Data Inform Public Sector Employers on How Workers 35 and Under Were Recruited

A MissionSquare Research Institute brief explores the sentiments of younger public sector workers by race and ethnicity and explores motivations for public employment.  

Public sector workers can aid their employers’ recruitment efforts by recommending public careers and the distinct benefits of public sector work to entice and retain workers of diverse backgrounds, MissionSquare Research shows.  

The retirement, health and other benefits of public sector jobs, or the salary and personal satisfaction benefits of those jobs, likely motivate individuals from varied racial and ethnic backgrounds in different ways to join or pursue a role in the public sector workforce, according to the research brief “35 and Under in the Public Sector Comparisons by Race and Ethnicity.”   

Get more!  Sign up for PLANSPONSOR newsletters.

For example, retirement savings benefits are ranked differently by different racial and ethnic groups. More than three-quarters (78%) of white employees report other financial priorities ahead of saving for retirement compared to 72% of African American employees and 64% of Hispanic employees, the MissionSquare research found.

The survey is intended to inform “[state and local public sector] employers about the different places that people are coming from, … and their motivating factors in what they’re looking for in their employer, and in perhaps the different life stages that they are at: not all benefits are of interest to all employees,” explains Gerald Young, senior research associate at the MissionSquare Research Institute and a co-author of the report.

African American and Hispanic government employees ranked salary—both 20%—as the top factor, which attracted them to the public sector, while white employees were more likely to identify personal satisfaction as the top motivation, at 15%.

The survey, comparing the sentiment of younger public service employees by race and ethnicity, followed up on “projects that we’ve done looking at the overall state and local workforce,” adds Young.

More than one-fifth (21%) of African American workers employed in the public sector had some experience in government prior to working full-time, compared to less than 5% of white and Hispanic workers. More than 50% of Hispanic and white employees reported no prior part-time or temporary public sector roles, compared to 34% of African American employees.   

This data “indicates that perhaps one of the pipelines for bringing new employees onto staff full time is looking to those gig employment, internship, apprenticeship or other part-time roles, as a way of acquainting people with the sector and looking for ways … to bring them on full-time,” Young adds.

Prior MissionSquare human resources surveys of state and local employers have shown “many of the employers are taking an all-of-the-above attitude toward their recruitment processes, it’s not simply posting a job opening on their website: it’s trying every strategy that can get more people in the door, more people applying, or more people at the very least aware of the opportunities, perhaps even years before they might be applying,” Young says.  

The research also found racial and ethnic distinctions on retirement savings behavior and career development:

  • Regarding savings, Hispanic and white employees were more likely to report that they could not afford to save more for retirement (both 61%) compared to African American employees (46%); and
  • looking at a longer career horizon, whether or not they stay with their current employer, 52% of white employees have a desire to stay in the public sector until they retire, compared to 27% of African American employees.  

The research is based on a nationally representative online survey of 1,004 state and local government employees aged 35 and was conducted by Greenwald Research.

Retirement Industry People Moves

Malone to lead protected retirement sales at Nationwide; Definiti appoints new sales and ERISA leadership; Principal hires Bender to large market strategy; and more.

 

Malone to Lead Protected Retirement Sales at Nationwide

Ed Malone

Ed Malone has been named as a sales leader of protected retirement at Nationwide. The company recently established the protected retirement team, led by Cathy Marasco, associate vice president of protected retirement, to enhance its suite of in-plan guarantee solutions.

For more stories like this, sign up for the PLANSPONSOR NEWSDash daily newsletter.

Malone will be responsible for driving strategic sales growth and adoption of Nationwide’s in-plan retirement income and principal protection guarantee solutions. Malone will report to Marasco and focus on adoption efforts with recordkeepers, plan sponsors and participants.

Malone brings more than 25 years of experience at Nationwide Financial. Most recently, he served as a defined contribution product specialist for retirement solutions sales.

“Ed’s deep experience in working with employer-sponsored retirement plans positions him well to help our team advance our efforts to deliver competitive solutions for our participants and plan sponsors,” said Marasco in a statement. “Given the rapidly growing interest in protected retirement solutions, now is a great time to accelerate our efforts to help more retirement savers achieve a secure retirement.”

Definiti Appoints New CEO, Sales and ERISA Leadership

Kristin Andreski

Definiti LLC, a retirement solutions firm, announced the appointment of Kristin Andreski as CEO, Richard Frink as head of sales and Betsy Schaaf as ERISA counsel.

Andreski succeeds Tom Gaillard, who served as CEO of Definiti for the last eight years. She has previously served as head of retirement services for ADP and CEO at Innovu, a Pittsburgh-based data analytics firm. She specializes in client management, sales, product development and leading growth-oriented businesses within the retirement and benefits space.

“I look forward to leveraging my deep experience working with people, technology and data to address the retirement coverage and savings gap while we accelerate the growth of this business and the success of our teams,” Andreski said in a statement.

As head of sales, Frink will direct the firm’s regional sales and strategic accounts team. He and his team will work with the financial adviser community and Definiti’s recordkeeping partners to deliver retirement plans to organizations across the country. Most recently, Frink served as head of corporate 401(k) sales at Equitable.

Schaaf has more than two decades of experience as ERISA counsel, serving as a senior ERISA counsel at Ameritas, an ERISA consultant with Ohio National and, most recently, as manager of retirement plan administration with Alliant Insurance Services.

“Rick impressed us with his expertise, focus on building strong relationships, and passion for retirement services,” said Gaillard in a statement. “Betsy’s strong ERISA background, coupled with her knowledge of retirement plan administration, make her uniquely qualified for the role.”

 

Principal Hires Bender to Lead Large-Market Strategy

Brian Bender

Brian Bender has joined Principal Financial Group as head of the large-market segment of its U.S. retirement business that serves employers with defined contribution plan assets totaling at least $200 million.

Bender will oversee the strategy and customer care relationships, enhancing alignment across marketing, sales, product development and finance. He will also collaborate with Sean Jordan, head of the small- and mid-market segments, to develop products and services within their respective segments.

Bender has more than 25 years of experience, most recently at Charles Schwab, where he led workplace financial services, worksite wealth strategies, retirement plan services and stock plan services over a 17-year period. Bender also has experience as a relationship manager, sales and service leader and individual investors counselor.

“[Brian’s] deep expertise and passion for helping all Americans build financial security will be extremely valuable as we continue to make investments that will fuel our aggressive growth plan across all market segments,” said Teresa Hassara, Principal’s senior vice president of workplace savings and retirement solutions, in a statement.

 

MFS Investment Management Appoints Alison O’Neill as CIO  

MFS Investment Management announced that it has promoted Alison O’Neill to the CIO position, effective January 1, 2025. O’Neill will succeed Edward M. Maloney, who will be appointed CEO of the firm, also effective January 1.  

In this appointment, O’Neill will also oversee 300 investment staff across the firm’s equity, fixed income, quantitative solutions and global trading teams.   

O’Neill is currently co-CIO of equity for Americas and is a portfolio manager at the firm. She joined MFS in 2005 as an equity research analyst. She was named director of research for North America in 2016, and portfolio manager in 2018. She was appointed as co-CIO of equity in 2020.  

“Alison is an exceptional leader and culture carrier. She brings valuable investment knowledge across industries and sectors to her role as CIO, as well as deep conviction in the firm’s long-term-focused investment platform,” Maloney said in a press release. 

MFS Investment Management oversaw $615.1 billion in non-discretionary assets, as of February 29, 2024.   


McMillan to Lead Morgan Stanley’s Artificial Intelligence Team

Jeff McMillan has assumed a new position as head of Morgan Stanley’s artificial intelligence, leading the firm’s AI strategy and governance, according to an internal memo from Andy Saperstein and Dan Simkowitz, co-presidents of Morgan Stanley.

“He will partner with the businesses and infrastructure areas to identify and prioritize AI opportunities, continue to place the firm within the flow of AI development across the industry and help maintain Morgan Stanley’s position of leadership as an innovator in AI,” the memo stated.

McMillan will report to co-presidents Saperstein and Simkowitz. In addition, he will work closely with Mike Pizzi, head of U.S. banks and technology, Sid Visentini, head of firm strategy and Katy Huberty, head of global research. Huberty and McMillan will co-chair the AI steering group, comprised of business unit and infrastructure representatives. 

McMillan previously led Morgan Stanley Wealth Management’s analytics, data and innovation organization. He oversaw the transition from the firm’s modern wealth management platform to its most recent work with OpenAI.


Martinez, Genuardi, Duncan Launch Expressive Wealth

Vanessa N. Martinez

Vanessa MartinezLauren Genuardi and Darlene Duncan announced the launch of Expressive Wealth, a registered investment adviser serving individuals, families, businesses and inheritors. The firm is launching with $200 million in assets under management.

Martinez will act as CEO and managing partner, Genuardi will assume the role of chief compliance officer and managing partner, and Duncan will serve as a wealth adviser and partner. The three make up the executive team.

Headquartered in Chicago, Expressive also includes a director of portfolio strategy, chief clinical officer, paraplanner and two client service associates. The team offers services in three languages—English, Spanish and Polish—to cater to a diverse client base.

“Throughout our careers, we have observed that understanding and talking about all the phases involved in the creation of wealth allows for a smoother transfer to the next generation,” said Martinez in a statement. “We were inspired to launch Expressive Wealth as an inclusive RIA practice designed to walk alongside the wealth journey of our clients to help them meet their goals.”

«