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The Story of How Employers Became Retirement Plan Sponsors

Most retirement benefits for American workers are built up through workplace savings plans where employers play a pivotal administrative and legal role as the plan sponsor. The Accidental Plan Sponsor®, hosted by Josh Cohen, Head of Client Solutions for PGIM DC Solutions explores the origins, evolution and trends within the employer-based retirement system.

Joined by leading DC experts from around the world, including plan sponsors, consultants, regulators, lawyers and academia, Cohen looks at the challenges, as well as the benefits, of delivering retirement solutions through the workplace. The Accidental Plan Sponsor® will also examine other ways, both domestically and globally, that benefits can be delivered.

SEASON 2

Episode 8

Non-accidental plan sponsors

 

We discuss alternative approaches to our employer-based retirement system with guests Teresa Ghilarducci and Rick Jones.

 

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Episode 7

The Implementers

 

Millions of Americans don’t have access to workplace savings plans. Learn about state-level implementation efforts from Katie Selenski and Angela Antonelli.

 

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Episode 6

Laboratories of democracy

 

Many states are trying to close gaps in the US current retirement system. Hear from Hank Kim and Daniel Biss as they share their experiences.

 

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Episode 5

This odd couple’s auto IRA proposal

 

Hear from David John and Mark Iwry who together proposed Auto-IRAs, one of the most influential proposals to address the coverage gap in the US retirement system.

 

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Episode 4

Singapore’s all-in-one system

 

Learn about government-run, comprehensive retirement system from Central Provident Fund’s Desmond Chew and how to evaluate a system from Joe Cherian.

 

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Episode 3

Building a NEST in the UK

 

Helen Dean, CEO of the National Employees Savings Trust (NEST), discusses her role in developing and implementing a new retirement approach in the UK.

 

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Episode 2

The down under edition

 

Australia’s Retirement System: It’s big, government-mandated, privately-run, and really sophisticated. Learn from two experts, Nick Sherry and Ian Silk.

 

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Episode 1

The Chicago Boys and the Chilean Model

 

Hear about Chile’s unique retirement challenges from Martin Costabal and Cristian Rodriguez who played meaningful roles in shaping their retirement system.

 

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Bonus

Perspectives from Josh’s global colleagues

 

 

Josh gets on the ground insights from three colleagues in PGIM’s Institutional Relationship Group: Ben Price, Howard Nowell, and Philip Hsin.

 

 

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Bonus

Meet Josh's new boss

 

 

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.

 

 

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Bonus

Josh’s key takeaways: non-US retirement systems

 

 

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.

 

 

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Bonus

Global episodes recap with John Mitchem

 

 

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.

 

 

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Bonus

Episodes recap with Michael Kreps

 

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.

 

 

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Season 1

Episode 8

In consultants we trust

 

Hear from two individuals who reached the highest perch of retirement investing consultancy as they discuss the evolution of the DC consulting industry. 

 

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Episode 7

Lawyering up - the impact of class action lawsuits on the retirement system

 

Hear from Jerry Schlichter and Jamie Fleckner, two lawyers whose legal battles shaped how the defined contribution retirement space thinks about innovation. 

 

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Episode 6

Carrots & sticks - the impact of regulations on the retirement system

 

Hear from two former Department of Labor EBSA directors about the challenges and opportunities in regulating the employee benefits space.

 

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Episode 5

How target date funds and behavioral economics shaped retirement plans

 

The future of defined contribution retirement savings will be marked by two key concepts: putting individual investors first and constantly innovating.

 

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Episode 4

Innovation is not easy

 

Hear from two plan sponsors who embraced innovation in the defined contribution space, the challenges they faced, and how they view the future of retirement.

 

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Episode 3

Grading America's retirement system

 

For all its successes, the retirement system is far from perfect. Hear from respected industry leaders and help grade the system on four crucial factors.

 

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Episode 2

It sings, but will it sail? The birth of the 401(k)

 

An in-depth look at the 401(k), with Ted Benna, father of the 401(k), and Richard Stanger, author of the insert to the US tax code that changed retirement.

 

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Episode 1.2

The long road to pension reform

 

Hear an incredible account of policy reform, a journey that has spanned presidents, Watergate, and finally, a signing that led to the modern retirement system.

 

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Episode 1.1

Unions, corruption, and the Studebaker collapse

 

Learn about one of the key events in the history of retirement savings and the story behind how employers became responsible for workers’ retirement plans.

 

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Bonus

Season in review with Mike Barry

 

 

Mike Barry, Josh’s long-time friend and retirement policy expert, returns to discuss episodes from the 2nd half of season 1 while weaving in related experiences and expertise.

 

 

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Bonus

Let’s hear more from Don Ezra

 

 

Hear outtakes from Don Ezra (guest from Ep. 8), who shares tales about the opportunity that followed the collapse of the Soviet Union, his collaboration with Nobel Prize winner Bill Sharpe and his present-day activities.

 

 

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Bonus

Meet PGIM's new DC Solutions team

 

 

Josh invites colleagues David Blanchett and Mikaylee O'Connor of the recently established PGIM DC Solutions team to discuss their background, DC plan innovation, and the role of employers in the retirement space.

 

 

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Bonus

Brigitte Madrian, The early days and now

 

 

In this bonus episode, Brigitte Madrian (guest from Ep. 5) shares stories about her early work, her current research into rainy day savings accounts, and how she earned her current role as Dean of the Brigham Young University Marriott School of Business.

 

 

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BONUS

Episodes recap with Mike Barry

 

 

Josh reviews the first four full-length episodes of the podcast with long-time friend Mike Barry, President of O3 Plan Advisory Services LLC, who offers his thoughts while also sharing some personal experiences from 40+ years’ in the benefits field. 

 

 

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BONUS

Insights from PGIM colleagues

 

 

Josh engages in an energetic discussion with two colleagues and long-time Defined Contribution (DC) experts David Skinner and Sara Shean from PGIM Real Estate. The discussion covers the evolving DC environment, the challenges facing plan sponsors, and the role of real estate in DC.

 

 

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BONUS

Ted reminisces about the early days of DC

 

 

In this bonus episode, Ted Benna, who is often dubbed the father of the 401(k) and who was a guest from episode 2, reminisces about the early days of DC plans. Stories he shares includes a memorable exchange with a future vice presidential nominee about retirement savings, how plans were built and communicated in those days, and blowback he received from some in the industry.

 

 

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All investments involve risk, including the possible loss of capital.

PGIM DC Solutions LLC ("PGIM DC Solutions") is an SEC-registered investment adviser, a Delaware limited liability company, and an indirect wholly-owned subsidiary of PGIM, Inc. ("PGIM"), the principal asset management business of Prudential Financial, Inc. ("PFI") of the United States of America. Registration with the SEC does not imply a certain level of skill or training. PFI of the United States is not affiliated in any manner with Prudential plc incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom.

The content and materials presented here are for informational, illustrative and educational purposes only and should not be construed as investment advice or an offer or solicitation in respect of any products or services to any persons who are prohibited from receiving such information under the laws applicable to their place of citizenship, domicile or residence. The information presented is not a recommendation about managing or investing retirement savings and does not take into account individual investment objectives or financial situations.

PGIM DC Solutions aims to help participants achieve their retirement goals through their suite of “PGIM RetireWell™” solutions. These solutions may include a range of investment options including target date portfolios, retirement income strategies, and managed accounts that can be coupled with our proprietary advice engine. There is no guarantee that investment or retirement goals will be achieved.  Use of the term “RetireWell” and any related phrase is not intended to indicate that such- goals will be achieved.

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