Callan Names VP of Fund Sponsor Consulting

 

Benjamin B. Taylor joined Callan’s Fund Sponsor Consulting practice as vice president. 

 

Taylor, a defined contribution (DC) specialist with knowledge in government DC and 529 plans, will be responsible for investment structure reviews, fee analyses and recordkeeping searches, as well as providing thought leadership on all aspects of the DC marketplace. He will be based at Callan’s headquarters in San Francisco and he will report to Lori Lucas, DC practice leader.

Before joining Callan, Taylor held several positions at R.V. Kuhns & Associates, where he led most third-party administrator (TPA) and recordkeeper vendor searches, oversaw dozens of DC-related projects and created what Callan said is one of the first open-architecture 529 plan investment lineups in the industry. He is experienced in supporting a variety of client types, including: ERISA and non-ERISA DC plans, Taft-Hartley, pension trusts, high-net-worth families, foundation and endowments and public defined benefit plans.

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Taylor received his Bachelor of Arts degree in political science from Reed College in Portland, Oregon. He earned his master of international political economy & development degree from Fordham University and was named a Presidential Fellow.

Taylor also holds a master’s degree in public policy with a concentration in international trade and finance from the Harvard Kennedy School of Government and was one of the winners of the Harvard Business School Business Planning Competition for Social Enterprise. Taylor is also a level II candidate in the CFA program.

 

Economic Climate Affects Contributions to IRAs

The current economic climate has affected the way in which nearly half (49%) of Americans are approaching contributions to their individual retirement accounts (IRA).

According to Charles Schwab’s latest quarterly retirement pulse survey, 18% of Americans with an IRA are contributing less in order to cover everyday expenses. Six percent say they cannot afford to contribute to both their 401(k) and their IRA, and 10% have withdrawn money from their IRA.

Not all of the economy’s effects have been negative, however. Continued economic uncertainty has also motivated some Americans to take extra steps to better prepare for their future. Fifteen percent of people with an IRA say they are now contributing as much as possible for retirement.

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“It’s not surprising that people’s continued skepticism about the economy is impacting retirement savings habits,” said Carrie Schwab-Pomerantz, senior vice president, Charles Schwab & Co., Inc. “While we understand the temptation—and sometimes necessity—to sacrifice retirement funds to cover shorter-term expenses, we continue to encourage people to maintain a long-term outlook and reinforce the importance of early and consistent retirement saving and planning.”

Schwab’s survey also highlights that a majority of Americans are confused about what IRAs are or how they work. Fifty-three percent of Americans surveyed are confused about at least some aspect of IRAs, and 35% ages 18 to 34 don’t even know what an IRA is. Among all respondents, the most confusing aspects of IRAs are the advantages of having both a 401(k) and an IRA (28%), IRA tax rules and implications (27%), the differences between different IRA types (25%) and how to open or choose investments in an IRA (23%).

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