As the burden of funding retirement has shifted from employer to employee, defined contribution plans, such as 401(k)s, have become the primary source of retirement savings for an increasing number of Americans. Yet, DC plans were originally designed as supplemental retirement savings vehicles and were generally never intended to provide guaranteed lifetime income.
The mission of the Institutional Retirement Income Council (IRIC) is to facilitate the culture shift of defined contribution plans from supplemental savings programs to programs that provide retirement security through institutional income strategies and solutions within our defined contribution system. By providing a forum for insightful, solutions-oriented thought leadership on institutional retirement income, the IRIC is promoting the need for retirement income adequacy for defined contribution plan participants.
A membership-based organization, IRIC is supported by sponsors, and a panel of industry advisors, who are dedicated to sharing best practices, informing about legislative and regulatory issues and facilitating solutions for plan sponsors and their participants.
IRIC is a product agnostic and provider agnostic organization. IRIC supports guaranteed products, non-guaranteed products, and other drawdown income strategies. Through best practices development, IRIC creates an environment that fosters adoption and utilization of retirement income directly from DC plans that best meets the needs of both sponsors and participants.
The mission of the IRIC is to facilitate the culture shift of defined contribution plans from supplemental savings plans to programs that provide retirement security through institutional income strategies and solutions within our defined contribution system.
The vision of the IRIC is to be recognized by plan sponsors, intermediaries, recordkeepers, product manufacturers, and distributors, as the industry’s leading source of information and thought leadership on institutional retirement income solutions.
To accomplish this we will:
- Establish a forum for unbiased, solutions-oriented thought leadership on institutional retirement income;
- Identify and overcome barriers that impact the offering of institutional retirement income solutions by plan sponsors and utilization by participants;
- Develop best practices and tools for how institutional retirement income solutions may be evaluated, selected, implemented, and monitored;
- Identify and address issues and concerns that will arise as institutional retirement income solutions become more prevalent; and,
- Promote the need for retirement income security for defined contribution plan participants.
- Establish the IRIC’s brand and reputation;
- Develop and create comprehensive best practices and tools;
- Increase awareness and utilization of best practices and tools among key audiences, and,
- Facilitate solutions to key industry challenges.
Establish the IRIC’s brand and reputation
- Announce the expanded sponsorship of the IRIC to key audiences through initial press release
- Create a fully integrated marketing/public relations plan
- Explore the viability of strategic partnership(s) with other industry associations and/or media partners
Develop and create comprehensive best practices and tools
- Create tools to enable comparison of products
- Provide information to facilitate plan sponsor decision making and enable the RFP process
- Define best practices for plan design, implementation, and communication
- Provide information and a consistent framework on products that are available
Increase awareness and utilization of best practices and tools among key audiences
- Publish educational information to raise awareness of our leadership position
- Enhance and expand a robust website
- Training for Consultant/Advisors share our expertise via hands-on training
- Participation as speakers at industry conferences
- Leverage our strategic partnership(s)
Facilitate solutions to key industry challenges
- Standardization of recordkeeping
- Strengthening the plan sponsor case for taking action
- Provide insight into Legislative and Regulatory issues
- Provide our perspective to product manufacturers
Bruce L. Ashton is a partner in the Employee Benefits & Executive Compensation Practice Group of the national law firm of Faegre Drinker. He has more than 35 years of experience handling a wide range of employee benefits matters. His practice concentrates on representing plan service providers (including RIAs, independent record-keepers, third-party administrators, broker-dealers and insurance companies) in fulfilling their obligations under ERISA. His experience includes representing public and private sector plans and their sponsors, negotiating the resolution of plan qualification issues under IRS remedial correction programs, advising and defending fiduciaries on their obligations and liabilities, and structuring qualified plans, non-qualified deferred compensation arrangements.
Bruce served as president of the American Society of Pension Professionals and Actuaries (ASPPA) for the 2003-2004 term, was on the ASPPA board of directors from 1997 to 2007 and served as co-chair of ASPPA’s Government Affairs Committee from 1998 to 2002. He was a member of the Board of Directors of the American Academy of Actuaries during 2003-2004, was the president of the Western Pension & Benefits Conference Los Angeles Chapter from 2008-2009, and served as a member of the leadership counsel of the National Tax Sheltered Accounts Association (NTSAA). He currently serves on the board of the Institutional Retirement Income Council.
Bruce received the Harry T. Eidsen Founders Award from ASPPA in 2011 and has been recognized as one of “The Best Lawyers in America” and as a “Super Lawyer” in Southern California. Bruce is listed in the California edition of Who’s Who Legal and has been recognized by 401kWire as one of the Most Influential People in the 401(k) Industry.
Bruce is a contributor to Drinker Biddle’s Broker-Dealer Law Blog (www.brokerdealerlawblog.com), which provides practical insights on litigation, regulatory, compliance and fiduciary issues impacting broker-dealers. He has co-authored four books on employee benefits issues and a quarterly column in the Journal of Pension Benefits on IRS remedial programs, and is a frequent contributor to various tax and pension publications. He is a frequent speaker on employee benefits issues ranging from fiduciary responsibility to ESOPs, and is a regularly featured speaker at conferences sponsored by ASPPA, and other organizations.
William R. Charyk
Bill Charyk is a former managing attorney of Arent Fox LLP. In the past, he also served as the department manager of the general business department. Bill’s practice in the tax area focuses primarily on two specialty areas-taxation of partnerships and employee benefit/executive compensation tax planning.
Bill is also heavily involved with the tax and compliance aspects of the employee benefits practice. As such, he ultimately supervises the planning and implementation of a wide variety of compensation vehicles, including
defined benefit pension plans, Section 401(k) programs, employee stock ownership plans (ESOP), and various executive deferred compensation arrangements stock appreciation right plans and phantom stock bonus
Bill served as an adjunct professor of law at The Georgetown University Law Center for over 25 years where he taught a graduate-level course in taxation of partnerships, with special lectures devoted to ERISA plan investor issues. The internationally-based Chambers survey, the Washingtonian Magazine, and the Best Lawyers in America survey have repeatedly recognized Bill for his tax and ERISA expertise. Bill has been a member of the American College of Tax Counsel for over 30 years.
William earned a bachelor’s degree from The Johns Hopkins University and a J.D. from George Washington University Law School, order of the COIF.
Clark G. Frese CPC, AIFA
Clark Frese is the founding member and principal of Asset Strategy Retirement Plan Consultants (ASRPC), a SEC Registered Investment Advisory firm focused on retirement plan consulting. In addition to the work at ASRPC, he is also a senior consultant at Asset Strategy Consultants LLC. Clark is also an Accredited Investment Fiduciary Auditor from the Center for Fiduciary Studies at the University of Pittsburgh. Clark is a Certified Pension Consultant from the American Society of Pension Professionals & Actuaries and a Chartered Life Underwriter from the American College. Clark has worked with investment monitoring and managing fiduciary responsibility for qualified plans for over 25 years.
A Senior Investment Consultant in Willis Towers Watson Investment’s New York office. She advises both defined benefit and defined contribution plan sponsors and is the chair of Lifetime Income Solutions team at Willis Towers Watson.
Prior to joining Willis Towers Watson in 2015, Dana was the Trust Investment Manager for a Fortune 100 plan sponsor, overseeing the investment and administration of over $10 billion in assets, comprised of qualified and non-qualified pension, defined contribution, and nuclear-decommissioning trust fund assets. Dana was involved in numerous asset/liability modeling efforts, investment manager searches, structure reviews and fund governance issues. Previous roles include various audit positions at Deloitte & Touché, primarily within the utility industry. Dana received her Bachelor of Science degree with honors from Ramapo College of New Jersey in Mahwah, NJ with majors in accounting and finance. Dana received her MBA in finance from Rutgers University in New Jersey. She is also a licensed CPA in New Jersey.
John A. Pickett
John joined CAPTRUST Financial Advisors spring of 2010 opening the company’s first Texas office in Dallas. He joins CAPTRUST following a successful career with RBC Wealth Management’s Institutional Consulting Group. At RBC, Pickett created a revered advisory practice, representing $8.5 billion in assets under management, with many of his client relationships spanning 25 years or more. Highly regarded as the consummate educator, Pickett is a frequent speaker at industry conferences and educational symposiums, including TEXPERS, the Investment Management Institute, and Institutional Investors. John graduated with a Bachelor of Arts in Economics from Baylor University. He completed his Investment Manager Analysis Certification (CIMA) after attending courses at The Wharton School.
Michael A. Preisz, CFP®, CLU, ChFC®, CPA*
Michael has over three decades of financial consulting and private industry experience, bringing his clients a special blend of understanding problems and implementing solutions. He started his career with Deloitte, Haskins & Sells, Certified Public Accountants, and obtained his Certified Public Accountant certificate in 1976. Thereafter, for nine years, he worked as a Controller and Chief Financial Officer.
Changing his career direction, Michael has now spent another twenty three years as a Financial Advisor. During this time, he obtained his Certified Life Underwriter (CLU), Certified Financial Planner™ (CFP®) and Chartered Financial Consultant® (ChFC®) professional designations and has registered his company, Preisz Associates, Inc., as an Independent Investment Advisor. His areas of focus follow:
- Qualified Retirement Plans
- Estate Planning
- Non-Qualified Executive Compensation Plans
- Charitable Gifting
- Business Succession Planning
Michael Preisz focuses exclusively on qualified retirement plans and business and estate life insurance. He does not maintain a book of individual investment clients.
Fred Reish is an ERISA attorney whose practice focuses on fiduciary responsibility, prohibited transactions and plan qualification and operational issues.
He was recognized as one of the “Legends” of the retirement industry by PlanAdviser magazine and PlanSponsor magazine. Fred has received awards for: the 401(k) Industry’s Most Influential Person by 401kWire; one of RIABiz’s 10 most influential individuals in the 401(k) industry affecting RIAs; the IRS Commissioner’s Award and District Director’s Award; the Eidson Founder’s Award by the American Society of Professionals & Actuaries (ASPPA); the Institutional Investor and PlanSponsor magazine Lifetime Achievement Awards; and the ASPPA/Morningstar 401(k) Leadership Award.
He is a Trustee of Arizona State University and has received the ASU Alumni Service Award. Fred has written more than 350 articles and four books about retirement plans, including a monthly column on 401(k) fiduciary issues for PlanSponsor magazine. Fred Co-Chaired the IRS Los Angeles Benefits Conference for over 10 years and served as a founding Co-Chair of the ASPPA 401(k) Summit. Fred currently serves on the CFP Board’s Public Policy Council.
Martin Schmidt is a Principal with HS2 Solutions. His areas of concentration include retirement plan design, system design, fee benchmarking, and vendor selection. He brings over 25 years experience working with both plan sponsors and providers on benefit related issues.
Martin is a former Principal with Buck Consultants where he managed the Midwest region of their retirement practice. His experience also includes managing 401(k) and defined benefit teams at Hewitt. He also was responsible for developing third-party relationships with system providers along with leading the effort at Hewitt to develop the first 401(k) daily trading platform to trade and settle investments from separate managers. Through his knowledge and experience in the industry, he has developed effective solutions for both plan sponsors and providers.
Martin holds a CPA certificate and is a frequent speaker at industry conferences. He has a graduate degree in finance from the Loyola University of Chicago and an accounting degree from Northern Illinois University.
Martha L. Tejera
Martha L. Tejera is the head of Tejera & Associates, a fee-for service firm that focuses on helping employers meet their fiduciary responsibility in the selection and benchmarking of their retirement plan providers. Martha has consulted with industry leaders for over 25 years. Her knowledge and experience in the industry allow her to help plan sponsors select a provider and build a long-term, successful partnership with that vendor.
Martha works with a variety of individuals and team structures, including HR, finance, retirement plan committees, independent investment consultants, and outside ERISA counsel. This focus on administration allows for a comprehensive assessment of vendor suitability.
A former Principal with Mercer, Martha specialized in helping plan sponsors develop processes to improve their fiduciary oversight, manage vendor service levels and fees, and improve the overall value provided by their defined contribution retirement plans, while simultaneously managing costs. Martha’s experience also includes managing defined contribution recordkeeping teams for Mercer, Watson Wyatt, and in-house for Weyerhaeuser.
Martha is an Enrolled Actuary under ERISA and a past Member of the American Academy of Actuaries. She is an honors graduate of the University of Washington in economics.
Steve Vernon, F.S.A.
Steve Vernon, F.S.A., is President of Rest-of-Life Communications, and a Research Scholar at the Stanford Center on Longevity. In both roles, he speaks, writes, and conducts research on the most challenging aspects of retirement, including finances, health, and lifestyle. For more than 30 years, he consulted at Watson Wyatt and Mercer, helping Fortune 1000 employers design, manage and communicate their retirement programs.
Steve currently writes a regular column on retirement for CBS MoneyWatch. His books include:
- Money for Life: Turn Your IRA and 401(k) Into a Lifetime Retirement Paycheck
- Recession-Proof Your Retirement Years: Simple Retirement Planning Strategies That Work Through Thick or Thin
- The Quest: For Long Life, Health and Prosperity (a DVD/workbook package)
- Live Long & Prosper! Invest in Your Happiness, Health and Wealth for Retirement and Beyond
- Don’t Work Forever! Simple Steps Baby Boomers Must Take To Ever Retire
Recent articles include:
- The Next Evolution in Defined Contribution Retirement Plans: A Guide for DC Plan Sponsors to Implementing Retirement Income Programs, Stanford Center on Longevity
- Foundations in Research for Regulatory Guidelines for the Design & Operation of Retirement Income Solutions in DC Plans, Stanford Center on Longevity
- Retirement Income in DC Plans: The Next Evolution in Plan Design, Benefits Magazine
- The Role of Annuities in Retirement, Journal of Retirement
He also serves as a member of the Institutional Retirement Income Council (IRIC). He is a Fellow in the Society of Actuaries, and a Member of the American Academy of Actuaries.
I am passionate about helping people achieve financial security for themselves and their families. For more than 20 years, I’ve helped customers meet their financial objectives either directly or through my clients. I currently lead EY’s retirement income team, which focuses on helping clients with all aspects of their advice giving process, including assisting them develop their view on what constitutes good advice for their customers. I also lead EY’s readiness response team focused on helping insurance companies prepare for the changing rules around fiduciary standards.
Prior to joining EY, I led the Wealth Management business for the 1934 Group, a boutique financial advisory firm that provided consulting services to defined contribution plan sponsors and investment advice to affluent individuals.
I am a Fellow of the Society of Actuaries, am a Member of the American Academy of Actuaries (AAA) and hold the Chartered Financial Analyst designation. I also serve as an adviser member to the Institutional Retirement Income Council and as a committee member on the AAA Lifetime Income Task Force.
AllianceBernstein offers expert investment solutions to Defined Contribution (DC) plans, applying 40 years of experience in designing asset-allocation strategies and managing portfolios for institutions and individuals globally ($480 billion in AUM as of June 30, 2014).
We help plans of all sizes meet the evolving challenges of the DC landscape through best practices in plan design, investments, and communications. Our solutions range from asset-class and style-specific mutual funds to multi asset-class Qualified Default Investment Alternatives, including target-date and target-risk funds. We deliver pre-packaged or customized strategies, including custom target-date and Lifetime Income solutions tailored to plan demographics.
DST Retirement Solutions, Inc.
DST delivers a comprehensive suite of flexible retirement solutions to help plan providers, advisors and TPAs grow their business, compete in multiple markets, and control their outsourcing solutions to differentiate their offerings. Across all defined contribution plan types, market segments and investment types, including guaranteed income products, DST enables holistic end-to-end solutions and services focused on improving employee engagement, outcomes and retirement readiness and simplifying plan sponsor day to day administration, compliance, and fiduciary responsibilities while enhancing the user experience. Our investment in our people, processes, and platform has further evolved to include a robust array of content & communications services, retirement income portability, and advanced analytics to further drive behaviors and outcomes. DST supports over 23 service providers and 7.3M participants.
To learn more, please visit: www.dstsystems.com/retirement.
Empower Retirement / Great West Life & Annuity
At Empower, we imagine a future in which Americans can replace their working income — for life. With a pioneering spirit, we are blazing new trails to help participants pursue their financial independence.
We bring four key values to every partnership:
- Service excellence
- Constant innovation
- Public policy
- Outstanding people
With a singular focus on monthly income in retirement, we apply our core values and decades of experience to help you create a better retirement experience for your clients’ employees.
For more information please visit: http://www.empower-retirement.com/financial-professionals/
John Hancock Retirement Plan Services
John Hancock Retirement Plan Services (RPS), a division of John Hancock, services over 44,000 plans with almost 1.7 million participants making RPS one of the largest providers of 401(k) plans. †
Partner with a company that has the global scale and product diversity necessary to understand your retirement plan needs. John Hancock brings you innovative solutions for specific plan sponsor and fiduciary requirements, a breadth of analytical tools to help project retirement savings outcomes, and industry-recognized award-winning marketing support.
John Hancock’s parent, Manulife Financial, is among the largest life insurance companies in the world and has been helping individuals and institutions increase and protect wealth since 1862.
One source for solutions across the investment spectrum
We offer an extensive lineup of equity, income, international, sector and asset allocation investment solutions. We take a disciplined, consultative team approach to portfolio management and research that focuses on finding solutions to help enhance and improve your investment offerings and leverages the expertise of leading institutional money managers. And we bring it all to you through a single, streamlined relationship.
Dedicated to you
At John Hancock, we are dedicated to helping you assist your participants in achieving a comfortable retirement. John Hancock is a premier provider of investment solutions and we have the resources to meet – and exceed – your clients’ needs.
† 2010 CFO Magazine 401(k) Buyers Study Guide. “Full Service” denotes providers, including banks, insurance and mutual fund companies, offering both record keeping and investments, as defined by CFO Magazine; plans managed and asset growth based on plans in force as of December 31, 2009.
Lincoln Financial Group
Built on Abraham Lincoln’s ideals of courage, strength and optimism, Lincoln Financial Group has been a proven provider of retirement solutions for more than 60 years. We manage thousands of retirement plans that enroll millions of people in organizations of all sizes in the small business, corporate, healthcare, education and non-profit sectors. Lincoln Financial Group champions the commitment of plan sponsors and intermediaries to drive better retirement outcomes by personally engaging and motivating employees to invest in their futures with optimism.
As a leading retirement plan provider, we are committed to offering our partners a broad array of plan solutions to meet their needs including independent, market-driven investments, superior plan design and fiduciary and compliance guidance. We currently provide recordkeeping services to over 1.4 million defined contribution plan participants.
Lincoln Financial Sponsorship Press Release View
Our consultants have expertise in many forms of risk—investment, interest, longevity—that allows them to develop sophisticated funding policy. Whether it’s a path to full funding, extending duration, immunization, a shift to fixed income, or equity tail risk hedging, our ability to handle the unexpected pays off. That’s why our clients think of us as a trusted business advisor.
For more information, please visit: http://us.milliman.com/us/solutions/retirement/?bnid=183
Natixis Global Asset Management
Natixis Global Asset Management ($894.3 billion AUM1) is a multi-affiliate organization that offers a single point of access to more than 20 specialized investment firms in the U.S., Europe and Asia. The firm ranks among the world’s largest asset managers.2 Through its Durable Portfolio Construction® philosophy, the company is dedicated to providing innovative ideas on asset allocation and risk management that can help institutions, advisors and individuals address a range of modern market challenges.
Natixis Retirement Strategies Group
As a global firm, we know retirement is a universal issue. While cultural, political and fiscal matters as well as regulatory structures vary from region to region, all individuals can benefit from solid advice and consistent investment choices when planning for their future. In addition to specializing in diversified investment strategies and risk-aware models, we keep pace with the regulatory, legal, political and business developments that can potentially impact retirement planning.
The Natixis Retirement Strategies Group has the resources advisors need to support a growing practice. Whether working with individual clients, plan sponsors or a combination of the two, our dedicated specialists consult closely with advisors to provide customized information, education and a full range of product solutions.
1 Net asset value as of September 30, 2014. Assets under management (AUM) may include assets for which non-regulatory AUM services are provided. Non-regulatory AUM includes assets which do not fall within the SEC’s definition of ‘regulatory AUM’ in Form ADV, Part 1.
2 Cerulli Quantitative Update: Global Markets 2014 ranked Natixis Global Asset Management, S.A. as the 16th largest asset manager in the world based on assets under management ($867.2 billion) as of December 31, 2013.
Prudential Retirement delivers retirement plan solutions for public, private, and non-profit organizations. Services include defined contribution, defined benefit and non-qualified deferred compensation record keeping, administrative services, investment management, comprehensive employee education and communications, and trustee services, as well as a variety of products and strategies, including institutional investment and income products, pension risk transfer solutions and structured settlement services. With over 85 years of retirement experience, Prudential Retirement helps meet the needs of over 4.0 million participants and annuitants. Prudential Retirement has $330.5 billion in retirement account values as of June 30, 2014. Retirement products and services are provided by Prudential Retirement Insurance and Annuity Company (PRIAC), Hartford, CT, or its affiliates.
Prudential Financial, Inc. (NYSE:PRU), a financial services leader with more than $1.1 trillion of assets under management as of June 30, 2014, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit www.news.prudential.com.
State Street Global Advisors is a global leader in asset management and one of the premier managers for U.S. defined contribution plans.
- We are entrusted with more than $2.67 trillion* in assets.
- We have more than 30 years of experience in the DC market.
*Assets under management were $2.67 trillion as of September 30, 2017. AUM reflects approx. $36.00 billion (as of September 30, 2017) with respect to which State Street Global Advisors Funds Distributors, LLC serves as marketing agent; State Street Global Advisors Funds Distributors, LLC and State Street Global Advisors are affiliated.
For more information, please visit: https://www.ssga.com/defined-contribution/us/en/dc-home.html
We are committed to helping consultants grow their practices and support their customers. TIAA is a diversified Fortune 100 financial services organization with $1 trillion in assets under management, and investments in more than 50 countries.1
For more information, please visit: https://www.tiaa.org/public/consultants/why-we-partner-with-financial-consultants