Retirement Insigns and Solutions from J.P. Morgan Asset Management

Journey

I SSUE 10
FALL/WINTER 2013

Retirement Insights and Solutions from J.P. Morgan Asset Management

10 Strategies for
Plan Design Success
A plan sponsor case study

5 Speaking Investments
A new framework for managing
risk in DC plan lineups

15 Understanding
Target Date Funds
Improving participant
knowledge of one of America’s
most popular DC strategies

18 What Plan
Sponsors Want
A look at J.P. Morgan’s
latest retirement research

21 The Importance
of ‘Earnest’ Saving
Achieving a financially
sound retirement by saving
and investing wisely

J.P. MORGAN RETIREMENT INDUSTRY
RECOGNITION AND AWARDS
J.P. Morgan retirement investments and services received recognition and awards from across the industry—
a true testament to our ability to build stronger retirement outcomes by sharing our knowledge and expertise.

OV ER A LL

INVESTMENTS

OVERALL

• Top 5 fund family preferred by

#1 investment firm for: 1

• Advisor support/value-added services.
• Plan sponsor education materials.
• Supporting materials.
• Wholesalers.
• Quarterly evaluation materials.

•
I N VE STME N TS

•

RECO RD K E E P I N G

RECORDKEEPING

•

• #2 rated recordkeeper for best

•

overall service, large plans.2

THOUGHT
LEADERSHIP

P RI NT ED MAT ERI A LS

• The Importance of Being Earnest
•

won the 2013 RIIA Award.3
The Guide to Retirement won the
2012 RIIA Award.3

plan advisers.4
JPMorgan SmartRetirementSM portfolio
management team nominated for
2012 Morningstar U.S. Allocation
Fund Manager of the Year.5
“Silver” Morningstar target-date fund
series rating as of September 30, 2013.6
2013 Lipper Fund Awards for Excellence:
JPMorgan Equity Income Fund.7
#4 mutual fund (SmartRetirement)
most recommended by advisers for
plan sponsors.8

PA R T I C I PA N T
C O M M U N I C AT I O N S
• 5 first-place Eddy Award wins for

outstanding investment education.9

PARTICIPA NT CO MMUNI C AT I O NS

FOR MORE INFORMATION, CONTACT
YOUR J.P. MORGAN REPRESENTATIVE.

2013 Retirement Plan Adviser Survey. In July and August, approximately 8,467 adviser subscribers to PLANADVISER were asked to respond to a 42-question survey, developed by the
PLANADVISER editorial and research teams. Survey questions pertained to the size and scope of the adviser’s qualified plan business, practice management, compensation and client
service, as well as his assessments of investment managers, mutual funds and defined contribution (DC) providers. The results of the practice management section of the survey will be
highlighted in the November/December edition of PLANADVISER.
At the close of the survey, on August 1, 629 complete responses had been received from retirement plan advisers. To qualify to supply opinions on mutual fund families and specific
mutual funds, an adviser had to be personally involved in evaluating and recommending fund choices in an advisory capacity to qualified plan clients; 402 advisers met this qualification.
In order to evaluate defined contribution recordkeepers, advisers had to answer affirmatively that they were personally involved in evaluating and recommending DC plan providers in
an advisory capacity when working with qualified plan clients; 404 advisers did so. In addition, an adviser had to have worked with a DC recordkeeper more than once for his favorability
rating of that recordkeeper to count. To receive more information on this survey and for additional research available, please contact surveys@assetinternational.com.
2
2013 Retirement Plan Adviser Survey. 404 qualified advisers were asked to select the defined contribution provider with the best service.
3
RIIA Retirement Income Communications Awards sponsored by Investment News in the category of printed materials. This is the first time any firm has won the category two years in a row.
4
2013 Retirement Plan Adviser Survey. 310 qualified advisers voted. To qualify, an adviser must be personally involved in evaluating and recommending fund choices in an advisory capacity
with qualified plan clients. “Top 5%” = percentage of qualified advisers (of 310 total) who selected the fund family; “1st place %” = number of first-place votes out of total Top 5 votes.
5
Morningstar Awards Nominee 2012. Morningstar, Inc. All Rights Reserved. J.P. Morgan SmartRetirement Team. Nominated for Allocation Fund Manager of the Year, United States.
6
Morningstar report published November 5, 2013.
7
Lipper Fund Awards 2013.
8
2013 Retirement Plan Adviser Survey. Up to five funds could be chosen—254 advisers voting; 1,143 total votes.
9
Pensions Investments 2013.
TARGET DATE FUNDS: Target date funds are funds with the target date being the approximate date when investors plan to start withdrawing their money. Generally, the asset allocation
of each fund will change on an annual basis with the asset allocation becoming more conservative as the fund nears the target retirement date. The principal value of the fund(s) is not
guaranteed at any time, including at the target date.
1

The past 30 years have wi
(DC) plans. Once merely a su
retirement security for an exp

the Content
ISSUE

10

Fa l l / Wi n t e r 2 0 1 3

What Plan Sponsors
Want From Their DC
Plans—And What They
8 Executive Are Doing About It
Perspective

IN THIS ISSUE

2 A Word
Michael Falcon, head of retirement
at J.P. Morgan Asset Management,
discusses how J.P. Morgan’s research
and insights are available to help
clients make well-informed decisions
about retirement plans.

Findings from J.P. Morgan’s inaugural 2013

J.P. Morgan’s retirementContribution Plan Sponsor Survey
Defined chief
marketing officer discusses how
thought leadership, distinct tools and
extensive resources can address the
needs of clients at every touch point.

Why combining automatic
enrollment with automatic
contribution escalation can
help participants increase their
retirement savings.

g

4 Legislative Corner
The Supreme Court’s ruling on the
Defense of Marriage Act and guidance
on the taxation and administration
of employee benefit plans.

s
R ISK
I

EVOLUTIONARY—NOT
REVOLUTIONARY—CHANGE

18 What Plan

3 Stat Life

RIS K

J OU R NEY Fall 2013

5 Speaking Investments
An outcome-oriented approach
requires a broader view of risk
when designing and evaluating
DC investment menus.

a broader definition of risk when designing and
investment menus can help potentially increase the
ess of defined contribution (DC) plans and may assist
ts in reaching their savings and investing goals.

What do plan sponsors want to accomplish with their DC plans today? What
goals and philosophies are driving their
decision making? And how are they
shaping the design, investment lineup,
communications and administration of
their DC plans to meet the growing retirement needs of employees while continuing to fulfill their role as fiduciaries?
To answer these questions, J.P. Morgan
Asset Management conducted its first
plan sponsor survey in the period from
December 2012 through January 2013.
We canvassed nearly 800 plan sponsors–
all key decision makers–representing
plans with assets from under $1 million
to more than $1 billion.
Our findings indicate that plan sponsors are clearly committed to achieving a range of “highly important” goals
through their DC plans. These aspirations include the traditional and also
shorter term objectives of recruiting and
retaining quality employees and demonstrating a level of caring for
them. But plan sponsors are
equally committed to helping employees achieve the
long-term goal of a financially
secure retirement. As exhibited
most clearly by the larger plans in our
survey (those with assets greater than
$250 million), plan sponsors are taking
steps to fortify their plans to improve
participants’ retirement outcomes.

Sponsors Want

While larger plans lead the continued
transformation of DC plans, changes
are taking place at a modest pace for

OUR FINDINGS IND
COMMITTED TO AC
GOALS THROUGH

Latest research reveals what plan
sponsors are thinking and what
actions they are taking when it
comes to their retirement plans.

employment taxes market returns 401(k) sav
taxes consumption save consistently medica
market returns plan carefully invest efficientl
Plan Design Success
medicare 401(k) social security income consumpt
How one company stays on Funds plan save early entitlements plan 401(k) car
Understand Target Date the
cutting edge of plan design to employment consumption save early entitlemen
better
help participants achieve theirsecurity save consistently taxes income medicar
social goals.
invest efficiently medicare 401(k) market ret
income NEW RETIREMENT social security 401
consumption STUDY EMPHASIZES plan carefu
21 The Importance of
THE IMPORTANCE OF medicare taxes en
income save early DILIGENT,Saving
‘Earnest’ ‘EARNEST’ SAVING
save early planResearch demonstrates that a social securi
carefully employment
medicare comfortable retirement consistently plan
taxes 401(k) save is possible
market returnsthose who plan carefully, save
for entitlements income consumptio
consistently employment social security mark
consistently and invest efficiently.
15 Understanding save early invest efficiently medicare income
Target Date Funds consumption entitlements social security 401(k
income save earlyYou Know? consistently
24 Did plan carefully
Innovative communications program
medicare 401(k) plan carefully market retur
seeks to improve participant
Retirement facts and figures
entitlementsfrom J.P. Morgan’s 2013 Defined
consumption save consistently me
knowledge of these popular but often
social security invest efficiently plan carefull
misunderstood investment strategies.
Contribution Plan Sponsor
401(k) consumption save consistently medica
Survey Findings.

LESSONS for
10 From the Field...
Strategies

HOW ONE COMPANY CONTINUES TO ENHANCE
ITS RETIREMENT PLANS TO HELP ITS
EMPLOYEES BETTER MEET THEIR GOALS

First introduced 20 years ago, target date funds (TDFs) now rank as one

of the most popular retirement investment options in America, thanks,
in particular, to their growing use in defined contribution (DC) plans.

n DC plans face a variety of risks, including market-related risks such
tion, fluctuating interest rates and market volatility, as well as personal
outliving their assets and making poor decisions when selecting and
r investments (as shown in Exhibit 1). While the types and degree of risks
re exposed to may vary over time (as shown in Exhibit 2), one fact remains
management is critical For more information, email
for achieving successful investment outcomes.

Journey_Magazine@jpmorgan.com.

for a new way of thinking

sponsors and advisors are doing their part to help mitigate risk
g choice within DC investment lineups, they also need to ensure
evaluating and monitoring these investments and solutions in an
way. This means taking the potential for delivering better retirement
consideration.

J.P. Morgan Asset Management

J OU R NEY

1

a Word
pants to save and invest. One of the ways
we are facilitating important discourse
on retirement issues is through our conferences and events. This year we hosted
our first Defined Contribution Summit
for retirement advisors and consultants,
as well as our recent Defined Contribution Plan Sponsor Conference (with its
theme of “Bold thinking. Critical decisions.”), which brought together more
than 100 plan sponsors and retirement
industry leaders. The interactive sessions
at both of these events focused on many
of the top-of-mind issues we cover in our
latest edition of Journey.

The journey continues

Gaining New Insights
A deep understanding of our clients’ needs is the basis for our strong
partnerships with the plan sponsors, advisors and individuals we serve.
We seek to be a thoughtful partner that shares research-based knowledge and insights that empower advisors and plan sponsors to make
well-informed, highly coordinated decisions about defined contribution
(DC) plan design, investments, communications and administration.
A year in research
Our 2013 Plan Participant Survey
Findings: Searching for direction on
the journey to retirement and our 2013
Defined Contribution Plan Sponsor Survey Findings: Evolving toward greater
retirement security, released in June and
August of this year, respectively, provide
a rare glimpse into plan sponsor and
participant attitudes, views, perceptions
and behavior. Some of the most compelling insights illuminate the need for
strong guidance—something expressed
and shared by both plan sponsors and
participants. Today’s plan sponsors value

2

JOURN EY Fall/Winter 2013

their advisors and look to them to bring
innovative ideas on plan management
to the forefront. For their part, participants look toward their employer
and their plan’s administrator to provide access to savings and investment
tools that can help them achieve
retirement security.

In this issue, we’ll hear how one company is moving toward a more outcomes-focused benefits strategy that
emphasizes employees’ overall financial well-being. We’ll also explore a new
way to think about risk in DC investment menus, review some of our recent
research findings and highlight the latest regulatory and legislative activity
that may impact retirement policy.
Much of this issue is devoted to helping interpret how our latest research
findings impact advisors, plan sponsors
and the participants they serve. While
the full scope of our findings cannot be
covered here, we encourage you to reach
out to us if you would like additional
information or complete copies of any
of the research studies referenced. As
the year comes to a close, development
of our research agenda for 2014 is well
underway. We promise to keep asking
questions as we continue on the journey
to retirement.

Dialogue that matters
We believe our insights have the most
impact when they generate dialogue that
leads to improved standards, better alignment of plan objectives with design structure and more effective ways for partici-

Michael Falcon
Head of Retirement

Stat life

Saving for Retirement
Make it automatic
The percentage of employersponsored 401(k) plans using
automatic enrollment continues
to climb, with 43% of plan sponsors now adopting this feature,
including 62% of large-sized plans having at
least $250 million in assets.1 While these numbers are an encouraging sign that more employees are saving at least a portion of their
income for retirement, we believe automatic
enrollment is only one ingredient in a welldesigned retirement savings plan. Another
method to increase the likelihood that participants will reach adequate deferral levels
over time is to combine automatic enrollment
with automatic contribution escalation.

Build savings automatically
While most plans using automatic enrollment typically set 3% as their default contribution rate, many plan sponsors believe
employees need to save 10% or more to
reach their goals. But, of those companies
using automatic enrollment, only 21% also

use automatic contribution escalation.1
While this feature helps participants save
more, while also overcoming their tendency
to stick with the original contribution rate,
many employers are reluctant to use it as a
default option for fear of an employee backlash. These concerns appear unfounded, however. A study by J.P. Morgan shows that 60%
of participants are either in favor of or neutral
on the use of both automatic enrollment and
automatic contribution escalation.2
In addition, industry experience shows that
employees rarely choose to opt out of these
features, and generally do not increase their
initial contribution rates unless automatic
contribution escalation is in place. As a result,
those who are automatically enrolled without
automatic contribution escalation tend to save
less (an average of 4%) than those who participate in 401(k) plans at a level of their own
choosing. In 2011, for example, the average
savings rate of those who voluntarily enrolled
in plans administered by J.P. Morgan Retirement Plan Services was 7.7%.
As the chart illustrates, the value of assets

accumulated by individuals who save more
than the default contribution rate of 3% can
be substantial. For example, a person earning
a median income of $56,000 in 2012 who contributed 6% over 35 years could retire with
roughly $302,000. That’s $128,000 more than
the $174,000 an individual would have accumulated who saved at the default contribution rate of 3% over 35 years. The difference
would be much larger, of course, for someone with a voluntary savings rate of 7.7% and
higher still for those who saved 10%. And this
doesn’t even consider the positive impact on
retirement assets of an employer match.

Put these ideas to use
Plan sponsors may want to rethink setting
the bar too low. When adopted effectively,
higher default contribution rates, along with
automatic contribution escalation, can help
plan sponsors better assist their employees
to achieve their retirement goals.
1

2

J.P. Morgan 2013 Defined Contribution Plan Sponsor
Survey Findings.
J.P. Morgan 2013 Plan Participant Survey.

The Impact of Higher Contribution Rates
Value of ﬁnancial assets
$500,000
Voluntary enrollment at 10%
$400,000

$492,000

Voluntary enrollment at 7.7%
Voluntary enrollment at 6%
Automatic enrollment at 3%

$383,000

$300,000

$302,000
$200,000

Source: Tax Policy Center, Bureau of Economic Analysis,
Bureau of Labor Statistics, J.P. Morgan Asset Management,
U.S. Census Bureau, Bloomberg.
This example assumes that one family member has earned a
median income since 1972, which in 2012 was $56,000. At age
30, the family begins saving, with an equity allocation of 65%,
which gradually decreases to 40% by age 65. The rest of its
portfolio is allocated to fixed income. Other estimates include
applicable federal and state tax rates for each scenario.
Estimates for annual equity returns, T-bill rates and inflation
are 7.0%, 2.5% and 2.0%, respectively. For tax purposes, 80%
of equity gains in after-tax savings accounts are assumed to
be realized each year. The example is for illustration purposes
only and does not represent any particular investment product. This information is also for educational purposes only and
is not meant to provide tax or investment advice.

$174,000
$100,000

$0
1972

1982

1992

2002

2012


J O U R NEY

3

Legislative corner

Deciphering DOMA
The Supreme Court ruling on same-sex marriage raises questions
about the taxation and administration of employee benefit plans
On June 26, 2013, the U.S. Supreme
Court ruled in United States v.
Windsor that Section Three of the
Defense of Marriage Act (DOMA)
violated the principles of equal protection guaranteed under the Fifth
Amendment to the Constitution.
Section Three of DOMA provides
that, for purposes of interpreting
statutes and regulations, “the word
marriage means only a legal union
between one man and one woman,
and the word spouse refers only to a
person of the opposite sex.”
In finding this language unconstitutional,
the Court was considering a case in
which a same-sex spouse was denied a
spousal deduction on federal estate
taxes. Its ruling raised a number of
questions regarding the taxation and
administration of employee benefit
plans. Before the Court’s decision,
existing law held that a same-sex spouse
would not be considered a spouse for
the purposes of consenting to a
beneficiary designation or distribution.
For employer-sponsored health-care
plans that provided coverage to samesex spouses, the value of that coverage
was considered taxable income for the
employee and subject to both employee
and employer payroll taxes.
After the Court’s decision, it seemed
clear that same-sex spouses in states
that recognized same-sex marriage
would have rights identical to those of
opposite-sex spouses. But it was not
clear how the ruling would apply to
those states that did not recognize

4


same-sex marriages. The basic
unresolved question: Would spousal
status be determined by whether the
marriage was legal in the state in which
it was performed (state of celebration)
or whether the marriage was recognized
by the state in which the couple
currently resided (state of domicile)?
On August 29, 2013, the Department
of the Treasury and the Internal Revenue Service issued guidance that addressed some of the questions raised in
the Windsor decision. In Revenue Ruling 2013-17, Treasury and the IRS held
that, for federal tax purposes, the term
“spouse” included a same-sex spouse
if the individuals were lawfully married under state law, and that spousal
status would be recognized even if the
couple resided in a state that did not
recognize same-sex marriage. In explaining their ruling, the agencies discussed the administrative burdens that
would ensue if plans were forced to
consider the state of domicile in determining spousal status. The ruling also
clarified that civil unions, domestic
partnerships and other similar formal
relationships would not be included
in the definition of “spouse” or “marriage.” The ruling went into effect on
September 16, 2013.
The recent guidance did not cover
one important issue: the potential retroactive impact of the Windsor decision. Treasury and the IRS did issue
a series of FAQs explaining how employees and employers could file for refunds on any income and payroll taxes
paid on amounts that were included in
taxable income. But they did not address to what extent same-sex spouses
might have claims arising from past

plan actions that did not recognize
their spousal status. For example, if
a participant died and a same-sex
spouse was not provided survivor benefits, does he or she now have a claim
against the plan? One would hope that
just as the agencies recognized the administrative burdens associated with
basing spousal status on state of domicile, they would also recognize the
ramifications of requiring plan administrators to revisit decisions that were
valid based on what was then existing
law. Treasury and the IRS have indicated that additional guidance is forthcoming that will address these issues.
We will continue to monitor these
events and keep you apprised of any
new developments.

Managing
Risk in
DC Menus
Speaking Investments

Risk

Risk

Adopting a broader definition of risk when designing and
evaluating investment menus can help potentially increase the
effectiveness of defined contribution (DC) plans and may assist
participants in reaching their savings and investing goals.
Participants in DC plans face a variety of risks, including rising inflation, fluctuating
interest rates and market volatility, as well as personal risks such as outliving their assets
and making poor decisions when selecting and allocating their investments (as shown
in Exhibit 1). While the types and degree of risks participants are exposed to may vary
over time (as shown in Exhibit 2), one fact remains constant: risk management is
critical for achieving successful investment outcomes.

The need for a new way of thinking
While plan sponsors and advisors are doing their part to help mitigate risk
by presenting choice within DC investment lineups, they also need to ensure
that they are evaluating and monitoring these investments and solutions in an
appropriate way. This means taking the potential for delivering better retirement
security into consideration.


J O U R NEY

5

Exhibit 1: DC PLAN PARTICIPANTS ARE EXPOSED TO A BROAD RANGE OF RISKS

ll

t
ou

liv

l

Infl
a
RIS tio
K
t
es
e r sk
int e ri

rat
nc
di v
i
fxe se
hat ill lo e
Risk t
w ri s
ties
securi f rates
i

market
r isk

rt
se icip
r r ant
ity
isk
pa
nt
rti

Risk is dynamic and
multi-faceted

om
al e
ue

gs
savin
ing

n

y

be ero

Ris
k

vit
ge
on RISK

Risk that

UMULATION
ACC RISK

of

n
io

re opti cipan
ssi ons
t will
misuse
ve
, u (too co
nde
nservative
r-di
versi
fed)
i

wi

valu
eo
ded f pri
n
by
inf cip
la
t

al

save enough due to
la
re to
ailu wth, low savings rat ck
F
eo
gro
of xpected market eve r
nt
une

pa u

Ris
ent
k of c
apital or investm
losses
t
due to marke
or ass
et class volatility

il
sib
Pos stme
g
inve r ag
o

Source: J.P. Morgan Asset Management. Shown for illustrative purposes only.

According to John Galateria, head
of defined contribution investment
solutions at J.P. Morgan Asset
Management, plan sponsors can no
longer afford to just focus on asset
class or individual strategies’ risk/
return profiles, something they’ve done
historically when evaluating the funds
in their investment lineups. “They need
to seek ways to address and mitigate
the broader set of risks participants
face and, in doing so, become more
outcomes-focused,” says Galateria.
Galateria suggests that focusing on
outcomes such as retirement security
may necessitate that plan sponsors
reassess the way in which they evaluate
the role of low-volatility options such
as money market and stable value
funds in their investment menus.
“When you consider that a participant
could ultimately invest 100% of his
or her assets in a single option, you
can make the case that professionally

6


managed options such as target date
funds (TDFs), which may offer more
diversification and growth potential,
are relatively low-risk when compared
with more conservative options such
as stable value,” says Galateria, who
also maintains that adopting this view
recasts the role of certain types of
investments within the plan’s lineup.

Changing the paradigm on
what is considered ‘low risk’
While most plans offer a range of
options starting with relatively lowrisk, low-return choices such as stable
value and money market funds,
those individuals who invest in
these more conservative funds may
unintentionally take on other risks that
could prove damaging to their longterm saving and investment outcomes.
One such risk is the possibility that
participants could end up with less

savings than those investors whose
portfolios are more diversified. For
example, young employees between
the ages of 25 and 35 who invest all of
their savings in a lower-risk, lower-return
option such as stable value could end
up with substantially less in savings at
retirement due to slower growth over
time and a marked lack of diversification.
On the other hand, for investors
between the ages of 55 and 65, a
potential shortfall from investing too
conservatively may not be as damaging
to their savings because they are closer
to retirement. A more aggressive
investment approach, however, may
make these participants more vulnerable
to other risks, including the possibility
of market downswings at or around the
time they are ready to retire, which could
substantially impact their savings, right
when they are needed the most.
According to Galateria, plan
sponsors have an opportunity to help
improve the investment outcomes
of their participants by constructing
investment menus that feature a
consolidated and simplified core lineup
of, where possible, professionally
managed solutions such as diversified
stocks, diversified bonds and TDFs.
“Unlike low-volatility options such
as stable value, target date investments
offer diversification and asset allocation
strategies that may be appropriate
for a broad range of participants,
regardless of age or retirement time
horizon,” notes Galateria. “These
types of investment options can also
help mitigate some investment risks
through effective strategic and tactical
asset allocation. In particular, these
strategies are able to adapt to changing
market conditions and risks.”

A wise option for plan
participants
While TDFs have a built-in ability
to manage asset allocation, their
philosophies and approaches to
managing risk may vary. This has

important implications for the way
in which TDFs should be evaluated,
assessed and chosen because the types
of risk a manager is seeking to mitigate
may be different. In addition, managers
may prioritize market-related risks—
such as inflation, rising interest rates,
changing market conditions and asset
class volatility—differently over the glide
path’s time horizon. Understanding the
risks a manager is seeking to address is
as important as understanding how the
manager seeks to manage these risks,
and should impact the type of target
date strategy a plan sponsor selects.
Daniel Oldroyd, a portfolio manager
in J.P. Morgan Asset Management’s
Global Multi-Asset Group, notes that
target date fund managers are better
equipped than individual investors to
identify and react to changing market
conditions by implementing a change in
asset allocation or, in the case of rising
interest rates, by changing the duration
of their fixed income holdings.

Invest in what you know
Given their risk-management benefits,
professionally managed solutions such

as TDFs may offer one of the best ways
to achieve a successful retirement
outcome. Still, Galateria cautions that
understanding a target date manager’s
philosophy and approach to managing
risk is critical.
Important questions that plan sponsors
and advisors should consider include:
• What is the target date manager’s
process for managing risk within
the fund’s glide path?
• Are the underlying strategies
actively managed or do they
provide passive-only exposure?
• What is the extent of the
manager’s ability to diversify his
or her fixed income exposure
along the glide path?
• What expertise does the manager
have
in
managing
lowercorrelated, extended asset classes
such as high yield and emerging
markets debt?
Concludes Galateria, “If we are
to adopt a more outcomes-focused
strategy for how we define and measure
the success of DC plans at preparing
participants for retirement, then we
need to rethink how we define which
options are considered lower risk when

selecting and evaluating investment
options for DC plans. When we do this,
it’s easy to see that TDFs are one of the
best options for participants of all ages
and at all stages of their financial lives.”
More so than any other option that
is offered in the typical DC menu, TDFs
have an innate ability to manage the
broad range of risks that participants face
as they move closer to retirement. This
makes it all the more important for plan
sponsors and advisors to understand the
methodology underpinning the design
of the TDFs they select and to ensure
that this methodology is consistent with
the needs of the plan.
Opinions, estimates, forecasts and statements of
financial market trends that are based on current market
conditions constitute our judgment and are subject
to change without notice. We believe the information
provided here is reliable. These views and strategies described may not be suitable for all investors. References
to specific securities, asset classes and financial markets
are for illustrative purposes only and are not intended to
be, and should not be interpreted as, recommendations.
Past performance is no guarantee of future results.
TARGET DATE FUNDS. Target date funds are funds with
the target date being the approximate date when investors plan to start withdrawing their money. Generally, the
asset allocation of each fund will change on an annual
basis with the asset allocation becoming more conservative as the fund nears the target retirement date. The
principal value of the fund(s) is not guaranteed at any
time, including at the target date.

EXHIBIT 2: DC PARTICIPANTS face DIFFERENT MAGNITUDES OF RISK OVER TIME

Longest time horizon
(up to age 40)

100

The middle years
(Ages 40-65)

At and in retirement
(Age 65 and after)

Percentage of Portfolio Allocation

90

INTEREST
RATE RISK

ACCUMULATION
RISK

80
70
60

MARKET
RISK

50

INTEREST
RATE RISK

PARTICIPANT
USER RISK

MARKET
RISK

MARKET
RISK

LONGEVITY
RISK

40
30

INFLATION
RISK

PARTICIPANT
USER RISK

20

ACCUMULATION
RISK
INFLATION
RISK

10
0
25

30

35

40

45

50

55

60

65

70

75

J O U R NEY

7

Age

Source: J.P. Morgan Asset Management. Shown for illustrative purposes only.


E x ecutive perspective

Delivering the Firm: An Interview
with J.P. Morgan’s Retirement
Chief Marketing Officer
As chief marketing officer for J.P. Morgan’s retirement business,
Benji Baer is responsible for harnessing the intellectual capital and
resources of the firm to create content, programs and tools that address the needs of its broad set of retirement clients. This includes
developing a unified platform that delivers the firm’s capabilities

and insights at every touch point in a
meaningful and relevant way. In an interview with Journey, Baer talks about
how J.P. Morgan is helping plan sponsors,
advisors and individuals achieve better
retirement outcomes.

people’s financial assets for the long
term and, ultimately, for some version
of retirement. Our expanded retirement business draws on our strengths
and unique capabilities to help people
achieve their distinct retirement goals.

You’ve been retirement chief marketing
officer for 2½ years. What were your first
impressions of J.P. Morgan and its retirement business? One of the things that

What is J.P. Morgan’s commitment to the
retirement business? We believe that how

drew me to J.P. Morgan is the firm’s rich
legacy as one of the most highly regarded, global financial services firms, with
recognized expertise in serving institutions, intermediaries and individuals.
I was and still am impressed with the
depth of talent, investment expertise
and retirement industry knowledge we
have within our organization.
Everything we do is centered on
ensuring the safety and security of

8


people prepare for retirement is one of
the most important decisions most individuals will face in their lifetimes. For us,
retirement is much more than a business,
it’s an issue of critical importance for our
country. It’s our heritage and culture to
share our knowledge more broadly to
help all retirement stakeholders prepare
for long-term financial stability. This includes driving dialogue among policy
makers, economists, advisors and corporate leaders to solve the systemic challenges Americans face, as well as helping

individuals understand how to overcome
their behavioral realities.
Last year you completed research to
better understand the core competencies and areas for improvement of
J.P Morgan’s retirement
.
efforts. What did you
learn? In speaking to

plan sponsors, advisors,
industry influencers
and others, we heard
that people hold our retirement organization
and offerings in very
high regard. They look
to us for our distinct insights and depth of knowledge across
a variety of subjects. What they value
most is our ability to deliver that information in a way that’s digestible, usable
and relevant.
Tempering this enthusiasm were
others who indicated that they were
not fully aware of our range of capabilities and the broad agenda and innovation underway.
Does this present a challenge for
J.P. Morgan? Not at all. This is largely

an indication that we haven’t yet fully
delivered on our comprehensive capabilities to all audiences, and our clients
are anxious to hear more about what
we can do for them. The flip side is
that, in the short time we have been
aligned and have grown our capabilities, the market has responded favor-

ably to our presence, as evidenced by
our strong asset flows, continued leadership in the target date funds (TDFs)
space and a growing recognition of our
commitment to serving and supporting
advisors and plan sponsors across all
market segments.
So what are you doing to better
communicate the firm’s capabilities and
key messages? For the past year, we’ve fo-

cused on refining and unifying how we
interact with clients and prospects, both
on a one-to-one basis through our clientfacing teams and more broadly through
increased activity and presence in the
market. This means delivering industry-leading insights, working through
client challenges holistically and offering best-in-class investment and
recordkeeping solutions.
Does this message apply to both institutional and individual clients? Yes,

J.P. Morgan offers proprietary tools and
solutions that speak to all of our retirement clients. For defined contribution
plans, we offer bundled solutions for
all plan sizes. Our Retirement LinkSM
solution, for example, can fill the gaps
in coverage that exist in the small- to
mid-size market, delivered with the expertise, features and high-touch service
that our largest institutional clients enjoy. In the case of individual investors,
we’re focusing on ways to help advisors
drive deeper, more meaningful conversations about retirement planning,
encompassing saving, spending and
investing strategies.
How is J.P. Morgan driving innovation in
product development? Three key initia-

tives come immediately to mind: first,
assisting people in preparing for and
living in retirement by helping them
plan and create the income streams
they will need when they stop work-

ing; second, building out our target
date capabilities in the U.S. and abroad;
and third, packaging and delivering
the breadth of financial products and
insights from across JPMorgan Chase
through an integrated solution that
companies can offer as an additional
corporate benefit.
More broadly, we’re interested in
how advancements in technology can
create new opportunities for us to engage with our clients. And we’re always
looking for ways to better educate and
communicate through programs like
our award-winning Audience of One®
participant experience.

What are the benefits of being part of the
larger JPMorgan Chase family? Retire-

What are your areas of focus? In 2014,

themes that ties our thought leadership
agenda together is a deliberate focus on
how to best shape product solutions

we plan to introduce a new wave of
innovation for two of our flagship of-

ment is an issue that is very important
to our entire organization, and we have
a healthy, ongoing exchange of information and knowledge—data, insights, focus group research, product and service
development—across our asset management business and all parts of the bank.
Each party benefits because we use this
information to create smarter ways to
solve the retirement needs of both individuals and institutions.
What are some of the issues you expect
will play an important part in the firm’s
thought leadership strategy? One of the

It’s our heritage and culture to share
our knowledge more broadly to help
all retirement stakeholders prepare for
long-term financial stability.
ferings: Target Date CompassSM, which
helps advisors and plan sponsors evaluate and select the appropriate suite of
TDFs, and Audience of One. We’ll also
continue to focus on working with plan
sponsors and advisors to holistically
address all of a plan’s varied needs.
Building and managing retirement
plans requires a series of interconnected strategic decisions. For example,
plan design choices affect the investments you offer, which can then drive
the way you implement and administer
your plan and also communicate its features and benefits.

and policy to address behavioral realities. For example, at the highest level,
we are exploring topics such as how
different social structures influence
how people interact with their money
on both a national and global level. Another important theme is longevity, and
how longer life ex ectancies are likely
p
to impact workforce management. We
are also spending a significant amount
of time and resources on developing a
dynamic approach to optimizing retirement income strategies. More to come
on this in early 2014.


J O U R NEY

9

STRATEGIES

for Plan Design Success...

How one company continues to enhance
its retirement plans TO HELP ITS
EMPLOYEES BETTER MEET THEIR GOALS

10

J O U RN EY Fall/Winter 2013

In 2005, Bemis Company, Inc., a Wisconsin-based packaged goods
company, embarked on a multi-year effort to enhance its retirement
savings plans. In the last eight years, the company has introduced a
series of initiatives—from the introduction of automatic enrollment and
automatic escalation programs to the use of target date funds (TDFs) as a default
investment option to an annual employee re-enrollment—that demonstrate its
commitment to the long-term well-being of its employees.

Bill McDermott, head of sales and client solutions for
J.P. Morgan Retirement Plan Services, spoke recently to
Melanie Higgins, Bemis’ global retirement director, about
the goals and design of these initiatives, as well as how
other plan sponsors may learn from Bemis’ experiences.
Here are highlights from their conversation.

Bill: You’ve made many significant
changes to your retirement plans over
the past few years. What were the main
drivers behind these changes?
Melanie: Bemis has always had our
employees’ best interests in mind when
designing and implementing employee
benefit plans. And we were eager to
encourage greater participation in our
retirement plans to help our employees
meet their long-term savings goals.
So, in 2005, we began automatically enrolling our new hires in our 401(k) plan at
a 3% deferral rate. What we experienced,
however, was that employees were not
opting out of the plan and those employees who were auto-enrolled didn’t increase
their contribution rates above 3%.
Around that time, we were also planning to implement a new profit-sharing
plan. We saw this as a great opportunity
to redesign our overall plan so that we
could really help our participants be
more successful in their saving.
Because we felt it was necessary

for everyone who was eligible for the
profit-sharing plan to participate, we began to automatically enroll all eligible
participants on an annual basis. Most
significantly, we also required all of our
profit-sharing participants to contribute
at least 3% to the 401(k) plan in order
to maintain their eligibility in the profitsharing plan.
Bill: How did your employees react to
this change?
Melanie: Very few people complained
about it. As a result, we felt we could
make even more changes to help people
save more.
In 2008, we introduced an automatic
escalation feature to increase contribution rates by 1% a year, up to 8% of an
employee’s total pay. And, in 2012, we
said to ourselves, “This is working well.
Why don’t we change our deferral level
to a maximum of 10% of an employee’s
total pay?,” which is an amount more
in line with what we believe employees

need to save over the long run.
We also recognized that automatic enrollment was important, not just for the
people in our profit-sharing plan, but for
everyone. As a result, we now re-enroll
all of our employees in the 401(k) plan
once a year.
These options may not be for everyone, but we want to encourage our employees to save more. If they choose not
to do so, however, they always have the
right to opt out of our 401(k) plan.
Bill: Why have you been so successful
in introducing these features?
Melanie: I think most importantly is to
inform your employees early and often
about what you’re planning to do. In our
case, that meant frequent and ongoing
communications.
J.P. Morgan has been a big help with
all of our communications. For automatic escalation, for example, we sent a letter to our employees’ homes to let them
know their contributions were going to


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11

Getting to know the Bemis Corporation
and its global retirement director
From its earliest beginnings printing cotton bags for packing food products, Bemis
Company, Inc. has grown into one of the world’s leading suppliers of flexible
packaging used by companies in the food, consumer products, medical and
pharmaceutical industries.
With headquarters in Neenah, Wisconsin, the firm employs approximately
20,000 people in 12 countries, including 10,000 employees in the U.S. It is one of
500 companies listed among the stocks in the Standard Poor’s 500 Index.

Overseeing the design and administration
of Bemis’ defined contribution and defined
benefit plans is global retirement director
Melanie Higgins.

be automatically increased. We then followed up with additional information in
their annual enrollment materials.
In this way, people got accustomed to
what would happen. They knew what
was coming and what they could expect,
year after year. Granted, it takes a lot of
communicating the first time you do it so
that people understand what’s going to
happen. But then it becomes fairly standard protocol.
Bill: Have you encountered any challenges along the way?
Melanie: Probably our biggest challenge, overall, has been in working with
the union boards, which tend to be our
toughest critics.
In working with board members, we
take the time to walk them through the
potential benefits of our proposals, including the reasons for our recommendations and how employees can opt out
at their discretion.
Here, again, J.P. Morgan has been a big
help. We worked with J.P. Morgan to prepare materials for board members to demonstrate the impact on savings of making
automatic increases, compared with not
making any increases. This helped to illustrate the results our employees could
expect to achieve in the long term.

12

J O U R N EY Fall/Winter 2013

Overseeing the design and administration of the company’s defined contribution
and defined benefit plans is global retirement director Melanie Higgins. Higgins,
who was appointed to her current position in December 2012, joined the firm as
a benefits administrator in 1999. Since then, she has served in a variety of pension and retirement functions of increasing responsibility. She holds a bachelor’s
degree in Business Administration and Human Resources from Carroll University
(formerly Carroll College) in Waukesha, Wisconsin.
Bill: In 2012, you reconfigured your entire investment lineup and then completed a re-enrollment. What was that like?
How did your employees respond?
Melanie: When we decided to reevaluate our lineup—including looking
at the different options that are now
available, as well as fees and revenuesharing—we felt we had a really good
opportunity to provide new choices
that could bring our participants more
in line with investments and allocations that would be more appropriate
for their age.
Most significantly, this is when we
decided to implement automatic investment into TDFs. Participants still
have the opportunity to enroll in whatever funds we offer, but if they don’t
make a choice, we automatically move
them into TDFs.
One reason I believe this particular
re-enrollment has been a big success
is that our employees are now accustomed to things like automatic enrollment and automatic escalation, so the
process is familiar. As always, we told
our employees what was going to happen, we reminded them of our plans
and we confirmed everything as we
went along. Again, we had very few
complaints or pushbacks.

Bill: Can you talk a little more about
how you selected your new lineup of
funds? What kind of assistance did
you get from your consultant, recordkeeper and others in implementing
these changes?
Melanie: We started the process by
working with our consultant [Russell
Investments] to evaluate the number of
funds in our lineup. Traditionally, we’ve
always been very conservative and have
only offered a few choices.
When we reevaluated the lineup, we
considered our choices from our participants’ perspective. Most of our employees aren’t very sophisticated when
it comes to understanding investments,
and they often have difficulty making
choices.
One of the most important decisions
we made was to reduce the number of
equity funds in our lineup. First, we
cut the number of large-cap options
from five to two: one active and one
passive. We also dropped two smallcap options in favor of one small/midcap blend fund, while continuing to
offer one international equity fund.
At the same time, we were careful to
ensure we were offering great funds at
low costs, and also moving away from
revenue-sharing.

After these decisions were made,
we went through the enrollment
process with the advice and support of
J.P. Morgan, which has been through
these changes many times before. One of
the things J.P. Morgan recommended was
to do a “teaser” to let our employees know
the changes were coming. We also mailed
participants a booklet with information
on all of the new plan components: the
new funds; how existing funds would be
mapped; what impact the changes would
have on the “do-it-yourselfers” and the
people in the managed accounts; and
what would happen if people didn’t make
any new choices. We then scheduled
educational meetings and webinars to
provide even more information.

supported by facts, so I always come prepared with lots of data, such as how many
people generally stay at the auto-enroll
level and how many are not taking advantage of the full company match. Facts
don’t lie, and you can use them quite convincingly to support your arguments. For
instance, if 70% of large-sized employers
offer certain benefits and you don’t, your
committee members should know that.

results for the union plan have increased
from 8% to 21%. That’s almost triple
the number of participants on track to
replace 70% of their income.
Most of this success has been driven
by our higher level of deferrals. By first
enrolling all of our salaried employees,
contributions moved gradually from 3%
to 4% and so on. Now, virtually everyone
in this group is at 8% or higher. We’ve
seen similar results for an automatic
Bill: So, in general, you haven’t en- enrollment we conducted with people
countered many obstacles in making who became Bemis employees as part of
changes to your plan?
a 2010 acquisition. These new employees were auto-enrolled at 3% when they
Melanie: No, we really haven’t. I think it came aboard and are now at contribuall goes back to what I said before about tion rates of 5% and 6%.
communicating early and often. You For me, it’s all about making sure
need to make sure everyone understands that people have enough money to reBill: Do you have any suggestions on what you’re doing and why it can help tire. Everything we decide from a plan
how to work more effectively with an your employees save more.
design perspective is done with an eye
investment committee when evaluatYou also need to let your employees toward retirement readiness, and it’s very
ing potential new funds for a plan?
know the company is working in their encouraging to see the impact these
best interests. We want our employees changes have had on the income replaceMelanie: Well, first, I think it’s essen- to take full advantage of all the benefits ment numbers of our participants. We’re
tial that someone from your human re- available to them, including the profit- also pleased that our recent re-enrollment
sources staff have
has put more of our
a presence on the
“Everything we decide from a plan design perspective is participants into
investment comsound, approprimittee. This helps done with an eye toward retirement readiness, and it’s very ate asset allocation
build rapport and
encouraging to see the impact these changes have had strategies that are
trust with the comon the income replacement numbers of our participants.” both well diversimittee members.
fied and tailored to
- Melanie Higgins the behavior of the
More
importantly, it gives you
participant.
a “voice” to educate
the committee. The members are not sharing plan and the company match. Bill: How do you go beyond the numbers
necessarily subject-matter experts, and We don’t have any “skin in the game.” In to look at overall financial wellness?
they’re not as familiar with your 401(k) fact, as more people participate at higher
plan or pension regulations, among other levels, Bemis is actually contributing Melanie: We focus a lot on wellness
things, as you are.
more because of the company match.
through our assistance programs
At Bemis, even though I’m not a formal
because we know our employees need to
member of the investment committee, I Bill: What kind of results have you seen? take care of themselves, both mentally
attend all of the meetings. And I always
and physically. We understand that
find the members are quite receptive to Melanie: We are very proud of how a lot of things can weigh on people’s
hearing what’s happening with our em- our efforts are making a difference. minds, and financial issues are one
ployees and to getting detailed informa- When we compare our current results of them. If you live day to day, for
tion on our results. We also keep mem- to when we started this program, the example, and can barely pay your bills,
bers up to date on the industry, discuss number of nonunion participants now it’s hard to justify putting money away
best practices and reassure them that on track to achieve at least 70% income for retirement.
the proposed changes will be positive replacement at retirement has increased
So, we focus a lot of our communicafor both the employees and the company. from 25% to 58%, or more than double tions on financial wellness and on help All of this information needs to be where we were seven years ago. And our ing people get on track for retirement.


J OU R N EY

13

Results:

Best Practices:

Boosting Attendance at Re-enrollment Meetings

Delivered

meetings over

When Bemis Company, Inc. decided to change the default option of its overall
retirement program, it opted to conduct a re-enrollment of all its eligible employees.
One important way in which the firm worked to aid employee understanding of the
changes and to increase plan participation was to encourage strong attendance at
its educational and enrollment meetings. With the help and support of J.P. Morgan
Retirement Plan Services, Bemis developed a promotional campaign to boost
employee attendance. Its goal: Increase participation for onsite meetings from 10%
(the typical attendance at similar educational meetings held in the past) to 25%.

Build the level of engagement among site managers at meeting locations
across the country through a targeted marketing communications campaign
about the re-enrollment process and the new default options.

•

Conduct exclusive webinars for site managers, providing information to help
employees understand and accept the changes.

•

Award prizes, such as J.P. Morgan duffel bags, to the managers of the three
sites with the highest participation rates.

•

Create different types of campaign collateral, such as surveys, webinars,
e-messaging and posters, as well as giveaways, such as candy bars, buttons
and other items.

Ultimately, though, many of our people
may not necessarily do what we suggest.
But there will always be at least one person who we’ll touch with our efforts. It’s
gratifying to know we can make a huge
difference in a person’s life and future.
Bill: Are you considering any other
changes to your retirement plan?
Melanie: We continue to monitor what’s
happening in the industry, and we keep
an eye on possible new regulations, as well
as other options that may affect our plan.
We’re also considering a number of enhancements that are probably farther off
on the horizon. One is a brokerage window capability and another is the possibility of offering an annuity within the plan.
We’d also like to offer more advice, especially for employees who are getting
closer to retirement age. For example,
think about people in their late 60s
who want to retire and have each saved
$500,000 in the plan. Is that enough?
How much can they withdraw without

14


worrying about depleting their savings?
These people have clearly done many
things right, and now they don’t want
to make a mistake at the 11th hour,
which is when many people do make
bad decisions. They may withdraw too
much too soon. Or they retire too soon
because they think they’ll have enough
money, and then they realize they don’t
have enough. There’s not a lot of advice
available to help and support people like

54

meeting days

42.5%
attendance

Among the initiatives implemented by the company:
•

170

70%

Resulting in a
increase in attendance
over the goal of

25%

As of August 2013.

You need to do what you think is best
for your employees. Don’t worry too
much about how they’ll react or how
they may question your actions.
When and if the time comes, you can
deal with any feedback, but I assure you
it will be a lot less than you’d expect, especially if you’re communicating with
them throughout the entire process.
Honestly, some of our employees don’t
always appreciate the changes we make,

“I think fear is something that holds people back,
so I’d say, don’t be afraid to go for it!” - Melanie Higgins
this, and I think plan sponsors need to do
much more in this area going forward.
Bill: If you could give only one piece of
advice to a plan sponsor about how to
improve its plan, what would that be?
Melanie: I think fear is something that
holds people back, so I’d say, “Don’t be
afraid to go for it!”

and I haven’t always been seen as the
“good guy.” But I don’t think these same
employees are going to complain when
the time comes for them to retire and they
have enough money to do so comfortably.
I always say, “It’s okay to make tough
decisions now, because our employees are
going to be thankful later.”

Understand Target Date Funds
First introduced 20 years ago, target date funds (TDFs) now rank as one
of the most popular retirement investment options in America, thanks,
in particular, to their growing use in defined contribution (DC) plans.


J OU R N EY

15

$2.2 trillion
Since the end of 2005—the year
before the Pension Protection Act set
the stage for the explosive growth of
TDFs—total TDF assets have grown
from $71 billion to approximately
$378 billion (as of 2011).1

$378 billion

$71 billion
By 2015, McKinsey Company estimates that targetdriven solutions will account for roughly $2.2 trillion
in assets, or nearly 40% of all DC assets.
2005

While these numbers may seem to
validate plan sponsors’ belief that TDFs
are a good fit for their plans (because they
offer investors easy access to professional
management and diversification that
adjusts over time), several research
studies show that, despite the industry’s
best efforts, many investors apparently do
not understand what they are investing in
or how TDFs actually work.

In one well-publicized survey
released by the Securities and Exchange
Commission (SEC) in February 2012,
only 36% of respondents correctly
identified that a TDF does not provide
guaranteed income in retirement. In
addition, the study revealed that fewer
than one-third of respondents were able
to identify the correct meaning of the
year in the fund’s name.
1
2

Understanding target
date funds
Many DC providers believe the key
to solving this gap in knowledge is to
provide even more information about
target date strategies to plan participants.
Yet others question how this simple
approach will help when, according to
research conducted by J.P. Morgan, many
participants are not paying attention to
the information they already receive. For
example, a recent study2 by J.P. Morgan
of 401(k) participants revealed that about
three-quarters of respondents say they
don’t take the time to read all of the
investment information that is currently
provided to them. And 44% say they are
already getting more information than
they can absorb.

Target-Date Series Research Paper: 2012 Industry Survey, Morningstar Fund Research, May 2012.
J.P. Morgan 2013 Plan Participant Survey.

16


2011

2015 (est.)

To help educate participants,
J.P. Morgan has undertaken a new initiative that builds on best practices in
retirement communications to establish
a higher standard for helping investors
understand target date strategies. As a result, the firm launched a program complementing its JPMorgan SmartRetirementSM
series of TDFs that focuses on four important things prospective and existing
investors need to know: what TDFs are,
how they work, who they are designed for
and how to select the fund that is most
appropriate for their needs.
“Given the growing importance of
TDFs in plans, we developed this program to specifically address gaps in participant knowledge,” says Catherine Peterson, director of Retirement Insights for
J.P. Morgan Asset Management. “This is

particularly important because research
continues to show that, while DC plan
participants want access to TDFs for retirement savings, they do not understand
some of the most basic components of
how these funds work.”
According to Peterson, the new suite of
educational resources is distinguished by
its fresh, creative approach to addressing
the most important things investors need
to know about TDFs.
For example, the program includes a
dynamic website that features an animated
video explaining how a glide path works
(go to www.jpmorgansmartretirement.
com for the answer), as well as taped
comments from individuals about why

“I believe at the heart of every fiduciary
decision is a single question: ‘Will it help
plan participants?’ Educating participants
about TDFs gives them confidence to make
the right decisions that will improve their
ability to retire with dignity.”
- Kathleen A. Kelly
Compass Financial Partners, LLC

they are already invested in TDFs or
are thinking about investing in TDFs.
In addition, an “infographic-style”
brochure has been created to present
complex information in a simple and
highly visual manner.
The program also supports the needs
of many different types of investors who
may want to know more about target
date strategies. For example, for those
individuals trying to make a decision
about TDFs, the program is designed to
help them quickly understand if a solution
is right for them and how to select a fund.
And for those participants who have been
defaulted into a target date strategy, the
materials can be particularly valuable in
helping them understand what they are
now investing in.
“At the same time,” says Peterson, “the
program offers important benefits for
retirement advisors and plan sponsors.
First, the resources available through the
program may be leveraged to fit a retirement plan’s specific communications
strategy. Second, the program addresses
the needs of different types of plan inves-

“I hold out hope that the net result of ‘auto
everything’ and the massive shift from DC
to QDIAs (namely TDFs) will not only result
in more retirement-ready participants but
also in more engaged participants.”
- Scott Matheson
CAPTRUST Financial Advisors

tors, including those who prefer to hand
off their investment decisions to others
(‘delegators’), as well as those who prefer
to make decisions themselves (‘do-it-yourselfers’). And, finally, the program can be
used to potentially increase participants’
understanding of TDFs over time.
“Considering the critical role that
TDFs play in 401(k) plans and successful
retirement outcomes, we think it is
very important for plan sponsors to
apply these best practices to their
participant communications,” says
Peterson. “It’s time to raise the bar on
TDF communications and ensure the
industry takes every opportunity to
educate and inform investors in a way
that is accessible and understandable.”

A new way of looking at target date funds
In seeking to increase investors’ understanding of target date strategies,
J.P. Morgan’s new SmartRetirement communications program uses easy-tounderstand terminology supported by animation and infographics.

Because J.P. Morgan believes this
information is valuable to all prospective
and existing TDF investors, the firm is
making this program available to all of
its JPMorgan SmartRetirement clients,
regardless of which recordkeeper is
servicing their plans.

Materials can be used by plan sponsors with all of their plan participants,
regardless of whether the SmartRetirement Funds are already part of the
company’s plan or are being offered for the first time.

Resources include:
• Brochure
• Website: www.jpmorgansmartretirement.com
• One-page fund profiles (by share class)
• Participant presentation
• Sample re-enrollment newsletter

For additional information, contact your J.P. Morgan representative.


J OU R N EY

17

What Plan Sponsors
Want From Their DC
Plans—And What They
Are Doing About It
J.P. Morgan’s inaugural 2013 Defined
Contribution Plan Sponsor Survey Findings

18


The past 30 years have witnessed an incredible transformation in defined contribution
(DC) plans. Once merely a supplementary benefit, DC plans have become the cornerstone of
retirement security for an expanding proportion of America’s workforce.
What do plan sponsors want to accomplish with their DC plans today? What
goals and philosophies are driving their
decision making? And how are they
shaping the design, investment lineup,
communications and administration of
their DC plans to meet the growing retirement needs of employees while continuing to fulfill their role as fiduciaries?
To answer these questions, J.P. Morgan
Asset Management conducted its first
plan sponsor survey in the period from
December 2012 through January 2013.
We canvassed nearly 800 plan sponsors—all key decision makers—representing plans with assets from under $1
million to more than $1 billion.
Our findings indicate that plan sponsors are clearly committed to achieving a range of “highly important” goals
through their DC plans. These aspirations include the traditional and also
shorter-term objectives of recruiting and
retaining quality employees and demonstrating a level of caring for
them. But plan sponsors are
equally committed to helping employees achieve the
long-term goal of a financially
secure retirement. As exhibited
most clearly by the larger plans in our
survey (those with assets greater than
$250 million), plan sponsors are taking
steps to fortify their plans to improve
participants’ retirement outcomes.

EVOLUTIONARY—NOT
REVOLUTIONARY—CHANGE
While larger plans lead the continued
transformation of DC plans, changes
are taking place at a modest pace for

the group as a whole. On the positive
side, more than 75% of all plan sponsors (and 85% of those with larger
plans) rate having their plan “help
make sure employees have a financially secure retirement” as one of today’s
“highly important” goals. In addition,
plan sponsors appear to be moving toward success criteria that align with the
goals of retirement outcome, and they
are factoring these goals into communications and plan design decisions.
On the other hand:
• Only 44% consider the “percentage of participants whose account
balances are on track to replace
at least 80% of their final salary
in retirement” as a “highly important” criteria by which to measure
plan effectiveness. “Employee/
participant satisfaction level” and
“investment performance” are the
most frequently cited measures
of plan success.
• Only 25% see “promoting an understanding of the amount of income participants are on track to
receive in retirement” as among
the “top three” goals for plan communications. Twice as many give
the top spots to “educating employees about the benefits of the
plan” or “having employees view
the plan as a benefit.”
• Twice as many say they base plan
design decisions on what they
perceive to be “participant needs”
(29%) or on “cost to the company”
(28%), versus “getting the maximum number of participants to
experience adequate income in
retirement” (11%).

• Roughly 65% to 75% feel that their

DC plans have been “highly effective in recruiting, retaining and
demonstrating a level of caring for
employees,” while only about 50%
to 60% say their plans are “highly
effective in providing financial
security for employees, helping
to ensure that employees have a
financially secure retirement and
allowing employees to retire at
their normal retirement age.”
A more concrete indication that plan
sponsors’ actions may not be evolving
as quickly as their plan objectives is
the rate of adoption of innovative plan
features designed to help participants
achieve a financially secure retirement.
It is encouraging that target date funds
(TDFs) and automatic enrollment have
been embraced by the majority of
larger plans, and also that close to half
of these plans are using automatic
contribution escalation. But implementation has been slower for plan
sponsors overall, with less than half
using TDFs and automatic enrollment
and even fewer employing automatic
contribution escalation or conducting
re-enrollments into their qualified default investment alternatives (QDIAs).

THE RETIREMENT CHALLENGE
Our survey findings highlight one of
the key challenges for plan sponsors:
evolving their DC plans to attract, retain and ensure a high level of satisfaction among employees today, while
helping employees achieve a satisfactory retirement lifestyle tomorrow.
Results from our survey suggest that

OUR FINDINGS INDICATE THAT PLAN SPONSORS ARE CLEARLY
COMMITTED TO ACHIEVING A RANGE OF “HIGHLY IMPORTANT”
GOALS THROUGH THEIR DC PLANS.

J OU R N EY

19

success will require dispelling misconceptions that may be impeding DC plan
evolution, as well as a collaborative effort among all parties involved—participants, plan sponsors, providers, advisors, consultants and policymakers—to
improve participant outcomes.

PERCEPTION VERSUS REALITY
The following true/false queries highlight
how important it is for plan sponsors to:
• Understand participant behavior
• Stay on top of developments in
plan design
• Be informed of plan sponsor
best practices
• Take advantage of policy changes
designed to offer them protection
in their role as fiduciaries

TRUE OR FALSE?

T

OR

F

Employees would rather make all
their own decisions. FALSE
Our survey findings indicate that
most employees feel they need guidance and are generally accepting of
plan features that can simplify their
investment decision making.
• More than half of participants say
they do not have enough talent to
plan for retirement on their own,
and many are overwhelmed by
the amount of information they
already receive.
• Results from a separate J.P. Morgan
study, the 2013 Plan Participant Survey, find that more than 60% of employees “favor” or are “neutral” on
offering a combination of automatic
enrollment and automatic contribution escalation features. (Plan sponsors may be underestimating the
level of participant support for these
features, since the most frequent
reason given by plan sponsors for
not introducing automatic enrollment and automatic contribution
escalation features is a concern that
employees would not approve and
would then, presumably, be dissatis-

20

J O U RN EY Fall/Winter 2013

fied with the implied loss of control.)
shows that those who
choose the “do-it-yourself” route
tend to have results that underperform the results achieved by those
who select the TDF approach.1
Despite these findings, fewer than
25% of plan sponsors describe their
philosophy on driving participant
decisions as “placing participants on
a strong savings and investing path”
(versus “focusing on participants making their own choices”).
R
• esearch

Promoting an understanding of the
amount of income participants are
on track to receive in retirement can
be a powerful motivator for improving participant saving and investing
behavior. TRUE
While our survey of plan sponsors indicates that only 25% consider promoting the use of this outcome-oriented
information as an important “goal” for
their DC plan communications, our
research shows that exposure to such
personal income replacement projections can improve individuals’ income
replacement rates, as well as the percentage of the plan’s participants on
track to receive an adequate level of
income in retirement.
Participant assets defaulted into a plan’s
qdia during a re-enrollment would expose plan sponsors to increased fiduciary risk. FALSE
Our survey results indicate that more
than half of plan sponsors are not
fully aware of the potential to receive
fiduciary protection under the Pension
Protection Act of 2006 when they engage in a plan re-enrollment. Greater
clarity on this issue could lead more
plan sponsors to pursue re-enrollment,
which might dramatically improve a
plan’s asset allocation.
J.P. Morgan Retirement Plan Services proprietary research; period of analysis is December
31, 2009, to December 31, 2012.

1

A COLLABORATIVE EFFORT
Providing more Americans with the
experience and satisfaction of a secure
retirement calls for the continued evolution of DC plans, best accomplished
with all parties questioning prior assumptions and actively contributing to
improved outcomes. Participants need
to save more and be more engaged in
planning for their retirement. Employers must continue to strengthen their
plans, balancing the goals of ensuring
employees’ current satisfaction with
helping employees achieve long-term
satisfaction in retirement.
Policymakers, in our view, must continue to motivate individuals to save
and invest, as well as help employers
shoulder the fiduciary responsibilities
involved in providing retirement security to their employees. And, finally,
plan providers, as well as advisors and
consultants, can play a crucial role by
working with plan sponsors to design
and develop plans that address employers’ goals, incorporate appropriate
innovative design features, leverage policymakers’ support and educate and encourage employees to save and invest.

For more insight on how
plan sponsors are viewing and evolving their DC
plans, visit www.jpmorganfunds.
com/retirement to access the
2013 Defined Contribution Plan
Sponsor Survey Findings: Evolving
toward greater retirement security.
A related video of the findings is
also available on the website.

RETIREMENT
INSIGHTS

2013 Defined Contribution Plan Sponsor Survey Findings

Evolving toward greater
retirement security

NEW RETIREMENT
STUDY EMPHASIZES
THE IMPORTANCE OF
DILIGENT, ‘EARNEST’ SAVING


J OU R N EY

21

R

Ma
retu rket
rn
s

Consumption
vs. savings

TOT

AL

E CONTRO

J O U R N E Y: Let’s start with the ques-

uncertain U.S. fiscal policy, people are
now shouldering a greater responsibility for funding their own retirements.

tion that’s probably on most people’s
minds. Why did you name your paper
“The Importance of Being Earnest”?

JO URN E Y: How do you address these
new responsibilities in your study?

C E M BA L E ST: Oscar Wilde wrote a

C E M BA L E ST: The study analyzes the

play by that name in the late 19th century in which the actions of one of the
main characters—a gentleman who
pretends to be someone named “Ernest,” but whose behavior is anything
but “earnest”—represent many of the
ironies of life in Victorian London.
If the play were written today, Wilde
could well be talking about retirement.
That’s because, while most people can
plainly see how important it is to plan
for retirement, they may find that what
they see in front of them may not be as
straightforward and forthright as it seems.

challenges facing both median-income
and affluent families who are planning
for retirement and provides insight
into the strategies needed to ensure an
appropriate level of retirement income.
Our goal was to develop an analytical
model that would take a fresh perspective in studying these issues. It also details scenarios that could adversely affect
outcomes without proper planning.
JO URN E Y: What were your most important conclusions?

vit

TROL

SOM

L

e
o ng

O

CON

RETIREMENT

m
p
r n l oy m
d u in g s e nt:
ra t a n d
io n

T

UR

olio
rtf k
Po ris

YO

CO

OU

F

NT

O

L

E a
e

In a new study called “The Importance of Being Earnest” (which he coauthored with a team of J.P. Morgan
investment and retirement experts),
Cembalest unveils the findings of new
research that can be used by defined
contribution (DC) plan sponsors and
their advisors to understand and reinforce how plan participants can better reach their retirement goals. Here
are highlights from an interview with
Cembalest about the findings.

THE RETIREMENT EQUATION

y regarding
Polic
tion, savi
taxa tlem ngs
ents
enti

Michael Cembalest, chairman of
market and investment strategy
for J.P. Morgan Asset Management, believes the key to a successful retirement is to get into
the habit of saving at a young
age and then continue to save
and invest for a lifetime.

y

L

and other after-tax savings vehicles.
Many Americans now live for two to
three decades after they retire. Without
adequate planning, some may struggle
to create sufficient savings and post-retirement income and, subsequently, may
suffer declines in lifestyle. The value of
a 401(k) plan can mean the difference
between a high level of retirement preparedness and significant financial stress.
Second, the research shows once
again how critical it is to find the proper
balance between savings and consumption, as well as an appropriate level of
portfolio risk.
For example, there are a number of
different actions—highly conservative
investing over the long term, excess
spending and the early withdrawal of
retirement benefits—that can seriously
harm any portfolio, as well as significantly erode retirement savings.

CEMBALEST: First, the study confirms
J O U R N E Y: Why isn’t it so straight-

forward?
C E M BA L E ST: Families planning for
retirement today face very different
dynamics from previous generations.
Because of rising life expectancies and

22

JO U RN EY Fall/Winter 2013

how critically important a 401(k) is as a
retirement savings vehicle and source
of retirement income for both medianincome and affluent earners. Higher
limits and employer matches make
these vehicles more effective in accumulating retirement assets than IRAs

JOU RNEY: But isn’t it possible for peo-

ple to take new actions that can get their
retirement planning back on track?
CEMBALEST: If you “undersave,” there

really isn’t any investment rate you
can realistically expect that will let you

“earn” yourself out of the hole you’re
in. That’s why it’s so important to take
retirement planning seriously when
you’re young.
The good news, however, is that,
with enough time and diligence, a
secure retirement is possible for those
who plan carefully, save consistently
and invest efficiently.
J OU R N E Y: How do you bring these im-

portant messages to life in your research?
C E M BA L EST: The study provides sce-

narios leading up to and through retirement for two prototypical families—
one with median income, the other
affluent (earning six times the median
income)—that illustrate many of the
challenges faced by those who don’t
take retirement planning seriously.
In using these examples, we illustrate complex financial issues in a
very real and compelling way, helping
to demonstrate how these issues can
affect many individuals.
J O U R N E Y: Do your findings vary de-

pending on a person’s income?
C E M BA L E ST: Yes, but our overall

recommendation never changes: It’s
important for all people to plan and
save for retirement.
At the same time, however, there
are some key differences in how certain factors such as government policy
may impact individuals with varying
levels of income.
For instance, it’s estimated that for
median-income families, approximately
75% to 85% of retirement cash flow will
come from Social Security. This means
the potential impact of fiscal and retirement policy changes on retirement
income for these earners should be relatively minimal. While savings are still
important for these families, they can
still be well positioned to replace the income they need for a secure retirement
as long as they spend and invest wisely.
For affluent families, Social Security

will make up a much smaller portion of
their retirement income. This means the
impact of any changes to retirement and
fiscal policy will likely have a more significant impact on their retirement income.
While there are a number of variables outside of their control, affluent
families are still in command of other
important considerations that can
positively impact their savings, such
as savings rates and risk exposure.
As a result, affluent families need to
accumulate enough savings to maintain their standard of living up to and
through retirement.
JO URN E Y: How can someone truly get

a handle on saving for retirement when
there are so many variables to consider?
C E M BA L E ST: Generally speaking, re-

tirement income is a by-product of three
things: factors that you cannot control
(such as market returns and taxes, as
well as entitlements such as Social
Security and Medicare); factors you can
control in part (such as longevity and
employment); and factors over which
you have total control (such as the
amounts you save and spend). And it is
critical for any investor to do his or her
best to control those factors that can be
controlled, while ignoring the rest.

M E E T M ICH A E L CE M BA LE ST

Michael Cembalest is chairman of market
and investment strategy for J.P. Morgan Asset
Management. In this role, he is responsible for
leading the strategic market and investment
insights across the firm’s Institutional, Funds and
Private Banking businesses.
Cembalest is also a member of the J.P. Morgan
Asset Management Investment Committee and
a member of the Investment Committee of the
J.P. Morgan Retirement Plan for the firm’s 260,000
employees. Most recently, he served as chief
investment officer of the firm’s Global Private
Bank. Cembalest joined the company in 1987 in the
Corporate Finance division.
He earned an M.A. from the Columbia School
of International and Public Affairs and a B.A. from
Tufts University.

“ TH E IM P ORTA NCE
OF B E ING E A R NE ST ”—
AWARD-WINNING INSIGHTS

JO URN E Y: How can plan sponsors and

their advisors make use of these findings?
CEMBALEST: This study can be a help-

ful tool for employers and advisors in
demonstrating how third-party research
validates many of the approaches they
are recommending. These results can
help them continue to encourage effective savings and investment behaviors
to put their participants on the right
path to reaching their retirement goals.
Clearly, being earnest about investing and saving and also reassessing the
viability of a retirement plan are two
actions that can positively impact a
person’s ability to save for retirement.

RETIREMENT
INVESTMENT
INSIGHTS
INSIGHTS

THE IMPORTANCE OF BEING EARNEST

Implications of saving,
investing and future
policy changes on today’s
retirement investor

“The Importance of Being Earnest” analyzes
the unique challenges facing both medianincome and affluent families planning for retirement. This year, the paper was recognized
for its “excellence and thought leadership”
in the retirement industry by winning RIIA’s
2013 Retirement Income Communications
Award for printed materials.
Contact your J.P. Morgan representative to
receive a copy of this study.


J O U R NEY

23

60%

Almost
of
plan sponsors said
they have a “very high
sense of responsibility
for the overall
financial wellness
of their employees.”

1/3

Nearly
of plan
sponsors don’t fully
understand the methodology
used to construct the
target date fund in their DC plan.

56%
Only 44% of plan sponsors
say the “percentage of
participants with account
balances on track to replace
at least 80% of their final
salary in retirement” is an important criteria
for evaluating the success of their DC plan.

½

Only
of plan sponsors rate their plan as
effective in “helping make sure employees
have a financially secure retirement.”

5%

Only
of plan sponsors are
“extremely confident that their participants
have the appropriate asset allocation.”
24

JO U RN EY Fall/Winter 2013

J.P. Morgan 2013 Defined Contribution Plan Sponsor Survey Findings

Retirement plans by the numbers

of plan
sponsors are unsure
whether or not they
will receive fiduciary
protection for
participants who
are defaulted into
their plan’s QDIA
during a reenrollment.

MORNINGSTAR DISCLOSURE:
©2013, Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its providers; (2) may not be copied or distributed; (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are
responsible for any damage or losses arising from any use of this information. For each fund
with a three-year history, Morningstar calculates a Morningstar Rating™ metric each month by
subtracting the return on a 90-day U.S. Treasury Bill from the fund’s load-adjusted return for
the same period, and then adjusting this excess return for risk. The top 10% of funds in each
broad asset class receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars,
the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with
its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Past performance is no
guarantee of future results. Different share classes may have different ratings.
Recordkeeping and administrative services for the retirement plan provided by J.P. Morgan
Retirement Plan Services LLC (J.P. Morgan); securities transactions for the retirement plan
may be introduced by registered representatives of J.P. Morgan Institutional Investments
Inc. (JPMII), member FINRA/SIPC. Retirement brokerage services are offered by J.P. Morgan
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LLC (FASCore).
Securities transactions are affected by an affiliate of FASCore: GWFS Equities, Inc. (GWFS), a
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the Plan, those services are offered by Charles Schwab Co, Inc. (Schwab). Schwab receives
fees for providing these services and is not affiliated with J.P. Morgan, FASCore or GWFS.
J.P. Morgan Retirement Plan Services LLC and its affiliates and agents may receive compensation with respect to plan investments, including, but not limited to, sub-transfer agent,
recordkeeping, shareholder servicing, 12b-1 or other revenue-sharing fees.
Contact JPMorgan Distribution Services at 800-338-4345 for a fund prospectus. You can
also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment
objectives, risks, charges and expenses of the mutual funds before investing. The prospectus
contains this and other information about the mutual fund. Read the prospectus carefully
before investing.
This material has been prepared for informational and educational purposes only. It is
not intended to provide, and should not be relied upon for investment, accounting, legal
or tax advice.

We believe
a stronger future begins
with a thoughtful partner.
At J.P. Morgan Asset Management, we put our
best thinking from across our organization to work to
strengthen the ability of advisors, plan sponsors and
individuals to meet today’s retirement challenges.
Our experience, resources, tools and insights make
us well equipped to impact retirement outcomes.

To start building a stronger retirement future,
please contact your J.P. Morgan representative
or call 1-877-576-4632.

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the time of redemption may be more or less than original cost. Past performance is no
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jpmorgan.com/retirement

Opinions and statements of financial market trends that are based on
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change without notice. The views and strategies described may not
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IRS Circular 230 Disclosure: JPMorgan Chase Co. and its affiliates do
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© 2013 JPMorgan Chase Co. All rights reserved.


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