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 of Revamping Retirement, Mike Webb and Jack Towarnicky of the American Retirement Association discuss differing views over utilizing sidecar accounts for emergency savings.

Episode 18

In episode 17 of Revamping Retirement, 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.

Reassurance Amid Market Uncertainty

While episode 17 of Revamping Retirement centers on the importance of automatic enrollment and smart plan design, host Mike Webb also takes the opportunity to address a pressing issue affecting retirement savers everywhere: the impact of market volatility in the wake of the COVID-19 pandemic.

As fear and uncertainty ripple through the markets, Webb offers a grounded perspective. Drawing on historical data and behavioral finance principles, he reminds listeners that downturns—while uncomfortable—are a normal part of the investing journey. Using the early 2020 market drop as a backdrop, he compares it to the 2007–2009 financial crisis and shares strategies to keep long-term savers focused on what really matters.

Why the Stock Market Isn’t the Whole Story

Webb walks listeners through a simple scenario to highlight a powerful insight: early-career investors are often more affected by their contribution behavior than by market performance. Even in a hypothetical situation where the market drops by 50% two years in a row, participants who continue making regular contributions can still see positive asset growth. Thanks to dollar-cost averaging and the long time horizon most savers have before retirement, market downturns can actually create buying opportunities that pay off down the road.

This approach not only reframes fear, but also empowers savers with a message they don’t often hear: it’s not about timing the market—it’s about time in the market.

A Role for Plan Sponsors and Advisors

In addition to reassuring participants, Webb also urges plan sponsors to reinforce these fundamentals. Automatic enrollment, default deferral rates, and auto-escalation features can nudge participants toward better long-term outcomes—especially during uncertain times. Encouragingly, these tools work best when paired with clear, human-centered communication that helps participants stay the course.

Ultimately, Webb’s message is both strategic and empathetic: stay invested, keep contributing, and don’t let short-term volatility derail a long-term plan. For plan sponsors and fiduciaries looking to guide participants through uncertain times, this episode offers a timely reminder that education, structure, and trust can go a long way.

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 evaluate these investments.

However, the nuances of three of the provisions may have some unintended consequences. In episode 15 of Revamping Retirement, Mike Webb discusses the potential issues with these CARES Act provisions.

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.