Season 2 Episode 8: Non-Accidental Plan Sponsors
Release Date: 04/26/2023
Bonus: Episodes Recap with Michael Kreps
The Accidental Plan Sponsor®
In the second half of season two, Josh and co-host Michael Kreps explored different ideas to reshape our country’s retirement system. Listen to their recap and reflections on the various approaches and proposals.
info_outline
Season 2 Episode 8: Non-Accidental Plan Sponsors
The Accidental Plan Sponsor®
As we wrap up season 2 of the podcast, Josh Cohen and guest co-host Michael Kreps come full circle to discuss alternative approaches to the U.S.’s employer-based retirement system. Instead of employers playing the role of the plan sponsor, what if the Federal Government stepped in? Or, what about the private sector? We discussed the proposed Retirement Savings for American Act, Pooled Employers Plans (PEPs) and much more. Josh and Michael are joined by two prominent influencers in the retirement space: Teresa Ghilarducci, professor of economics at The New School for Social Research, and Rick...
info_outline
Season 2 Episode 7: The Implementers
The Accidental Plan Sponsor®
Josh Cohen and guest co-host Michael Kreps have been telling the story of how some policy makers, think tanks, industry groups and politicians worked to address some of the gaps in our retirement system. One of those gaps is the millions of Americans that don’t have access to workplace savings plans. In this episode, they focus on the work being done at the state level and the process of moving from policy design and legislation, to implementation. They speak with two individuals who have been instrumental in getting these plans implemented: Katie Selenski, executive director...
info_outline
Season 2 Episode 6: Laboratories of Democracy
The Accidental Plan Sponsor®
In the 1932 Supreme Court ruling, Justice Louis Brandeis popularized the phrase “laboratories of democracy“ to describe how “a single courageous state may, if its citizen choose, serve as a laboratory and try novel social and economic experience without risk to the rest of the country.” Many states have looked to become laboratories to address some of the gaps in the US current retirement system that federal policy hasn’t yet been able to successfully solve. Josh Cohen and guest co-host Michael Kreps talk to two early experimenters, Hank Kim and Daniel Biss, to learn from...
info_outline
Season 2 Episode 5: This Odd Couple’s Auto IRA Proposal
The Accidental Plan Sponsor®
The Auto IRA concept has been one of the most influential proposals to address gaps in the current US retirement system, namely the persistent coverage gap for small private-sector employers. Josh and guest co-host for the next few episodes, Michael Kreps, discuss the genesis of auto-IRAs with two individuals from different political backgrounds who came together to conceive and promote the proposal and implementation efforts: guests David John and Mark Iwry. David is a Senior Policy Advisor at the AARP Public Policy Institute and the Deputy Director for the Retirement...
info_outline
Season 2 Mid-season Trailer
The Accidental Plan Sponsor®
For the second half of season 2, Josh Cohen will be joined by guest co-host Michael Kreps, Principal at Groom Law Group, to dissect the biggest questions and potential solutions that are being worked on in the retirement space.
info_outline
Bonus: Perspectives from Josh’s Global Colleagues
The Accidental Plan Sponsor®
Josh gets on the ground insights from three colleagues in PGIM’s Institutional Relationship Group: Ben Price, Howard Nowell, and Philip Hsin.
info_outline
Bonus: Meet Josh’s New Boss
The Accidental Plan Sponsor®
Michael Miller, a long-time industry veteran and Head of PGIM DC Solutions, joins Josh to share how he got into the retirement space and some insightful perspectives on DC trends and pressing issues.
info_outline
Bonus: Josh’s Key Takeaways: Non-US Retirement Systems
The Accidental Plan Sponsor®
In the first half of season 2, Josh traveled the globe to hear from local experts about how their countries tackled the challenge of building a retirement system. Listen to Josh’s reflections on lessons learned and common themes.
info_outline
Bonus: Global Episodes Recap with John Mitchem
The Accidental Plan Sponsor®
John Mitchem, global financial consultant and retirement expert, joins Josh to discuss episodes from the first half of season 2 while weaving in his experiences and expertise.
info_outlineAs we wrap up season 2 of the podcast, Josh Cohen and guest co-host Michael Kreps come full circle to discuss alternative approaches to the U.S.’s employer-based retirement system. Instead of employers playing the role of the plan sponsor, what if the Federal Government stepped in? Or, what about the private sector? We discussed the proposed Retirement Savings for American Act, Pooled Employers Plans (PEPs) and much more. Josh and Michael are joined by two prominent influencers in the retirement space: Teresa Ghilarducci, professor of economics at The New School for Social Research, and Rick Jones, a Senior Partner in AON’s wealth practice.
Key Takeaways:
[2:07] Josh shares his two a-ha moments: One in 2010 when he visited Australia and learned about superannuation funds and the second a few years later when he heard about USA Funds.
[3:03] Guest co-host Michael Kreps joins Josh, remembering the time that they met for the first time for a coffee, not knowing that they will end up hosting a podcast together.
[3:41] Michael talks about his proposal to the Senate.
[6:11] What if the Federal government plays the plan sponsor role for the private sector workers? Teresa Ghilarducci, professor of Economics at The New School for Social Research, speaks of the personal journey that motivated her efforts in this field.
[10:30] Teresa speaks of the Mandatory Universal Pension System (MUPS).
[16:46] Teresa’s most recent proposal, a thrift savings plan for all workers.
[19:20] Teresa endured a harsh pushback after the global financial crisis and received the name of ‘the most dangerous woman in America.’
[20:17] Michael shares his thoughts about the Retirement Savings for America Act.
[23:01] Michael discusses whether the government should be involved in running plans.
[24:21] Rick Jones, a senior partner in the wealth practice at AON discusses pooled employer plans (PEPs). after discussing his career choices that led to his current position.
[25:50] Rick discusses the employer's role in the US System and why he is passionate about PEPs.
[28:37] The two main problems of the Multiple Employer Plans (MEPs) are the common nexus and the one-bad-apple rule.
[30:06] Rick speaks of the Secure Act.: , including who plays the role of the plan sponsor in PEPs and the fiduciary duties required.
[35:05] Rick expands on the opportunities provided by pooling.
[38:11] Michael adds his perspective on PEPs and its early efficacy indications.
[42:14] Michael shares his wrap-up comments about the overarching question: Who plays the role of the plan sponsor?
[44:06] Josh closes two full seasons of the podcast, addressing this podcast's central question and its complexity: We need Intentional plan sponsors!