2025 PLANADVISER Retirement Plan Adviser of the Year
Closing the Coverage Gap — MEPs/PEPs

Jason Jeskey

Executive Vice President,
RPW California at HUB International

FINALIST

Business at a Glance as of 12/31/24

  • Location: San Clemente, California
  • How many retirement plan assets do you have under advisement? $6.1B
  • What is your median plan size (in assets)? $35M
  • How many plans do you have under administration? 196
  • How many participants in total do you serve? 102,500
  • Parent firm: HUB International

PLANADVISER: How is your team unique in the marketplace? How do you differentiate yourself from others?

Jeskey: Our team comprises highly experienced professionals, including an ERISA attorney, a former chief financial officer/chief operating officer, a former chief human resources officer and specialists in retirement plan design. We leverage this diverse and complementary expertise through a structured, proven process to identify potential plan deficiencies, opportunities for enhancement and areas of oversight.

In my capacity as an ERISA attorney, I possess substantial experience in matters involving mergers, acquisitions, spin-offs, Department of Labor and Internal Revenue Service audits, as well as the remediation of operational failures. My background includes working with retirement plans across the spectrum—from newly established plans to those exceeding $4 billion in assets.

Our team is committed to delivering exceptional outcomes for both plan sponsors and participants, with a focus on fostering retirement readiness. Our extensive experience supporting a wide range of retirement plans has provided us with comprehensive knowledge of plan operations. This encompasses plan conversions, service provider transitions, investment selection and monitoring, vendor benchmarking, fee and cost analysis, and strategies to improve plan health and participant engagement.

By integrating our deep industry expertise with a client’s specific objectives, we are able to design and implement tailored workplace retirement programs that align with organizational goals and assist employees in achieving financial security throughout retirement—the longest period of income replacement they will encounter.

PLANADVISER: What challenges do you think the retirement plan industry faces, and what role do you have in addressing and confronting those challenges?

Jeskey:

  1. Longer Life Expectancy and Insufficient Savings.
    As life expectancy increases, individuals require more substantial retirement savings to sustain themselves throughout a longer retirement period. However, many people either save too little or lack access to a retirement plan altogether.

    This challenge can be mitigated through personalized education initiatives, thoughtful plan design features such as automatic enrollment and escalation, and by broadening access to retirement plans through options like multiple employer plans and pooled employer plans.

  2. Evolving Regulatory and Legislative Environment.
    The retirement plan industry is governed by complex and ever-changing regulations (e.g., ERISA, IRS, DOL rules). Navigating updates—such as those introduced by the SECURE 2.0 Act—can be burdensome for plan sponsors.

    Staying informed on the latest regulatory and legislative developments and proactively guiding clients through the implications and required actions can help manage this challenge effectively.

  3. Increasing Pressure to Lower Plan Costs and Increase Fee Transparency.
    There is growing attention on and litigation surrounding reducing retirement plan expenses and improving the clarity around fee structures. Stakeholders are placing increased scrutiny on how fees are structured and disclosed.

    Regular fee benchmarking and RFP processes, removing revenue sharing in favor of fee equalization, and offering comprehensive education on fee structures can all help address concerns around costs and transparency.

PLANADVISER: Why do you feel that retirement plan advisers should get involved in the expansion of the DC retirement plan system to cover more employers and, in doing so, more employees?

Jeskey: Retirement plan advisers should play a central role in expanding the defined contribution retirement plan system to reach more employers and employees for several key reasons:

  1. Enhancing Financial Security: A significant portion of the workforce, particularly in small businesses, lacks access to workplace retirement plans. Advisers can help bridge this gap by guiding employers through plan setup and design, ultimately improving retirement readiness for more Americans.
  2. Demonstrating Strategic Value: Advisers who assist in expanding plan access position themselves by offering value beyond investment management and fostering long-term client relationships.
  3. Aligning with Regulatory Trends: With increasing legislative focus on retirement coverage expansion, advisers can help employers navigate new requirements and take advantage of emerging opportunities.
In short, advisers have both a professional responsibility and a strategic incentive to support the broader expansion of the DC system.

PLANADVISER: How is your service model different for MEPs/PEPs compared than for single-employer plans?

Jeskey: The difference in our service model stems from the nature of MEPs/PEPs (involving multiple employers under a shared plan), which require streamlined processes, standardized services and centralized oversight, whereas single-employer plans are designed around the specific needs of one employer.

  1. Plan Governance
    • MEPs/PEPs: A centralized entity (e.g., pooled plan provider or MEP sponsor) serves as the plan fiduciary and administrator.
    • Single-Employer Plans: The employer retains fiduciary responsibility unless delegated.
  2. Onboarding Process
    • MEPs/PEPs: Standardized onboarding for multiple adopting employers under a uniform structure.
    • Single-Employer Plans: Tailored onboarding specific to the employer’s needs.
  3. Plan Design
    • MEPs/PEPs: Limited customization within a pre-approved framework.
    • Single-Employer Plans: Fully customizable to the employer’s objectives.
  4. Participant Communication
    • MEPs/PEPs: Standardized communication with optional customization.
    • Single-Employer Plans: Communications are employer-specific and often personalized.
  5. Ongoing Support
    • MEPs/PEPs: Centralized support for the plan sponsor, with scalable services for adopting employers.
    • Single-Employer Plans: Direct support to the sponsoring employer’s team.

PLANADVISER: What’s your favorite book or podcast?

Jeskey: One of my favorite authors is Dan Brown. If I had to pick a favorite book, it would likely be “Deception Point.”