Employers are accustomed to having five generations in the workforce, but they now need to focus on the new expectations Gen Z brings to the workplace, Fidelity says.
To mark the end of the year, Fidelity gathered survey feedback from employers across a variety of industries, asking about their ambitions for expanding benefits in 2020.
According to Fidelity, an organization’s benefits platform is one of its most effective tools for attracting and retaining top talent, especially in today’s competitive job market.
The firm’s leadership says clients have indicated they are facing increasing pressure to improve and evolve their organization’s benefits, so it has become more important than ever for retirement plan providers and advisers to work closely with them to identify and provide the right combination of benefits that will increase employee engagement and have the greatest impact on their workforce.
Based on direct feedback from a diverse set of employers, Fidelity named six top benefit trends for 2020 and beyond, starting with “making way for Generation Z.”
“Employers are accustomed to having five generations in the workforce, but they now need to focus on the new expectations Gen Z brings to the workplace,” Fidelity says. “Employers will be tasked with providing benefits that reflect greater social responsibility, such as charitable giving and volunteer programs; more flexible work schedules and workspaces; environmental, social and governance (ESG) products within their retirement plan; student loan repayment assistance; and a corporate focus on creating a diverse and inclusive workforce.”
The second theme is that plan sponsors are extending financial and physical wellness programs to global workforces, while increasing support for mental health and substance abuse.
“Building on the increasing popularity of wellness programs in the U.S., employers with a multinational workforce are looking to develop a consistent benefits approach for their employees around the globe,” Fidelity explains. “Our research found that more than half (56%) of employers surveyed offer well-being programs to employees globally, and another 14% are considering extending their well-being program to workers in multiple geographies in 2020. In addition, employers are expanding health care benefits to include greater access to programs and resources to support employees (and their families) with mental health and substance abuse issues, including anxiety, mood disorders and trauma-related disorders (such as PTSD).”
Third, employers are providing more help with the decumulation phase of retirement savings. Fidelity says more than half (55%) of retirees kept their 401(k) saving with their previous employer when they retired, so more employers are providing tools and guidance to help workers shift from “accumulation” to “decumulation” and transition retirement savings into a durable income stream.
Fourth, employers are expanding benefits for family caregivers.
“Research shows there are more than 40 million unpaid caregivers in the U.S., and employers are recognizing how providing care to a family member can impact their ability to perform at work,” Fidelity says. “Employers are considering a range of options to help family caregivers, including more flexible work schedules, childcare assistance, paid family leave and access to services to assist with their caregiving activities.”
The fourth theme identified by Fidelity is that employers are making company stock available to a broader population of employees via stock plans, not just senior executives. This is because company stock continues to be viewed as a top workplace benefit, and employers are increasingly viewing company stock plans as a tool to attract and retain talent, as well as boost morale and productivity.
“More employers are considering adding an employee stock purchase plan to their benefits offering and providing access to company stock to a broader group of employees, without having to dip into the pool of shares earmarked for long-term incentives,” Fidelity explains.
Finally, Fidelity says, the sixth theme is an increasing focus on personalization, utilization and optimization of employee benefits.
“Employers will continue identify their employees’ top benefit needs to provide a tailored, personalized experience for each employee,” the firm explains. “However, employers are also going to increase their focus on benefits utilization to justify a particular benefit’s availability, as well as benefits optimization where they are utilizing the right mix of available benefits to address their specific need.”
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Transamerica has appointed Darren Zino as vice president and managing director for U.S. retirement sales, leading Transamerica’s distribution teams for mega-, large- and mid-market retirement sales.
In his role, Zino is responsible for driving Transamerica’s market share growth for workplace retirement plans. He reports to Kent Callahan, senior managing director of Transamerica workplace distribution and client management.
“Darren Zino is a dynamic and energetic leader with a proven track record of motivating teams for success,” says Callahan. “Darren has an exceptional commitment to exceeding the expectations of retirement plan advisers, consultants and third-party administrators, and to helping more people across the U.S. save for retirement.”
Zino’s former role as national sales director for mid-market retirement is being filled by Brian Walker, who joined Transamerica in February 2019 and will report to Zino. Danny Kling will be taking over Walker’s former role as divisional vice presidentcovering Transamerica’s South-Central region for mid-market retirement sales. Kling will lead the retirement distribution team covering states from North Dakota to Florida in the mid-market.
T. Rowe Price Retirement Adds Senior Sales Exec
T. Rowe Price Retirement Plan Services Inc. hired Michael Staples as senior retirement sales executive covering the firm’s Central region territory.
Based in Denver, Staples is responsible for the sale of T. Rowe Price’s emerging and mid-market recordkeeping solutions and will focus on partnering with financial advisers and third-party administrators (TPAs) on defined contribution (DC) plans under $50 million in assets under administration. Staples is filling a position that opened following the promotion of Nick Pagano into the Western territory leadership role.
“Mike brings over two decades of retirement expertise to our growing team and is a trusted partner and friend of many advisers, consultants and TPAs,” says Mike Shamburger, head of small market segment at T. Rowe Price Retirement Plan Services. The company will also be adding additional sales relationship management positions in 2020.
Prior to joining T. Rowe Price, Staples was a regional vice president for Transamerica. He also spent more than 20 years and was a vice president at Oppenheimer Funds, overseeing defined contribution investment only (DCIO) sales in the Rocky Mountain region.
He holds FINRA Series 7 and Series 63 licenses and is an ASPPA Qualified 401K Administrator (QKA).
The Segal Group Hires SVP in Corporate Market Practice
Stanley LaBathas joined The Segal Group assenior vice president in the national corporate market practice. In this newly formed position, LaBatwill collaborate with business leaders to design, build, implement and lead the corporate market’s business development team.
LaBat joined Segal from another consulting firm, where he was the firm’s new client acquisition leader. In that role, he increased market share and revenue by hiring, training and motivating the sales team nationwide. He also helped to design, build and implement the consulting firm’s sales infrastructure. In addition to his positions at consulting firms, LaBat has worked for Mercer, American Express, Hewitt, Gartner and Xerox.
He holds a bachelor’s degree in marketing from the University of Oregon.
Voya Retirement Brings in Institutional Clients VP
Voya Retirementhas recently hiredJustin Camisaas vice president, institutional clients, for the company’s tax-exempt markets business, effective December 16.
In this role, Camisa is responsible for helping to continue to grow Voya’s defined contribution plan sales in the tax-exempt market, including government, education and not-for-profit entities.
“I am incredibly excited to be part of the Voya team. Voya has tremendous momentum within the tax-exempt market and has a firm commitment to servicing the needs of government, healthcare and higher education employers,” says Camisa. “Voya has also placed a significant emphasis on bringing awareness to individuals with special needs along with their caregivers through its Voya Cares program, an initiative that I value deeply and look forward to bringing awareness towards. I look forward to helping continue our momentum into 2020.”
Camisa comes to Voya with 10 years of experience in the retirement plan industry. Most recently, he served as a sales director at Empower Retirement where he focused on defined contribution retirement plan sales with tax-exempt entities. He is based in Colorado and reports to Gavin Gruenberg, senior vice president, institutional sales, in Voya’s tax-exempt markets division.
“We are pleased to welcome Justin to the Voya team,” adds Gruenberg. “With more than a decade of experience in the retirement plan industry, a fantastic record of sales success and a specific focus working with tax-exempt retirement plans, he is an excellent addition to our growing institutional sales team.”
Camisa graduated from Arizona State University with a bachelor’s degree in political science.
Faegre Baker Daniels and Drinker Biddle & Reath Announce Merger
Faegre Baker Daniels and Drinker Biddle & Reath have announced their merger, following an affirmative vote by the partnerships of both organizations. The combined firm will begin operations as Faegre Drinker Biddle & Reath (Faegre Drinker) on Feb. 1, 2020.
The corporate and business litigation teams will each include more than 200 attorneys, and product liability and intellectual property attorneys will both number approximately 150. The new firm believes the merger will deliver new practice capabilities and deeper regulatory expertise across employee benefits, finance and restructuring, government advocacy, health, insurance, investment management, labor and employment, private client and real estate.
Faegre Baker Daniels Consulting—the firm’s advisory and advocacy division based in Washington, D.C.—will become Faegre Drinker Consulting. Drinker Biddle’s ancillary businesses will also become part of the combined firm’s service offerings.
The firm will combine offices in three cities: Chicago, Los Angeles and Washington, D.C. In both Chicago and Washington, D.C., the combined offices are reported to be significantly larger, with more than 150 lawyers and consultants each. Drinker Biddle will gain offices in business centers including Denver, Indianapolis, Minneapolis and Silicon Valley, as well as three international offices in London, Beijing and Shanghai. Faegre Baker Daniels will gain new offices in Dallas, New Jersey, New York, Philadelphia, San Francisco and Wilmington, Delaware. The firm’s five largest offices will be in Chicago, Indianapolis, Minneapolis, Philadelphia and Washington, D.C.
The combined firm will be co-chaired by Drinker Biddle Chairman and CEOAndy Kassnerand Faegre Baker Daniels Chair and Managing PartnerTom Froehle.
“Faegre Baker Daniels’ growth strategy has always focused on attracting and retaining top talent, and providing the counsel and collaboration required to help our clients meet their business objectives,” says Froehle. “We believe that a combination with Drinker Biddle advances these objectives for our firm, and we look forward to sharing the enhanced capabilities of a combined platform with our clients.”
Kassner says, “The combination expands our geographic reach, enhances our key practices and provides us with Am Law 50 strength and scale, enabling both firms to do even more for our clients. And most importantly, Faegre Baker Daniels shares a similar culture that values a true partnership with the overarching principles of civility, collegiality, respect and diversity.”
In addition to Froehle and Kassner, the firm’s executive leadership team will include Faegre Baker Daniels PartnersDavid Barrett,Gina KastelandJack Sperber; Drinker Biddle PartnersBill ConnollyandJudy Reich;and Drinker Biddle Chief Operating OfficerJane Koehl,who will continue as COO of the combined firm.
Wilmington Trust Promotes VP to Investment Leader
Wilmington Trusthas promoted Lauren Mance to the newly created position ofinvestment leader for its institutional client services (ICS) business. In this role, Mance will set and lead the investment strategy for the firm’s global capital markets (GCM) and retirement and institutional custody services (RICS) segments. She will report to F. Jim Della Sala, head of strategy and product development.
“In an uncertain global economic environment characterized by persistently low yields, I am thrilled to be a part of an organization where I can help deliver investment solutions for our clients to meet these challenges,” says Mance. “I’m looking forward to building long-term relationships with our GCM clients as a key contact for their investment decisions and helping to optimize our RICS third-party functions to enhance service to our retirement planning clients.”
Working closely with the GCM sales team, Mance will help deliver relevant investment solutions for clients, including external funds and internally manufactured products. She will also support RICS as a member of the firm’s investment policy oversight committee (IPOC) and RICS management committee, where she will oversee RICS third-party manager research and sub-adviser selection.
“Our global ICS client base has more than doubled over the past three years, which necessitated creating the Investment Leader role to further expand and deepen our relationships,” says Sala. “Our business is built on consistently providing quality service and products for our clients. Promoting an experienced professional with Lauren’s deep expertise into this role helps us continue to fulfill that mission and strengthens our position as the provider of choice in this space.”
Mance joined Wilmington Trust in 2018 as vice president, business planning and analytics, and product owner of the wealth management adviser experience. In this capacity, she led the creation of a new platform for staff to more effectively serve clients. Prior to joining Wilmington Trust, Mance also held leadership roles and managed investment portfolios at PNC Financial Services and The Vanguard Group.
