Episode 38
In episode 38 of Revamping Retirement, Jennifer Doss and Scott Matheson are joined by John Diehl, director of applied insights at Hartford Funds on behalf of the Massachusetts Institute of Technology (MIT) Age Lab. The Age Lab is a multidisciplinary research program that works with businesses, nonprofits, and the government to understand the challenges and opportunities of longevity and emerging generational lifestyles. Its work is focused on driving innovation and practical solutions that improve the quality of life for older people.
John shares the Age Lab’s latest research on how shifting demographics, technology innovations, and new employee expectations are shaping the workplace of the future. With the Great Resignation and tight labor market top of mind for many employers, John explains why understanding employees and their life-stages is essential to designing benefits that attract and retain talent. He digs into what the future is female means for employers and how companies can leverage an aging population’s desire to stay involved to help retain business critical expertise—and why flexibility may be the answer to both.
Later, Jennifer and Scott discuss the impact of the challenging labor market on retirement plan design. The two recap our latest webinar on the topic, discuss recent plan design and employee benefit trends, and share key plan sponsor takeaways.
In Minute with Mike, Mike Webb reflects on the definition of compensation in retirement plans—which is one of the leading causes of operational errors.
To learn more about the MIT Age Lab, click here.
Episode 37
In episode 37 of Revamping Retirement, Jennifer Doss and Scott Matheson sit down with Rosalyn Brown—equity, diversity, and inclusion director for WE Inspire. Promote. Network. (WIPN)—to discuss why creating a culture of inclusivity can help differentiate organizations in a tight labor market. Rosalyn talks about the importance of looking at retirement plan benefits through the lens of DEI, why the culture of money matters, and why communication is key to maintaining an inclusive culture.
Later, Mike Webb joins to discuss plan sponsor considerations when it comes to vesting schedules and eligibility for employer contributions.
Don’t miss WIPN’s upcoming Culture of Money event on February 24 at 3:00 pm ET.
Episode 36
In episode 36 of Revamping Retirement, Jennifer Doss and Scott Matheson tackle one of the predominant themes of 2022—the tight labor market. As organizations react to the newest supply chain issue, many retirement plan sponsors are scrambling to understand what they can do to differentiate their retirement plan in an effort to recruit and retain talent. Jennifer and Scott provide context on the employment squeeze and the drivers behind it. They also offer actionable ideas on how organizations can ensure their plan is competitive, highlight distinguishing features, and maximize the impact of their benefit dollars.
Chief Investment Officer Mike Vogelzang joins the conversation to discuss why we should manage our market expectations in 2022 following the banner period of the past few years.
Later, Mike Webb provides insight on how plan sponsors can navigate and prevent loan overutilization in Minute with Mike.
Episode 35
In episode 35 of Revamping Retirement, our hosts are joined by Jeff Bush, a Washington insider known for his ability to decode the often confusing tax and fiscal legislative landscape.
Jeff provides an overview of what we can expect out of Washington in 2022—including a breakdown of the Infrastructure Investment and Jobs Act (IIJA) and what the Senate may cut from the House’s version of the Build Back Better Act. Jeff also shares a recap of where Congress is on mandatory year-end legislation—like increasing the debt ceiling, approving government funding, and the National Defense Authorization Act (NDAA).
Later, Jennifer and Scott share the key takeaways of the Securing a Strong Retirement Act (known as SECURE 2.0) and discuss what this and other proposed legislation could mean for retirement plan sponsors.
In Minute with Mike, Mike Webb talks about how to prevent hardship distributions from destroying your participants’ retirement savings.
Episode 34
In episode 34 of Revamping Retirement, our hosts are joined by Sarah Harris and Jenn McCabe from Armanino, one of the top-25 largest accounting and business consulting firms in the U.S. Armanino is challenging the status quo by tackling the diversity, equity, and inclusion (DEI) conversation head-on—with transformative results.
Sarah and Jenn share why Armanino is dedicated to DEI, the changes they’ve made to their retirement plan and benefits package, and why helping diverse people benefits all people. They also share their perspective on how other organizations can initiate or elevate their inclusivity efforts.
Later, CAPTRUST Chief Investment Officer Mike Vogelzang provides an update on the markets and economy, including his thoughts on inflation and where it is likely to be ongoing versus cyclical. He also shares why wage inflation has a silver lining despite being a loathsome topic for many employers.
And don’t miss Mike Webb’s Minute with Mike, where he recaps the retirement plan types available to different organizations.
Did you know that October is National Retirement Security Month? In episode 33 of Revamping Retirement, Jennifer Doss and Scott Matheson talk with Matt Petersen, executive director of the National Association of Government Defined Contribution Administrators, Inc. (NAGDCA), the sponsoring organization of National Retirement Security Month (NRSM). Matt talks about the history of NRSM and why plan sponsors of all types may want to participate. He also shares his perspective on the legislative landscape and the key issues on the minds of his member plan sponsors.
Later, Sandy Blair, director of retirement readiness at the California State Teachers’ Retirement System (CalSTRS), joins to discuss CalSTRS’ award-winning NRSM campaign. Sandy also shares some best practices on how plan sponsors can leverage their NRSM efforts to drive financial literacy throughout the year.
In Minute with Mike, Mike Webb highlights the common mistake that plan sponsors make with small-balance cash out provisions.
Episode 32
In a special edition of Revamping Retirement, Jennifer Doss hosts live from the National Association of Plan Advisors (NAPA) 401(k) Summit in Las Vegas, alongside Phyllis Klein, senior director of Retirement Plan Services at CAPTRUST.
Joining our hosts are two of the industry’s most prominent ERISA attorneys: Fred Reish, partner in the Benefits & Executive Compensation practice group, the Investment Management group, and the Financial Services ERISA Team at Faegre Drinker; and David Levine, principal and co-chair of the Plan Sponsor Practice at Groom Law Group.
Following our panel’s robust conversation around current plan sponsor concerns, the latest areas of industry focus, and key takeaways from the NAPA conference, Mike Webb shares his take on the most common retirement plan loan taxation misconceptions in Minute with Mike.
In episode 31 of Revamping Retirement, Jennifer Doss and Scott Matheson talk with Greg Middleton, senior director of business development and sales enablement at CAPTRUST, to discuss his recent webinar on advisor requests for proposals (RFPs).
Middleton provides unique industry perspective on why challenging times often drive plan sponsors to assess providers and their services and the ways RFPs can help plan sponsors understand recent market trends, cybersecurity, selection process, and more.
In Minute with Mike, Mike Webb shares what plan sponsors need to know about health savings accounts (HSAs) and how they can help support successful retirement outcomes.
In episode 30 of Revamping Retirement, Jennifer Doss and Scott Matheson circle back on her predictions for 2021 and discuss where the retirement industry sits at the halfway mark of this year. Find out how plan sponsors are reacting to the increased interest in environmental, social, and governance (ESG) investing and regulatory ambiguity, what the industry expects for the SECURE Act 2.0, the benefits and pitfalls of technology, and more.
Later, CAPTRUST Chief Investment Officer Mike Vogelzang chimes in to regroup on the uniqueness of this past year’s market environment and provide his team’s latest thoughts on the markets and economy, including interest rates, inflation, and taxes.
In Minute with Mike, Mike Webb shares what plan sponsors need to know about required minimum distributions (RMDs) and why they can be such a pain point for plan participants and plan sponsors alike.
Episode 29
In episode 29 of Revamping Retirement, Jennifer Doss and Scott Matheson are joined by Jenny Eller, principal and chair of Groom Law Group’s Retirement Services Practice Group and Fiduciary Practice. Jenny shares her perspective on plan sponsor considerations for selecting a nondiscretionary or discretionary advisor, the reasons behind the trend toward 3(38) investment manager discretionary services, and how outsourcing investment responsibilities can impact—or even mitigate—risk in this litigious environment.
In Minute with Mike, Mike Webb discusses what plan sponsors need to know about in-plan annuities. Later, Jon Meyer, CAPTRUST’s chief technology officer, provides some actionable steps based upon the DOL’s recent guidance that retirement plan sponsors can take to protect themselves and their participants from cybersecurity threats.
Episode 29 at a Glance—Why More Committees Are Handing the Keys to a 3(38)
Hosts Jennifer Doss and Scott Matheson sit down with Groom Law Group powerhouse Jenny Eller to unpack the fast-growing shift from “co-pilot” 3(21) advisory relationships to full-discretion 3(38) investment-manager mandates—and what that means for fiduciary risk, litigation defense, and committee workload.
3(21) vs. 3(38): Same ERISA Standard, Different Job Descriptions
3(21) advice fiduciary – Do-it-with-me. Gives recommendations; committee retains final say and must probe, document, and ultimately decide.
3(38) investment manager – Do-it-for-me. Takes legal discretion over fund lineup, share-class changes, and manager hires/fires; committee’s duty shifts to prudent selection and monitoring of the 3(38).
Why Sponsors Are Upgrading to 3(38)
Time & focus: Committees want to spend meetings on plan design, financial-wellness, and cybersecurity—not debating small-cap manager swaps.
Target-date dominance: Defaults now hold 60-70 % of assets; sponsors see value in delegating glide-path oversight to specialists.
Litigation heat: More than 100 ERISA fee suits filed last year, many against sub-$1 billion plans. Courts generally shield appointing fiduciaries from investment-loss claims if they can prove prudent 3(38) selection/monitoring.
“We follow you anyway.” If a committee always rubber-stamps its advisor’s recommendations, formal discretion may better reflect reality—and tighten documentation.
Avoiding Common 3(38) Pitfalls
Document the hand-off. RFP the role, vet experience, insurance, and conflicts; minutes should show why the manager was hired.
Let them drive. Second-guessing every trade erodes liability protection; monitor process, not individual picks.
Watch proprietary funds. Recent cases (e.g., Molina) show extra scrutiny when a 3(38) uses its own products; demand robust benchmarking and fee parity.
Confirm indemnification. Contracts should spell out the manager’s duty to defend and reimburse the plan for investment-related claims.
Quick Hits from the Episode’s Bonus Segments
Minute with Mike: In-plan annuities can be costly and lack inflation protection; they tend to fit “middle-income” participants who fear outliving savings—not low- or high-earners.
Tech Talk with Jon Meyer: Beyond DOL’s cybersecurity checklist, sponsors must dig into vendors’ fraud-prevention playbooks and participant-indemnification terms; annual SOC-2 reviews and breach-response drills are now table stakes.
Key Takeaways for Committees
Decide where your time is best spent, then match the fiduciary model—3(21) for collaborative control, 3(38) for true delegation.
If you outsource, monitor the manager’s process (staff, resources, methodology) rather than second-guessing individual fund moves.
Solidify cyber and fraud defenses the same way: vet vendors rigorously, document reviews, and keep participants engaged with their accounts.
Listen to the full discussion for practical questions to ask in an RFP, real-world litigation lessons, and a lighter-side peek at Eller’s own “pool-side” retirement vision.