Deals and People May 13, 2016

Retirement Industry People Moves

Aloise will lead HR Consulting at Xerox; Cafaro Greenleaf names head of Houston office; SageView hires retirement plan consultant, and more. 
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Dean Aloise will lead the HR Consulting function of Xerox HR Services. 

In this role, Aloise will oversee teams that help organizations implement and operate human resources (HR) programs that assist employees in managing their health, wealth and career. 

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Prior to this role, Aloise was the U.S. Wealth practice leader. He co-invented a patent-pending risk management tool called Pension Risk Navigator; and facilitated the innovation process around new financial wellness programs that improve employees’ financial health and retirement readiness. 

Aloise will lead more than 1,500 employees across the U.S., U.K. and Canada. HR Consulting encompasses the Health, Wealth, Career, Engagement, Knowledge, Management Consulting, and Global Consulting & Strategy practices. 

Xerox HR Consulting is delivered through Buck Consultants at Xerox. 

NEXT: Cafaro Greenleaf Names Head of Houston Office 

Cafaro Greenleaf (CG), an advisory firm for corporate and public retirement plans, hired Joe Schildhauer to head its Houston, Texas office. 

Schildhauer will work with retirement plan participants and assist plan sponsors in implementing the highest level of fiduciary standards, focusing on key aspects of retirement plans such as fee transparency, plan design, education and monitoring. 

Schildhauer is a co-founder of Wealth Benefit Advisors, a Houston-based investment consulting firm specializing in investment advisory and fiduciary consulting services to qualified retirement plans, foundations, and trusts. 

He is an Investment Advisor Representative, holds a Series 65 license, and has earned the Accredited Investment Fiduciary Analyst (AIFA) designation awarded by the Center for Fiduciary Studies. Schildhauer earned a BA in Business Administration from Kansas State University, as well as CLU, ChFC and REBC designations from The American College. 

NEXT: Hooker & Holcombe Adds Consultant

Hooker & Holcombe, a regional provider of employer-based actuarial, investment advisory and retirement plan consulting, announced the addition ofKathryn “Kate” Pizzi as a consultant within the firm’s investment advisory group.  

She will be responsible for managing client relationships in addition to projects within the sales, research and management areas of the firm. Pizzi is a former employee of Hooker & Holcombe, serving as a senior actuarial analyst more than 10 years ago. 

She has more than 16 years of experience serving the actuarial and investment advisory needs of both public and private institutional clients, with the past eight years focused on investment-grade fixed income investing.            

She was previously with Prime Advisors, Inc., serving most recently as senior investment strategist and fixed income portfolio manager, where she managed more than $2 billion in investment-grade fixed income assets. 

Pizzi graduated magna cum laude from Boston University with a bachelor’s degree in mathematics and economics.  She is a member of the American Academy of Actuaries, an Associate of the Society of Actuaries, and is currently a Level 3 Candidate for the Chartered Financial Analyst (CFA) designation. 

NEXT: SageView Hires Retirement Plan Consultant

SageView Advisory Group, an independent retirement consulting firm, hired Ann Cheu as Retirement Plan Consultant. 

Cheu joins the Woodside, California, office and fellow team members including Bob Patton, David Shnapek and William Posch. 

With more than 16 years in the retirement plan industry, Cheu has a wide range of experience in retirement plan design with a specific focus in managing plan costs, fiduciary oversight and strategic plan design. She especially enjoys on-boarding new clients and considers herself an extension of the human resource and finance teams she’s fortunate to serve. 

Cheu began her career at Mercer Investment Consulting in Los Angeles and after six years, moved north to launch the San Francisco practice. Most recently, she was a managing consultant at Precept Advisory Group where she partnered with many Bay Area and Silicon Valley plan sponsors to help them create and manage competitive and cost-effective retirement plan solutions that integrate with each company’s total compensation strategies.  

NEXT: Prudential Fixed Income Names New Head of Product and Distribution

Prudential Fixed Income’s Global Head of Product Management and Distribution Peter Cordrey will be retiring in the fourth quarter of 2016 after a 20-year career with the firm. 

The firm announced that Bas NieuweWeme joined Prudential Fixed Income effective May 9, 2016, as a managing director where he will lead the firm’s global client service, consultant relations, distribution, liability-driven investing, and marketing teams. NieuweWeme will report to Michael Lillard, head of Prudential Fixed Income. Prudential Fixed Income is a part of PGIM, the global investment management businesses of Prudential Financial, Inc. 

NieuweWeme was most recently the head of Institutional Distribution at Voya Investment Management, where he oversaw global sales, consultant relations, RFPs, relationship management, and client service and was a member of the firm’s management committee. Previous roles during his 16-year tenure at Voya include head of Institutional Sales and Relationship Management for ING U.S. Investment Management and vice president of Global Marketing and Distribution for ING Investment Management. 

NieuweWeme received a law degree from the Amsterdam School of Law with a specialization in tax law and an Executive MBA at the New York University Stern School of Business. 

NEXT: Henry Yoshida Joins Student Loan Genius

Student Loan Genius, an Austin-based student loan benefits provider, announced that Henry Yoshida, Honest Dollar co-founder, has joined its team as the vice president of partnerships and product strategy. 

Yoshida brings more than 14 years of experience aiding companies with the development of benefits solutions that help employees improve their financial picture. 

Yoshida will lead efforts to expand and enhance the fintech startup’s collaboration with partners like Prudential Financial. In March of 2016, Prudential announced it will help bring Student Loan Genius’ platform to the four million retirement plan participants whose companies opt-in. 

Yoshida will work closely with the Prudential team, customers and other partners to help the company continue to innovate through services like its 401(k) contribution feature, which allows employees to grow retirement funds by paying off their student loans.

Data and Research May 13, 2016

Expected Retirement Age Up Slightly

Americans now expect to retire on average at age 66, up from age 64 in 2008.
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The average age at which U.S. workers expect to retire is 66, up slightly from about 64 years of age between 2004 and 2008.

In 1995, workers expected to retire at age 60, according to Gallup’s 2016 Economy and Personal Finance Poll. Thirty-eight percent of U.S. adults now expect to retire between the ages of 62 and 67, while 23% expect to stop working before they turn 62. But many workers (31%) predict they won’t retire until after age 67, the current minimum age for receiving full Social Security retirement benefits. 

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Lower-income workers plan to retire a bit later, on average, than those earning $75,000 or more annually. Young adults, ages 18 to 29, plan to retire earlier than middle-aged and older adults, likely reflecting youthful optimism about their future income and savings, Gallup says.

Although Americans now on average expect to retire at age 66, Gallup found that many retired Americans report they stopped working much earlier at an average of 61 years of age. More specifically, 42% of retirees say they stopped working before age 62, while just 13% continued working until they were 67 or older. But Gallup notes that current retirees span an age range of more than 40 years, meaning that some retired decades ago while others retired very recently, and their age at retirement reflects societal and economic patterns of that time.

Gallup found that one in seven seniors (67 and older) are still in the workforce today. When this is taken into account, 26% of adults 67 and older are either still in the workforce (14%) or worked until they were 67 or older before retiring (12%). That is slightly less than the 31% of today’s non-retirees who intend to work past age 67. However, the greater discrepancy is in the percentage retiring before age 62: 36% of today’s seniors say they did this, while just 23% of current workers intend to.

Many factors go into when a worker will retire including finances, health, family needs and layoffs, Gallup notes. Fewer workers today than in the past say a pension will be a major income source in retirement, and many have been unable to save sufficiently during the economic slowdown of the past decade. Seven in 10 employed adults told Gallup in April that they are worried about not having enough savings for retirement. As a result, they are continuing to work.

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