all 8,000+ participants and nearly $500 million in assets onto a single recordkeeper platform.

Change Management That Works

Tillery details a boots-on-the-ground communications playbook: campus-wide town halls, blackout-period FAQs, and one-on-one counseling with the new recordkeeper. Building trust early—by tying every change back to lower fees and stronger outcomes—helped them navigate major consolidations with virtually no negative employee feedback.

Boosting Retirement Readiness

With the “plumbing” fixed, HR pivoted to engagement. A network-wide Retirement Week and “Catch-the-Match” campaign lifted plan participation by 13 percent and raised average deferral rates enough to capture an additional 9 percent of employer-match dollars that had been left on the table.

Lessons for Other Healthcare Systems

Rabinowitz emphasizes the strategic value of consistency: aligned plan designs simplify nondiscrimination testing, trim administrative overhead, and let fiduciary committees focus on higher-level initiatives such as Roth conversions, auto-features, and targeted financial-wellness programs.

Why Listen

If your organization is juggling mergers, multiple recordkeepers, or uneven benefit designs, this episode is a blueprint for turning consolidation into a catalyst for lower costs, streamlined compliance, and higher employee confidence in retirement.

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.

At the Expo, employees have direct access to valuable retirement planning activities, resources, and other useful information and can meet with the State of Oregon Public Employees Retirement System (Oregon 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 State of Oregon Public Employees Retirement System (Oregon 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 coming back, and what the future holds.