What role have managed accounts (including advisor managed accounts) played in the participant shift in how they approach retirement planning? What’s driving increased interest in personalized retirement solutions? Are there any innovations within managed accounts that we can look forward to?

We’re joined by Nathan Voris, Head of Go To Market with Morningstar, to answer these questions and more.

Disclosures:

© 2025 Morningstar Investment Management LLC. All Rights Reserved. The Morningstar name and logo are registered marks of Morningstar, Inc. Morningstar Retirement offers research- and technology-driven products and services to individuals, workplace retirement plans, and other industry players. Associated advisory services are provided by Morningstar Investment Management LLC, a registered investment adviser and subsidiary of Morningstar, Inc.

The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited. Opinions expressed are as of the current date; such opinions are subject to change without notice. Morningstar or its subsidiaries shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, the information, data, analyses or opinions or their use.

This commentary is for informational purposes only. The information, data, analyses, and opinions presented herein do not constitute investment advice, are provided solely for informational purposes and therefore are not an offer to buy or sell a security. Please note that references to specific securities or other investment options within this piece should not be considered an offer (as defined by the Securities and Exchange Act) to purchase or sell that specific investment. The performance data shown represents past performance. Past performance does not guarantee future results. This commentary contains certain forward-looking statements. We use words such as “expects”, “anticipates”, “believes”, “estimates”, “forecasts”, and similar expressions to identify forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially and/or substantially from any future results, performance or achievements expressed or implied by those projected in the forward-looking statements for any reason.

Research on The Impact of Managed Accounts on Participant Savings and Investment Decisions

A total of 84,875 retirement plan participants were included in Morningstar Investment Management’s study, “The Impact of Managed Accounts on Participant Savings and Investment Decisions”. Participants were selected for use based on available information and various filters and include those participants that used the Morningstar Retirement Manager Managed Accounts service between the dates of January 5, 2007 and December 31, 2024.

In no way should any performance shown be considered indicative or a guarantee of the future performance of an actual DC plan participant's portfolio with the same investment option or viewed as a substitute for an investment option recommended to an individual participant. Actual results of an individual participant may differ substantially from the historical performance shown for an investment option and may include an individual participant incurring a loss. Past performance is no guarantee of future results.

Performance returns were calculated using a time weighted, geometrically linked rate of return formula. Returns for periods over one year are annualized.

Morningstar Investment Management does not guarantee that the results of their advice, recommendations, or the objectives of an inves

Jeff Acheson often speaks about retirement planning as an “elegantly integrated ecosystem,” of which life income is a key part.

But what, specifically, is it and how can it help members of the American Retirement Association and its affiliate organizations?

Acheson, CEO of Advanced Strategies Group and ARA Immediate Past-President, joins the Executive Interview to answer these questions, and more, about the Association Life Income Plan.

But we begin with an intriguing discussion about the damaging effects of cholesterol, and another one to worry about—tax cholesterol.

What is it, and how can it negatively affect a person’s retirement health?

One of the key challenges plan fiduciaries may encounter is terminating a retirement plan because of a merger or acquisition. What happens in this situation, why is it such a common issue, and how can advisors help?

Pete Welsh, Managing Director of Retirement and Wealth at Inspira Financial, joins American Retirement Association Chief Content Officer John Sullivan to answer these questions and more.

Sponsored by: Inspira Financial Trust, LLC

*Inspira Financial Trust, LLC and its affiliates perform the duties of a directed custodian and/or an administrator of consumer directed benefits and, as such, do not provide due diligence to third parties on prospective investments, platforms, sponsors, or service providers, and do not offer or sell investments or provide investment, tax, or legal advice.

Matt Stubblefield from Allianz Life Insurance Company of North America and Tina Wilson from Empower joins John Sullivan for this episode of the Executive Interview.

Matt shares Allianz's latest research insights into participant attitudes and preferences surrounding this vital aspect of retirement planning. Tina provides firsthand experiences from implementing guaranteed lifetime income offerings on the Empower platform.

Together, they discuss the future adoption and evolution of guaranteed lifetime income within retirement plans.

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The Allianz Center for the Future of Retirement produces insights and research as part of Allianz Life Insurance Company of North America (Allianz).

Research Cited: The State of Lifetime Income: Participant Survey, conducted by the Allianz Center for the Future of Retirement in November 2024 with a nationally representative sample of 2,488 respondents aged 18+ who are currently contributing to an employer-sponsored retirement plan.

U.S. Bureau of Labor Statistics January 2022

Fixed index annuities are designed to meet long-term needs for retirement income. They provide guarantees against the loss of principal and credited interest, tax-deferred accumulation potential, and the reassurance of a death benefit for beneficiaries.

This content is for general educational purposes only. It is not intended to provide fiduciary, tax, or legal advice and cannot be used to avoid tax penalties or to promote, market, or recommend any tax plan or arrangement. Please note that Allianz Life Insurance Company of North America, its affiliated companies, and their representatives and employees do not give fiduciary, tax, or legal advice. Allianz does not provide financial planning services.

Guarantees are backed solely by the financial strength and claims-paying ability of the issuing insurance company.

Allianz Life Insurance Company of North America is not affiliated with Empower

Allianz Life Insurance Company of North America is not affiliated with NAPA

Allianz Life Insurance Company of North America (Allianz), 5701 Golden Hills Drive, Minneapolis, MN 55416-1297. 800.542.5724 www.allianzlife.com

For institutional use only - not intended for use with the public.

Why is portability so important for retirement plan participants? And how does it apply to in-plan guaranteed lifetime income solutions like annuities?

We speak with Gordy Stead, Director of Institutional Sales at Allianz Life Insurance Company of North America. He joins us to discuss the importance of portability in retirement savings as we explore the unique challenges and considerations when it comes to in-plan guaranteed lifetime income solutions.

**

Disclosure

Research cited in this podcast:

• Allianz Life conducted an online survey, the 2024 3Q Quarterly Market Perceptions Study, in August 2024 with a nationally representative sample of 1,005 individuals age 18+.
• U.S. Bureau of Labor Statistics, January 2022
• Trends in Public-Sector Employee Tenure, 2000-2022, Public Retirement Research Lab, 2022

Allianz Life Insurance Company of North America has been keeping its promises since 1896 by helping Americans achieve their retirement income and protection goals with a variety of annuity and life insurance products.

Allianz Life Insurance Company of North America does not provide financial planning services.

Allianz Life Insurance Company of North America is not affiliated with NAPA

Guarantees are backed solely by the financial strength and claims-paying ability of the issuing insurance company.

John Hancock Retirement is out with its highly anticipated Financial Resilience and Longevity Report, now in its 10th year. It contains good news for most retirement savers, but some generations lag.

We’re excited to speak with CEO Wayne Park, whose team fielded the study, about what they found as well as trends they’re seeing when looking back at previous years.

We also asked him the all-important question--is there a retirement crisis in this country? Here’s what he had to say.

Sponsored By: John Hancock Retirement

Sponsored by: Inspira Financial Trust, LLC

Financial wellness, automatic rollovers, and plan terminations are currently a trifecta of important topics to which advisors can add real value. In an increasingly commoditized retirement plan space, it’s a way for them to truly stand out in the services they provide to help their plan sponsor and participant clients.

It’s an area of hyper-focus for Inspira Financial, the result of Millennium Trust Company and PayFlex joining forces recently to become a “devoted partner for health, wealth, retirement, and benefits.”

Pete Welsh, managing director of retirement and wealth at Inspira Financial, discusses strategies to increase financial wellness for client employees and retirement plan terminations, but begins with a bit about Inspira Financial itself.

*Inspira Financial Trust, LLC and its affiliates perform the duties of a directed custodian and/or an administrator of consumer directed benefits and, as such, do not provide due diligence to third parties on prospective investments, platforms, sponsors, or service providers, and do not offer or sell investments or provide investment, tax, or legal advice.

To tackle current workforce and organizational issues, it's essential to move beyond conventional approaches. Many employers are turning to Pooled Employer Plans (PEP) to solve the challenges of the traditional 401(k) structure.

In fact, By 2030, over half of employer plan sponsors are expected to switch to a PEP. Aon’s Rick Jones joins us to discuss how we’ll get there.

PEPs allow employers to combine assets for cost efficiency while shifting fiduciary and operational duties to the PEP provider. They can also improve retirement outcomes for participants—making PEPs a win-win for organizations and their employees.

Listen in to learn how:

· PEPs simplify retirement planning and reduce administrative burdens for employers

· PEPs reduce fiduciary risks

· PEPs offer lower fees and better retirement outcomes

Sponsored By: Aon