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Partner Conference 2014
A Bird’s Eye View of the
Retirement Plan Business
By Paul Neveu, SVP Sales and Marketing, BPAS
Partner Conference 2014
Agenda
• Additional industry-level perspective
• Trends seen in today’s plans
• Changes impacting financial intermediaries
• Focus on outcomes
2
Partner Conference 2014
Retirement assets today, $T (per ICI, Q4 2013)
.. A 62% increase in total assets since the end of 2008.
Partner Conference 2014
Retirement assets… one quarter change (ICI)
Partner Conference 2014
Total DC plan assets.. $5.9T as of Q4, 2013
Traded securities, ETFs, company stock, Collective Investment Funds, closed end funds, etc.
Partner Conference 2014
Some key DC industry statistics
• Average participation rate = 82.6% for plans with a match, 78.3%
for plans with no employer contributions (PSCA)
• Use of target date funds continues to grow = 68.6% of plans offer
them
• Company contributions = average 4.1% of payroll (401kHelpCenter)
• Asset allocation = typical plan has 60.6% in equities
Partner Conference 2014
• Automatic enrollment in 45.9% of plans
• Investment advice:
— Offered in 57.8% of plans (up from
51.8% in 2008)
— 19.3% of participants use when offered
Some Key 401(k) Statistics
7
Partner Conference 2014
Average balances across BPAS (12/31/2013)
• 401(k) Plans: $48,261
• 403(b) Plans: $30,046 (understated due to multi-vendor factor)
• 1081.01 Plans: $17,064
• 457(b) Plans: $63,361
• 457(f) Plans: $161,442
• All DC Plans: $37,217
• Fidelity average 401(k) balance: $89,300 (end of 2013), versus $64,200
(end of 2009).. Increase of 39% during this time
Partner Conference 2014
0%
10%
20%
30%
40%
50%
2008 2009 2010 2011 2012 2013
14%
25% 24%
20% 21% 22%
Workers who expect to retire later than planned
Partner Conference 2014
0%
25%
50%
75%
100%
2008 2009 2010 2011 2012 2013
47% 44% 46% 42% 42% 46%
Percentage of employees who actually calculate
how much they will need in retirement
Partner Conference 2014
0%
25%
50%
Guess Own
Estimate
Financial
Advisor
Read
About an
Amount
Use Online
Calculator
45%
18% 18%
8% 8%
Methods of determining savings needed for
retirement
Partner Conference 2014
29%
21%
22%
8%
10%
0% 35%
< $250,000
$250,000-$499,999
$500,000- $999,999
$1 - $1.5 Million
> $1.5 Million
How much do employees think they will need to
accumulate by retirement age?
Partner Conference 2014
60
65
70
75
80
85
90
95
100
105
110
1990 1995 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Equity Funds
Hybrid Funds
Bond Funds
77 basis points =
average equity
fund expenses
paid in 2012
Average mutual fund expense ratios have
declined continuously since 1990
Partner Conference 2014
Today, we are seeing movement to….
• Auto enrollment / automatic escalation plans
• Full online enrollment, including online beneficiary designations
– Greater convenience, reducing risks for all parties from manual processes
• Fiduciary service models (3(21), 3(38))
• Level compensation, fee normalization (in lieu of ERISA recapture)
• Age-based QDIAs as defaults (55% of BPAS plans now use QDIAs)
• Proliferation of CIFs (large plans, QDIAs, eliminate models, and
more)
• Fee transparency (408b2, no hidden compensation, no finder’s fees, being up front
about the true costs of servicing a plan)
• DB / DC combo plans due to higher marginal tax rates
Partner Conference 2014
Additional trends
• “Dashboard meetings” … focus on key success indicators
• Going to one of three safe harbors… 22% of BPAS plans now a SH
• Proliferation of MEPs and METs
• Payroll provider integration (180, 360 degree)
• Provider consolidation and acquisitions
– still some aspirational pricing models in play
• Push for greater participant engagement (education, advice,
guidance tools, gamification, personalized sessions.)
• Concern over bankruptcies has driven interest in VEBAs
(municipalities, unions, etc.)
Partner Conference 2014
• Automatic enrollment in 45.9% of plans
• Investment advice:
— Offered in 57.8% of plans (up from
51.8% in 2008)
— 19.3% of participants use when offered
Some Key 401(k) Statistics
16
Partner Conference 2014
• Moving to safe harbor
• New comparability profit sharing allocation
• Paired cash balance plan with 401(k) / profit
sharing plan
• Converting profit sharing to match
• Stretching out the match
• Automatic enrollment with auto escalation
Trends in Plan Design
17
Partner Conference 2014
• Loan continuation / loan automation
programs
• Age-based defaults (QDIAs)
• Earlier entry dates
• Allowing part time employees to
participate
• Adding installment payment option
Trends in Plan Design
18
Partner Conference 2014
Practical issues we all need to address
• Not enough participants enrolled in their plan
– On BPAS’ DC platform, approximately 280,000 eligible employees tracked,
of which 195,000 have a balance (69% of eligible employees)
• Not enough participants logging on, using the tools (as of today,
only about 27% of Ees have provided their email address, 40% have
logged on)
• Not enough plans using full online enrollment (about 12% of plans
right now, estimated 45% of participant count)
• Vast majority of participants are not headed for BPAS’ target: 10
times compensation in retirement plans by retirement age
Partner Conference 2014
Average fee schedules for RIAs, Trustees
• $500,000 plan 64 basis points
• $1M plan 54 basis points
• $2.5M plan 43 basis points
• $5M plan 38 basis points
• $10M plan 34 basis points
• $20M plan 29 basis points
• Factors: Fiduciary status, number of group and individual meetings, nature
of workforce, geographic dispersion, total number of participants,
accessibility for individual sessions, additional plan sponsor requests, etc.
Partner Conference 2014
A great tool from Thornburg (K2 in Toolbox)
• Meet with plan sponsor
• Review client needs in light of “dashboard”
• Discuss your services to be provided, how often, and
when
• Negotiate your fee schedule
• Set this in place for the year to govern activity
Partner Conference 2014
Trends among financial intermediaries
• Broker / dealers becoming RIAs
• Shift to retirement specialists
• Movement to institutional share classes
• Some delegating fund monitoring role to focus on
plan and participant-level services
• Rise of firms acting as consultant
• Some moving to flat dollar compensation
Partner Conference 2014
More common compliance pitfalls today
• Late deposits
• Plan document out of date
• Document said X, we did Y
• Compensation definition didn’t
match practice in payroll
• Failure to file 5500
• Failure to fix failed ADP / ACP test
• Failure to distribute required
notices
• Coverage testing / controlled group
issues
• Excess contributions (402g, catch
up, 415)
• Signing documents and
amendments on time
• Safe harbor issues (advance notice,
amendments, etc.)
• Incorrect loan payments
• Missing or incorrect employer
contributions
• Vesting handled incorrectly
• Distributions paid out incorrectly
• Ineligible hardship distributions
Partner Conference 2014
• Monthly report in our plan sponsor website, run for all
plans
• Based around concept of 10 times projected final pay
• 35 year old earning $40,000 with total balance of $84,000:
Current wealth accumulation factor (WAF) of 2.1
• 62 year old earning $72,000, balance of $850,000: Current
wealth accumulation factor (WAF) of 11.8 (grade of A+)
The Retirement Gap Report
Are your participants headed to a secure retirement?
24
Partner Conference 2014
• Averages provided for plan as a whole
• Monitoring trends / progress over time is a key
focus of BNH
The Retirement Gap Report
Are your participants headed to a secure retirement?
• What is it projected to be for each employee at retirement age?
• Million multiple is also a factor--not just the WAF score
25
Partner Conference 2014
Partner Conference 2014
Recap of 408(b)(2) and 404a-5
• 408(b)(2) – Plan Sponsors
• Annual disclosure. Reviews fiduciary
status, role of providers, total fees
being charged and breakdown among
providers.
• Will allow an employer to say “our
total cost is 1.47% of assets, of which
A, B and C are the pieces”
• Most providers deliver electronically.
Must be updated when there is a
material change in the fee
arrangement
• 404a-5 – Participants
• Annual disclosure and including fees on
quarterly statements
• Summary of fees being charged to plan,
listing of funds, performance, expense
ratios, benchmarks and annual cost per
$1,000 invested
• Provided annually to eligible
participants
• E-delivery helps, but only with
affirmative consent of participant
• Updated annually and when there is a
change (30 days advance notice)
Partner Conference 2014
Putting our focus on outcomes
• The ultimate goal of any retirement plan, especially DC plans
• We spend an inordinate amount of time on other issues that are far
less significant in the end
• Helping clients understand these matters is your first mandate…
then helping improve key success indicators over time is what you
are paid for
• Dashboard meetings and the Retirement Gap Report… will help you
remind clients about the mission of the plan and encourage a long
term relationship with your firm
Partner Conference 2014
• Your Plan: 87%
• Industry Avg: 82%
• Your Plan: $62,470
• Industry Avg: $48,261
• Your Plan: 41.2
• Industry Avg: 45.3
Participation Rate Average Balance Contribution Rate
• Your Plan: $51,240
• Industry Avg: $44,706
• Your Plans: 5,4%
• Industry Avg: 4.1%
• Your Plan: 1.8x
• Industry Avg 1.1x
• Your Plan: 5.2x
• Industry Avg: 4.1x
Participation Rate Avg. Balance Average Age Avg. Compensation
ER Contribution % Current WAF Project Final WAF
• Your Plan: 5,8%
• Industry Avg: 5.1%
Avg Deferral Rate%

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A Bird’s Eye View of the Retirement Plan Business

  • 1. Partner Conference 2014 A Bird’s Eye View of the Retirement Plan Business By Paul Neveu, SVP Sales and Marketing, BPAS
  • 2. Partner Conference 2014 Agenda • Additional industry-level perspective • Trends seen in today’s plans • Changes impacting financial intermediaries • Focus on outcomes 2
  • 3. Partner Conference 2014 Retirement assets today, $T (per ICI, Q4 2013) .. A 62% increase in total assets since the end of 2008.
  • 4. Partner Conference 2014 Retirement assets… one quarter change (ICI)
  • 5. Partner Conference 2014 Total DC plan assets.. $5.9T as of Q4, 2013 Traded securities, ETFs, company stock, Collective Investment Funds, closed end funds, etc.
  • 6. Partner Conference 2014 Some key DC industry statistics • Average participation rate = 82.6% for plans with a match, 78.3% for plans with no employer contributions (PSCA) • Use of target date funds continues to grow = 68.6% of plans offer them • Company contributions = average 4.1% of payroll (401kHelpCenter) • Asset allocation = typical plan has 60.6% in equities
  • 7. Partner Conference 2014 • Automatic enrollment in 45.9% of plans • Investment advice: — Offered in 57.8% of plans (up from 51.8% in 2008) — 19.3% of participants use when offered Some Key 401(k) Statistics 7
  • 8. Partner Conference 2014 Average balances across BPAS (12/31/2013) • 401(k) Plans: $48,261 • 403(b) Plans: $30,046 (understated due to multi-vendor factor) • 1081.01 Plans: $17,064 • 457(b) Plans: $63,361 • 457(f) Plans: $161,442 • All DC Plans: $37,217 • Fidelity average 401(k) balance: $89,300 (end of 2013), versus $64,200 (end of 2009).. Increase of 39% during this time
  • 9. Partner Conference 2014 0% 10% 20% 30% 40% 50% 2008 2009 2010 2011 2012 2013 14% 25% 24% 20% 21% 22% Workers who expect to retire later than planned
  • 10. Partner Conference 2014 0% 25% 50% 75% 100% 2008 2009 2010 2011 2012 2013 47% 44% 46% 42% 42% 46% Percentage of employees who actually calculate how much they will need in retirement
  • 11. Partner Conference 2014 0% 25% 50% Guess Own Estimate Financial Advisor Read About an Amount Use Online Calculator 45% 18% 18% 8% 8% Methods of determining savings needed for retirement
  • 12. Partner Conference 2014 29% 21% 22% 8% 10% 0% 35% < $250,000 $250,000-$499,999 $500,000- $999,999 $1 - $1.5 Million > $1.5 Million How much do employees think they will need to accumulate by retirement age?
  • 13. Partner Conference 2014 60 65 70 75 80 85 90 95 100 105 110 1990 1995 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Equity Funds Hybrid Funds Bond Funds 77 basis points = average equity fund expenses paid in 2012 Average mutual fund expense ratios have declined continuously since 1990
  • 14. Partner Conference 2014 Today, we are seeing movement to…. • Auto enrollment / automatic escalation plans • Full online enrollment, including online beneficiary designations – Greater convenience, reducing risks for all parties from manual processes • Fiduciary service models (3(21), 3(38)) • Level compensation, fee normalization (in lieu of ERISA recapture) • Age-based QDIAs as defaults (55% of BPAS plans now use QDIAs) • Proliferation of CIFs (large plans, QDIAs, eliminate models, and more) • Fee transparency (408b2, no hidden compensation, no finder’s fees, being up front about the true costs of servicing a plan) • DB / DC combo plans due to higher marginal tax rates
  • 15. Partner Conference 2014 Additional trends • “Dashboard meetings” … focus on key success indicators • Going to one of three safe harbors… 22% of BPAS plans now a SH • Proliferation of MEPs and METs • Payroll provider integration (180, 360 degree) • Provider consolidation and acquisitions – still some aspirational pricing models in play • Push for greater participant engagement (education, advice, guidance tools, gamification, personalized sessions.) • Concern over bankruptcies has driven interest in VEBAs (municipalities, unions, etc.)
  • 16. Partner Conference 2014 • Automatic enrollment in 45.9% of plans • Investment advice: — Offered in 57.8% of plans (up from 51.8% in 2008) — 19.3% of participants use when offered Some Key 401(k) Statistics 16
  • 17. Partner Conference 2014 • Moving to safe harbor • New comparability profit sharing allocation • Paired cash balance plan with 401(k) / profit sharing plan • Converting profit sharing to match • Stretching out the match • Automatic enrollment with auto escalation Trends in Plan Design 17
  • 18. Partner Conference 2014 • Loan continuation / loan automation programs • Age-based defaults (QDIAs) • Earlier entry dates • Allowing part time employees to participate • Adding installment payment option Trends in Plan Design 18
  • 19. Partner Conference 2014 Practical issues we all need to address • Not enough participants enrolled in their plan – On BPAS’ DC platform, approximately 280,000 eligible employees tracked, of which 195,000 have a balance (69% of eligible employees) • Not enough participants logging on, using the tools (as of today, only about 27% of Ees have provided their email address, 40% have logged on) • Not enough plans using full online enrollment (about 12% of plans right now, estimated 45% of participant count) • Vast majority of participants are not headed for BPAS’ target: 10 times compensation in retirement plans by retirement age
  • 20. Partner Conference 2014 Average fee schedules for RIAs, Trustees • $500,000 plan 64 basis points • $1M plan 54 basis points • $2.5M plan 43 basis points • $5M plan 38 basis points • $10M plan 34 basis points • $20M plan 29 basis points • Factors: Fiduciary status, number of group and individual meetings, nature of workforce, geographic dispersion, total number of participants, accessibility for individual sessions, additional plan sponsor requests, etc.
  • 21. Partner Conference 2014 A great tool from Thornburg (K2 in Toolbox) • Meet with plan sponsor • Review client needs in light of “dashboard” • Discuss your services to be provided, how often, and when • Negotiate your fee schedule • Set this in place for the year to govern activity
  • 22. Partner Conference 2014 Trends among financial intermediaries • Broker / dealers becoming RIAs • Shift to retirement specialists • Movement to institutional share classes • Some delegating fund monitoring role to focus on plan and participant-level services • Rise of firms acting as consultant • Some moving to flat dollar compensation
  • 23. Partner Conference 2014 More common compliance pitfalls today • Late deposits • Plan document out of date • Document said X, we did Y • Compensation definition didn’t match practice in payroll • Failure to file 5500 • Failure to fix failed ADP / ACP test • Failure to distribute required notices • Coverage testing / controlled group issues • Excess contributions (402g, catch up, 415) • Signing documents and amendments on time • Safe harbor issues (advance notice, amendments, etc.) • Incorrect loan payments • Missing or incorrect employer contributions • Vesting handled incorrectly • Distributions paid out incorrectly • Ineligible hardship distributions
  • 24. Partner Conference 2014 • Monthly report in our plan sponsor website, run for all plans • Based around concept of 10 times projected final pay • 35 year old earning $40,000 with total balance of $84,000: Current wealth accumulation factor (WAF) of 2.1 • 62 year old earning $72,000, balance of $850,000: Current wealth accumulation factor (WAF) of 11.8 (grade of A+) The Retirement Gap Report Are your participants headed to a secure retirement? 24
  • 25. Partner Conference 2014 • Averages provided for plan as a whole • Monitoring trends / progress over time is a key focus of BNH The Retirement Gap Report Are your participants headed to a secure retirement? • What is it projected to be for each employee at retirement age? • Million multiple is also a factor--not just the WAF score 25
  • 27. Partner Conference 2014 Recap of 408(b)(2) and 404a-5 • 408(b)(2) – Plan Sponsors • Annual disclosure. Reviews fiduciary status, role of providers, total fees being charged and breakdown among providers. • Will allow an employer to say “our total cost is 1.47% of assets, of which A, B and C are the pieces” • Most providers deliver electronically. Must be updated when there is a material change in the fee arrangement • 404a-5 – Participants • Annual disclosure and including fees on quarterly statements • Summary of fees being charged to plan, listing of funds, performance, expense ratios, benchmarks and annual cost per $1,000 invested • Provided annually to eligible participants • E-delivery helps, but only with affirmative consent of participant • Updated annually and when there is a change (30 days advance notice)
  • 28. Partner Conference 2014 Putting our focus on outcomes • The ultimate goal of any retirement plan, especially DC plans • We spend an inordinate amount of time on other issues that are far less significant in the end • Helping clients understand these matters is your first mandate… then helping improve key success indicators over time is what you are paid for • Dashboard meetings and the Retirement Gap Report… will help you remind clients about the mission of the plan and encourage a long term relationship with your firm
  • 29. Partner Conference 2014 • Your Plan: 87% • Industry Avg: 82% • Your Plan: $62,470 • Industry Avg: $48,261 • Your Plan: 41.2 • Industry Avg: 45.3 Participation Rate Average Balance Contribution Rate • Your Plan: $51,240 • Industry Avg: $44,706 • Your Plans: 5,4% • Industry Avg: 4.1% • Your Plan: 1.8x • Industry Avg 1.1x • Your Plan: 5.2x • Industry Avg: 4.1x Participation Rate Avg. Balance Average Age Avg. Compensation ER Contribution % Current WAF Project Final WAF • Your Plan: 5,8% • Industry Avg: 5.1% Avg Deferral Rate%