Brendan McCarthy: Retirement Income Solutions - Simple, Low-Cost, Portable

Be More Than A Fiduciary

Brendan is the Head of Retirement Investing for Nuveen where he is responsible for the firm’s DCIO efforts in the U.S. In this role, he leads strategy and distribution for Nuveen investment and TIAA lifetime income solutions in the 401(k), 403(b), and 457(b) marketplaces. He joined the organization in 2015.

Brendan has more than two decades of retirement leadership experience in the financial services industry. A frequent speaker at industry conferences, he has been quoted in a number of publications such as the Financial Times, Investment News, and Plan Sponsor magazine, and was recently named #35 on the 2022 “401kWire 100 Most Influential People” list. Prior to joining TIAA, he was Chief Operating Officer of F-Squared Retirement Solutions, a subsidiary of F-Squared Investments. Previously, he was a Senior Vice President at Putnam Investments responsible for Defined Contribution Investment Only Business Development. In addition, he held other leadership roles at Putnam Investments including 401(k) product development, DCIO relationship management, and institutional trust services.

Brendan graduated with a B.S. in Business Administration from St. Joseph’s College and an M.B.A. from the Carroll School of Management at Boston College.

In this episode, Eric and Brendan McCarthy discuss:

• Transforming retirement outcomes
• Providing guaranteed income
• Utilizing target date funds
• Acting on innovative solutions

Key Takeaways:

• Plan sponsors/advisors can transform retirement outcomes for participants by offering retirement income solutions like annuities within 401(k) plans, providing guaranteed lifetime income. Annuities shift longevity risk from employees to insurance providers, ensuring participants don't run out of income in retirement.
• Employers can offer annuity options in 401(k) plans to provide pension-like guaranteed income without offering traditional pensions. Seek guidance from retirement plan consultants, product manufacturers, and record keepers when considering retirement income solutions.
• Industry trade groups offer certification programs to enhance advisors' knowledge of retirement income. Target date funds with embedded annuities gradually shift to guaranteed income as participants approach retirement.
• Record keepers face complexities in complying with legislation like SECURE 2.0 but are working to implement retirement income solutions. Young advisors should act now on innovative solutions to help employees build retirement savings.

“Our belief is that simple, low cost, and portable will win that. For anything to be successful in a 401k plan today, it needs to be simple, low cost, and portable.” - Brendan McCarthy

Connect with Brendan McCarthy:

Website: https://www.nuveen.com/global/

LinkedIn: https://www.linkedin.com/in/brendan-mccarthy-4616ab8/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: [phone]

Email: [e-mail]

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation for any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

The specific facts and circumstances of all qualified plans can vary and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan-specific circumstances.