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As retirement planning strives to become more personalized, plan sponsors are under increasing pressure to offer solutions that meet participants where they are—not just by age or account balance, but by considering their full financial picture. That’s where workplace managed accounts can really make a difference. Lorianne Pannozzo, Senior Vice President, Personalized Planning & Advice at Fidelity Investments and leader of the firm’s workplace managed accounts program, joins us to explain the increasing demand for managed accounts, and also to dig into new Fidelity research on what participants value most about them and what that means for retirement plan advisors and plan sponsors. To check out an executive summary of the new research discussed in the podcast, click here: Unlocking the Value of Workplace Managed Accounts, or check out the entire paper at this link: More than an investment portfolio: Participant insights on the value and impact they receive from workplace managed accounts.

In the first new 401(k) Specialist Pod(k)ast episode of 2026, Editor-in-Chief Brian Anderson sits down with Kelby Meyers, founder and CEO of Nestimate, to explore the evolving landscape of in-plan retirement income and the Nestimate Retirement Income Summit. Meyers discusses the upcoming second annual Nestimate Retirement Income Summit, shares insights on new initiatives at Nestimate—including its recently launched TDF-IQ analytics tool—and weighs in on what the Vanguard-TIAA target-date CIT with a built-in annuity could signal for the future of default investments. The conversation also examines how advisors and plan sponsors can better evaluate lifetime income options, manage fiduciary risk, and prepare for key developments shaping the retirement income market in 2026 and beyond. Key Insights 1. Retirement Income Summit Offers Critical Education for Advisors The second annual Estimate Retirement Income Summit aims to help plan advisors, sponsors, and home office professionals better understand and evaluate in-plan lifetime income solutions. With speakers like Matthew Eichman, Brendan McCarthy, and Spencer Look, the event emphasizes fiduciary clarity and objective analysis of evolving income strategies. 2. Vanguard-TIAA Collaboration Marks a Market Shift The launch of a target date collective investment trust (CIT) by Vanguard and TIAA is seen as a turning point in the retirement income landscape. Vanguard’s rare move after 22 years signals growing industry momentum toward embedding annuities in target date funds to ensure retirement income security. 3. Technology and Recordkeeper Integration Drive Adoption Tools like Estimate’s TDF-IQ offer fiduciaries an outcome-based framework for evaluating annuity-infused target date funds. Meanwhile, broader recordkeeper availability and support for annuity options could help solve portability challenges, accelerating adoption of lifetime income solutions in 2026. SEE ALSO: • Nestimate Introduces TDF Analyzer

Allianz Life Insurance Company of North America’s latest white paper takes a deep look at how different retirement income strategies—and especially various types of annuity products—can shape participant outcomes in a world of longer lifespans and ongoing market uncertainty. In this episode of the 401(k) Specialist Pod(k)ast, Editor-in-Chief Brian Anderson sits down with Danielle Kelso, Senior Institutional Solutions Consultant at Allianz Life, to break down the report’s most compelling findings, the annuity options analyzed, and what the research reveals about improving retirement income security for today’s workers. • Check out the “Measuring Retirement Income Outcomes” white paper at this link. See Also: Defining Value Creation in the Decumulation Phase with Allianz Life’s Danielle KelsoExploring Guaranteed Income in DC Plan Trends with Allianz Life’s Matt StubblefieldThis podcast is designed to accompany the white paper, "Measuring Retirement Income Outcomes" (LIA-381), which provides all underlying assumptions used.

A recent survey from American Century Investments reveals some surprising disconnects between retirement plan sponsors and the workers participating in their 401(k) plans. The findings uncovered some sizable gaps in how each group views participant preparedness, risk tolerance, and even the basic functionality of common retirement products. To break down the results of the 12th Annual National Retirement Survey and shed light on what’s behind these disconnects, we welcome Glenn Dial, Senior Retirement Strategist at American Century Investments, who unpacks the data, challenges assumptions, and discusses what plan sponsors may be overlooking when it comes to participant needs and expectations. Listen in as we explore employer-employee risk perceptions, barriers to retirement income adoption, misconceptions about TDFs, and what the survey says about income replacement, defaults, and protecting assets from market volatility. Source: 12th Annual American Century Retirement Survey Methodology: The participant survey was conducted between June 3, 2025, and June 23, 2025.  The survey included 1,500 full-time workers between the ages of 25 and 70 saving through their employer’s retirement plan. The data were weighted to reflect key demographics (gender, income, and education) among all American private sector participants between 25 and 70. The sponsor survey was conducted between May 20, 2025, and June 16, 2025. Survey included 500 plan sponsor representatives holding a job title of Director or higher and having considerable influence when it comes to making decisions about their company’s retirement plan (either 401(k), 403(b), or 457 plans). The data were weighted to reflect the makeup of the total defined contribution population by plan asset size. Percentages in the tables and charts may not total 100 due to rounding and/or missing categories. Greenwald Research of Washington, D.C., completed data collection and analysis. This material has been prepared for educational purposes only. It is not intended to provide, and should not be relied upon for, investment, accounting, legal or tax advice. Investment return and principal value of security investments will fluctuate. The value at the time of redemption may be more or less than the original cost. Past performance is no guarantee of future results.

Retirement technology is rapidly transforming the way advisors and plan sponsors deliver planning advice. In this episode of the 401(k) Specialist Podcast, Editor-in-Chief Brian Anderson sits down with Michael Allen, Morningstar Retirement’s Global Head of Retirement Technology, to explore how innovation is making retirement advice more personalized, scalable, and impactful. Allen shares insights on how Morningstar turns ideas into digital solutions, the technologies most likely to redefine the participant experience—like AI, predictive analytics, and behavioral nudges—and how innovation stays grounded in what participants really need. Key Insights: AI boosts personalization in retirement planning Michael Allen shares how AI lets Morningstar offer dynamic, personalized advice. Instead of long forms, participants now engage in simple, human-like conversations. Innovation solves real user pain points Morningstar's tools, like “AI Insights,” were built to fix specific issues—such as time-consuming reporting—by highlighting key data instantly. Advice at scale with human oversight Morningstar combines AI with trusted forecasting tools. The goal: deliver tailored advice while letting advisors focus on what humans do best.

Technology is transforming the small-plan retirement market—and fast. In this episode of the 401(k) Specialist Podcast, we sit down with Sue Hardy, Head of Plan Operations at Sandy, Utah-based 401GO, and Cheryl Morrison Deutsch, the company’s Chief Experience Officer, to explore how modern automation, integration, and design thinking are helping small businesses launch and manage 401(k) plans more efficiently than ever before. Key Insights Driving Financial Equity Through Innovation By integrating advanced features like real-time plan customization and scalable support tools, 401GO aims to make retirement planning more accessible and equitable for participants across demographics and income levels. Technology Is Closing the 401(k) Coverage Gap 401GO is leveraging automation and intuitive design to bring affordable 401(k) solutions to underserved small businesses, addressing the persistent retirement plan coverage gap across the U.S. Advisor-Centric Platform Enhancements New tech updates from 401GO are designed to empower advisors with flexible tools, differentiated experiences based on skill level, and communication features that strengthen client relationships—automating the process but not the human connection. See Also: Unlocking SMB Market Success with 401GO’s Stan Smith 401GO Unveils Program Matching 401(k) Sponsors with Advisors 401GO Taps Chief Experience Officer

Private markets are trying to make a move from the margins to the mainstream in workplace retirement plans—and the implications could be enormous. In this episode, we sit down with Greg Jenkins, CFA, Managing Director of Defined Contribution Solutions at Invesco to explore what this potential shift could mean for advisors, plan sponsors, and participants alike. Jenkins, who works with plan sponsors, consultants and advisors on DC-related products and custom applications, shares his thoughts on the shifting regulatory environment, interest levels among plan sponsors, different types of private market investments being considered, how they could help with potential diversification and limiting sequence-of-return risk, and more. See Also: Large-Cap Value Investing in 401(k) Plans with Invesco’s Devin Armstrong How to Better Reach 401(k) Participants with Invesco’s Greg Jenkins

Automated plan features in 401(k)s such as auto-enrollment and auto-escalation have become essential tools for boosting employee participation and contribution levels. Marc Howell and Felix Okwaning, who are both Managing Directors—Enhanced Plan Design at Principal Financial GroupⓇ, share some compelling new research showing employees not only stay in auto features but increasingly expect them, explore budget-friendly strategies to implement them, and discuss how failing to act can create costly delayed retirements. We’ll also cover how SECURE 2.0 is accelerating adoption of automation, and why advisors and sponsors should prepare for auto features to become standard in every retirement plan. Key Insights Auto Features in 401(k) Plans Drive Better Retirement Outcomes Marc Howell and Felix Okwaning emphasize that automatic enrollment and automatic escalation remain the most effective tools for improving participant savings behavior. These features increase plan participation and deferral rates, leading to higher retirement readiness—especially when combined with target date funds. Cost Concerns Are Often Overstated Many plan sponsors hesitate to implement auto features due to perceived cost concerns. However, the speakers argue that these assumptions are often exaggerated. When designed strategically, auto features can be cost-neutral—or even reduce costs—by increasing plan scale and efficiency over time. Behavioral Nudges Require Strategic Plan Design The speakers highlight the importance of behavioral finance in retirement plan design. Default options, re-enrollment, and ongoing communication can gently steer participants toward smarter decisions. Plan sponsors are encouraged to revisit plan design annually to ensure features align with evolving participant needs and business goals. Insurance products and plan administrative services provided through Principal Life Insurance Company®, a member of the Principal Financial Group®, Des Moines, IA 50392.  Principal®, Principal Financial Group®, and Principal and the logomark design are registered trademarks of Principal Financial Services, Inc., a Principal Financial Group company, in the United States and are trademarks and services marks of Principal Financial Services, Inc., in various countries around the world. © 2025 Principal Financial Services, Inc. 

In this episode of the 401(k) Specialist Podcast, we dive into the complex world of Market Value Adjustments (MVAs)—what they are, when they’re triggered, how they’re calculated, and why they matter. Bill McLaren, Stable Value Business Leader for the Retirement Plan Services Business at Lincoln Financial, joins us to explain why MVAs can catch plan sponsors off guard—especially during a recordkeeper change—and what advisors can do to protect participants. Find out more about stable value investment only solutions. Key Insights MVAs Can Surprise Plan Sponsors Market Value Adjustments (MVAs) in stable value funds are often overlooked by plan sponsors, particularly during recordkeeper transitions. Many focus on crediting rates and fail to understand termination conditions, only discovering the financial implications when a move results in receiving less than the book value of their investments. Mitigating MVA Risks Requires Preparation Plan sponsors can mitigate MVAs through proper due diligence and understanding the specific stable value contract provisions. Options such as the “12-month put” guarantee full book value payout with proper notice. Sponsors should know whether their fund is portable and consult advisors early to avoid costly surprises. Three Strategies to Address Negative MVAs When faced with a negative MVA, sponsors have three main options: Partner with a stable value provider who can absorb the MVA and preserve participant account balances—ensuring a seamless transition between providers without financial harm.Pay the difference themselves (rare).Pass the loss to participants (unpopular and risky).SEE ALSO: • Stable Value Funds: Balancing Safety and Opportunity with Lincoln Financial’s Matt Condos The views expressed are those of the speaker/writer and not necessarily those of any Lincoln Financial® affiliate. Neither the information, nor any opinion expressed herein shall be construed as investment advice. All investments involve risk, including possible loss of principal.   Lincoln Financial is the marketing name for Lincoln National Corporation and its affiliates. Affiliates are separately responsible for their own financial and contractual obligations. Lincoln Financial Distributors, Inc., a broker-dealer, is the wholesale distribution organization of Lincoln Financial and may act in a wholesale capacity for this product. Unaffiliated broker-dealers also may provide services to customers. Lincoln Financial affiliates, their affiliated distributors, and their respective employees, representatives, and/or insurance agents do not provide tax, accounting, or legal advice. Clients should consult their own independent financial professionals as to any tax, accounting, or legal statements made herein. The Lincoln Stable Value Account and the Lincoln Stable Value Separate Account are group fixed annuities issued by The Lincoln National Life Insurance Company, Fort Wayne, IN. The Lincoln National Life Insurance company does not solicit business in the state of New York, nor is it authorized to do so. This material is provided by The Lincoln National Life Insurance Company, Fort Wayne, IN, and, in New York, Lincoln Life & Annuity Company of New York, Syracuse, NY, and their applicable affiliates (collectively referred to as “Lincoln”). Lincoln does not provide investment advice, and this material is not intended to provide investment advice. Lincoln has financial interests that are served by the sale of Lincoln programs, products, and services.

Even with regulatory barriers to including alternative assets such as private equity in defined contribution plans being removed by the Trump administration, many advisors, plan sponsors and fiduciaries are understandably hesitant to jump in. To get a better idea of what private equity investments can bring to the table, we speak with Maura Reilly Kennedy and Michelle Rappa of investment manager Neuberger Berman, a pair of highly accomplished subject matter experts when it comes to private equity and its defined contribution investment capabilities. Reilly Kennedy and Rappa talk through some innovative structures seeking to make these investments more accessible and practical for retirement savers. Key Insights Regulatory Shift Opens Door to Alternatives A new executive order and the rollback of prior DOL guidance mark a major policy shift, signaling broader access to private equity in 401(k) plans. This regulatory momentum is encouraging plan sponsors to seriously consider alternative investments. Private Equity in 401(k)s Boosts Outcomes Neuberger Berman’s research shows that adding just a 10% private equity allocation to a target-date fund can improve returns, reduce risk, and increase monthly retirement income by as much as 19%, offering meaningful impact on participant outcomes. Industry Innovation Addresses Past Hurdles Innovative structures like evergreen funds and DC-friendly wrappers (e.g., CITs) are solving challenges like illiquidity, fees, and complexity—making private markets more accessible and practical for defined contribution plans.

Stable value funds are a staple in many 401(k) plans, offering principal protection and steady returns by investing in high-quality bonds. They’re particularly popular with participants nearing retirement who want to reduce market risk while still earning a competitive yield. But recent market conditions and interest rate changes have raised new considerations for these low-risk options. In this episode of the 401(k) Specialist Podcast, Matt Condos, Senior Vice President of Retirement Plan Services Product Solutions at Lincoln Financial, provides insights on stable value’s role in today’s retirement landscape, how it compares to money market funds during periods of rising interest rates, and the contract features—like put provisions—that plan sponsors and advisors need to understand. He also examines evolving product designs aimed at improving liquidity and transparency while still offering the stability participants expect. Three Key Insights Understanding Put Provisions and Liquidity Needs Advisors and plan sponsors must understand put provisions, which delay withdrawals during plan-level changes. With increased scrutiny on liquidity, new short-duration stable value products with transparent crediting rates are emerging to offer flexibility without sacrificing security.Stable Value Funds Offer Long-Term Stability Stable value funds continue to play a critical role in retirement portfolios by providing principal protection and steady returns—especially during times of market volatility. Participants nearing retirement particularly value the stability and predictable growth these products offer.Misconceptions vs. Money Market Funds Although money market funds can temporarily outperform stable value funds when short-term rates spike, stable value typically outpaces money markets over the long term. Their ability to amortize rate changes and invest further along the yield curve offers strategic advantages.The views expressed are those of the speaker/writer and not necessarily those of any Lincoln Financial® affiliate. Neither the information, nor any opinion expressed herein shall be construed as investment advice. All investments involve risk, including possible loss of principal.   Lincoln Financial is the marketing name of Lincoln National Corporation and its affiliates including The Lincoln National Life Insurance Company, Fort Wayne, IN, Lincoln Life & Annuity Company of New York, Syracuse, NY and broker dealer Lincoln Financial Distributors, Inc., Radnor, PA. The Lincoln National Life Insurance Company does not solicit business in the state of New York, nor is it authorized to do so. Securities and investment advisory services offered through other affiliates. Affiliates are separately responsible for their own financial and contractual obligations.  LCN-8252510-080525

As retirement plan participants transition from the accumulation phase to decumulation, the focus moves from building wealth to ensuring sustainable income—what’s also known as "value creation." Danielle Kelso, Senior Institutional Solutions Consultant at Allianz Life Insurance Company of North America, joins the 401(k) Specialist Pod(k)ast to shed light on the changes and innovations shaping the future of retirement security. In her role, Kelso provides research, analytics and product expertise to the Allianz sales team, and shares her expertise on what retirement plan advisors and plan sponsors need to be thinking about when it comes to supporting a retiree’s lifestyle by ensuring stable income and managing risks effectively. Key Insights: Personalized Income Planning Replaces One-Size-Fits-All The future of retirement planning lies in personalized strategies. Custom plans that integrate all income sources and reflect individual goals and spending habits offer better outcomes than generic investment approaches. Redefining Value Creation in Retirement Value creation is evolving beyond accumulating the highest portfolio balance. In retirement, it now centers on generating reliable, sustainable income that supports lifestyle and essential needs. This shift emphasizes peace of mind and financial security over raw returns. Annuities Play a Key Role in Managing Retirement Risks Modern annuities help mitigate key retirement risks such as longevity, market volatility, inflation, and personal life changes. Allianz research shows that portfolios including annuities significantly improve the probability of meeting income goals—by up to 25–40% in adverse markets. See Also: Exploring Guaranteed Income in DC Plan Trends with Allianz Life’s Matt Stubblefield Solving the Portability Puzzle with Allianz Life’s Ben Thomason Exploring Retirement Income Strategies with Joshua Grass and Todd Levy

The third edition of the retirement industry’s least traditional conference is coming up Aug. 3–5 in Milwaukee, Wis. To get the low-down, we spoke with organizer Sheri Fitts, a well-known expert in personal branding for financial advisors and 401(k) marketing. Audio here  Sheri explains what sets the conference apart. It focuses on helping attendees strengthen their personal brand through storytelling and human connection. Additionally, she highlights key agenda items and explains why the event welcomes a broad mix of professionals. For more information about SWAY | LIVE, check out the event website here: https://swaylive.sherifitts.com/SWAYLIVE2

Recently the Department of Labor’s (DOL) Employee Benefits Security Administration announced that it has rescinded its 2022 guidance that discouraged retirement plan fiduciaries from including cryptocurrency investments in 401(k) plans. The move is seen as a removal of a big regulatory roadblock that forced plan fiduciaries to exercise “extreme care” before adding crypto to 401(k) investment menus, in line with the Trump administration’s expressed desire to eliminate what it sees as regulatory overreach and that investment decisions should be made by fiduciaries, and not D.C. bureaucrats. Knut A. Rostad, Co-Founder and President of the Institute for the Fiduciary Standard, one of the most outspoken advocates of the need for a fiduciary standard to protect investors, is no fan of the decision, and explains why in colorful terms on this episode of the 401(k) Specialist Podcast. Key Insights: DOL Crypto Guidance Reversal Sparks Fiduciary Concerns Knut Rostad sharply criticized the Department of Labor's decision to rescind its 2022 guidance discouraging crypto in 401(k)s, calling it a “sucker punch” to retirement investors and a dangerous shift away from fiduciary duty. Fiduciary Oversight Diminishing Across Agencies Rostad argues that the DOL’s move undermines its fundamental role and signals a broader decline in regulatory accountability—raising alarms about fiduciary standards at both the DOL and SEC. Crypto and Private Equity Pose Participant Risks Despite fewer restrictions, fiduciaries are urged to avoid adding crypto and private equity to plan menus due to volatility, lack of transparency, and custody issues—likening such moves to gambling. SEE ALSO: • EBSA Rescinds Guidance Warning Against Cryptocurrency in 401(k)s • Better Markets Rips DOL Decision to Rescind 2022 Crypto Guidance

One of the most promising—and rapidly evolving—segments of the retirement plan industry is the small- to medium-sized business (SMB) market. With a wave of government incentives and employee expectations for workplace benefits on the rise, the time is ripe for innovation and growth. To help unpack the challenges and opportunities in serving this critical market, we’re joined by Stan Smith, Chief of Growth at 401GO, a digital-first recordkeeper focused on making 401(k) plans more accessible and scalable for smaller employers. Smith shares his front-line insights on what’s driving critical change in the retirement plan market, what advisors need to know to serve the SMB market, why automation and simplicity are keys to unlocking long-term success, and where he sees the retirement plan market heading. Key Insights: Recordkeeper evolution and AI integration: The discussion highlighted growing pressures on legacy recordkeepers and forecasted industry shifts toward AI-driven solutions, with an emphasis on internal automation and participant-centric innovation. The SMB market is a massive growth opportunity: Stan Smith emphasized that with 1 million new plans expected by 2029, driven by mandates and Secure 2.0, the SMB (small-to-medium-sized business) market is ripe for advisor engagement and innovation. Technology and simplicity are game-changers: 401GO’s strength lies in its “road to simplicity” approach—offering advisors and sponsors streamlined onboarding, real-time functionality, and intuitive UX/UI to remove traditional recordkeeping hurdles. SEE ALSO: A Smart Retirement Strategy for Business Owners Using Cash Balance Plans 401GO Expands Service Offerings with Apex Fintech Solutions Collaboration 401GO Grows Retirement Investment Offerings with Mesirow