Deals and People December 22, 2023

Retirement Industry People Moves

Ascensus and FuturePlan add regional and sector sales heads; EBRI taps Segal executive for board of directors; SEI asset management head to step down; and more. 

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Ascensus, FuturePlan Expand Retirement Sales Teams

Ascensus LLC announced new hires to its retirement sales team as well as its fully-owned third-party administrator, FuturePlan by Ascensus.

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Kate Whitmore

Ascensus’s retirement distribution team has brought on Justin Sabol as regional vice president for the eastern region, and Kate Whitmore as vice president of business development for pooled plans.

Sabol joins Ascensus from OneAmerica Financial Partners Inc., where he was regional sales director in eastern Pennsylvania, New Jersey, and Delaware. In his new role, he will also cover New Jersey and Delaware, and report to Anthony Bologna, divisional vice president of retirement distribution in the eastern region.

Business development leader Whitmore joins Ascensus from Transamerica Retirement Solutions, where she was director of pooled plan sales.

In the new role, she will focus on expanding Ascensus’ pooled retirement plan offerings, working specifically with advisers to drive existing programs and find new ones, according to the announcement. She will report to Mindy O’Connor, head of business development, retirement.

EBRI Names Tami Simon to Board of Directors

The Employee Benefit Research Institute has named a senior executive at benefits and human resources consultancy Segal to its Board of Directors Executive Committee.

Tami Simon

Tami Simon, global corporate consulting business leader at the consulting firm, will join the board after serving as a member of EBRI’s Board of Trustees, according to an announcement from the Institute.

At Segal, Simon works with businesses, nonprofits, associations and higher education institutions on organizational and workforce needs, according to her company biography.

Segal was a founding member of the nonprofit EBRI, which was formed in 1978.


Michigan retirement and financial consultant recruits adviser Rivett

Adam Rivett

Consultant Integrated Fiduciary Advisory Services has named Adam Rivett to the role director of retirement plan services, providing retirement plan fiduciary consulting for private, non-profit and institutional clients.

Rivett is responsible for working with retirement plan fiduciaries to strengthen their retirement benefits, overseeing the expansion of Integrated’s retirement plan services, providing fiduciary plan consulting, fiduciary education, investment management, plan design, employee education and overall strategy to qualified and non-qualified retirement plans, according to Integrated’s LinkedIn posting.

Prior to Rivett’s current role he was a retirement plan consultant, at OneDigital. 

SEI Asset Management Head Stepping Down

Wayne Withrow

The head of SEI Investments Company’s asset management division will be stepping down effective February 28, 2024, with a company search to replace him begun both internally and externally, according to an announcement.

Wayne Withrow will be departing from the role of executive vice president and head of global asset management, in which he focused on strengthening SEI’s asset management offerings, capitalized on market opportunities, and worked to grow the division, according to the announcement.

He joined SEI in 1990 as a vice president in the company’s legal department and later held roles as Chief Information Officer, head of SEI’s investment managers’ business and head of its adviser division.

Lee Tenney

InVesti Adds National Sales Manager

InVesti has hired a new national sales manager for its retirement plan recordkeeping and services business from IPX Retirement.  

Lee Tenney is also now part of InVesti’s senior management team and will be focused on creating sales strategy and growing the business, a spokesperson confirmed.

Tenney joins after holding a role as head of sales and distribution for IPX Retirement, and before that as director, external retirement consultant with Allianz Global Investors.

“We are confident that Lee is the perfect fit for a company that is offering a unique suite of products and services that can transform the financial experience of both participants and financial service providers,” co-founder and CEO Thomas Hansen wrote in a LinkedIn post.

Benefits December 22, 2023

Experts Predict Expansion of Retirement Income Solutions in 2024

The Institutional Retirement Income Council expects more plan sponsors to implement in-plan retirement income solutions in the new year. 

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A growing number of plan sponsors and industry stakeholders are expected to evaluate and adopt both guaranteed and non-guaranteed retirement income solutions for their defined contribution plans in 2024 to help workers with their financial well-being and retirement readiness, according to the Institutional Retirement Income Council. 

IRIC, a non-profit think tank for the retirement income community, announced its annual list of top retirement industry trends for plan sponsors, providers and advisers to watch out for in the new year. 

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Michelle Richter-Gordon, executive director of IRIC, said in a press release that the industry might be at a “tipping point” when it comes to the adoption of retirement income solutions within a DC plan. 

“Traditional pension plans, which provide a guaranteed income stream in retirement, have become less common in the private sector,” Richter-Gordon said. “With the rise of DC plans such as 401(k)s, the responsibility for retirement savings and investment decisions has shifted from employers to employees. As a result, there’s an increasing recognition of the need to help participants convert their accumulated savings into a reliable income stream during retirement.” 

IRIC identified the following retirement industry trends to watch in 2024: 

  • Increased focus on retirement readiness: IRIC predicts that more plan sponsors will offer in-plan retirement income solutions that align with the broader goal of helping participants achieve financial security in retirement, rather than just accumulating a lump sum.
  • Market innovation: New retirement income products, including both guaranteed and non-guaranteed solutions, are expected to become more available, as there is an increased demand for solutions and investment strategies.
  • Growing participant demand: Participants interest in solutions that provide more certainty about their financial future in retirement is expected to increase. Many employees appreciate the idea of having a reliable income stream, and plan sponsors are responding to the demand. 
  • Customized investment solutions: Plan sponsors are exploring more personalized and customized investment solutions, such as target-date funds that take into account individual employee circumstances and risk tolerances, as well as retirement goals and retirement income needs. 
  • Further consideration of automatic features: Plan sponsors will explore incorporating automatic features in their investment menu that include a retirement income program.  
  • Increased employee education and communication: Plan participants seek help from their employers when it comes to saving and planning for retirement. Plan sponsors are expected to make education and employee communication about retirement plans a high priority in 2024. 

        In addition to these anticipated retirement income trends, David Stinnett, a principle at the Vanguard Group and its head of strategic consulting, told PLANSPONSOR that he expects there to be increased focus on the idea of “total financial wellness,” largely because of the SECURE 2.0 Act of 2022 provisions set to go into effect. This includes the option for plan sponsors to offer matching 401(k) contributions for those making qualified student loan payments, as well as offer two types of emergency savings accounts.  

        Similar to IRIC’s prediction, Stinnett said he expects increased personalization when it comes to plan design and the investment menu and predicts that the concept of a tiered investment structure will become more popular. This is when investments are organized into multiple tiers, and each tier represents a subset of investments from which a participant can choose.  For example, one tier could be a target-date fund for participants who do not want to self-direct investments, while a different tier could be a brokerage window for participants who prefer specialized fund choices beyond the core investment menu. 

        Stinnett also said offering low-cost financial advice services to increase personalization is a trend he expects to continue in 2024. 

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