In this episode Bill is joined by Voya’s very own Amy Heyel, senior vice president and national practice leader for Voya’s Government Markets. With many individuals at Voya and throughout the country recently attending the annual National Association of Government Defined Contribution Administrators (NAGDCA) conference, Amy is here to break down key insights from event, which focused on trends that are not only prominent in the Government market, but across the retirement industry at large. Tune in to hear more from Amy and about NAGDCA, an organization with a vision is to develop a network of well-informed defined contribution retirement plan sponsors and industry professionals working together to provide America’s public sector workers with a secure financial future.
Bill Harmon is a registered representative of Voya Financial Partners, LLC (member SIPC)
Amy Heyel is a registered representative of Voya Financial Advisors, Inc. (member SIPC)
NAGDCA is not a member of the Voya® family of companies.
In this episode Bill is joined by Voya’s very own Amy Heyel, senior vice president and national practice leader for Voya’s Government Markets. With many individuals at Voya and throughout the country recently attending the annual National Association of Government Defined Contribution Administrators (NAGDCA) conference, Amy is here to break down key insights from event, which focused on trends that are not only prominent in the Government market, but across the retirement industry at large. Tune in to hear more from Amy and about NAGDCA, an organization with a vision is to develop a network of well-informed defined contribution retirement plan sponsors and industry professionals working together to provide America’s public sector workers with a secure financial future.
Bill Harmon is a registered representative of Voya Financial Partners, LLC (member SIPC)
Amy Heyel is a registered representative of Voya Financial Advisors, Inc. (member SIPC)
NAGDCA is not a member of the Voya® family of companies.
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Speaker 1:
You're listening to The Hire Through Retire podcast with Voya Bill Harmon tackling all things from 401ks to HSAs and everything in between. We're talking to the best and brightest in the industry to bring you the latest in benefits, savings, and investment trends in the workplace. Come along with us on our journey to help all Americans become well planned, well invested, and well protected.
Speaker 2:
Hello everyone and welcome back to the Higher Through Tire Podcast. I'm your host, Bill Harmon, and hey, thanks for joining me. Tig, you know, we are, we're deep in fall and fall season means that we, we've got a lot of conferences and it's, there's been some pent up demand since conferences were really virtual for the last couple years. So then when you go out to these conferences, these industry conferences, there's energy, There are people that are really excited to go, number one, see everyone again, but then to learn like, Hey, the world's changed quite a bit, and what have you done? And what can I learn from you? And so what are the conferences that I recently was able to attend? And I'm so happy I did was, uh, the National Association of Government Defined Contribution Administrators or Magda. And what we thought we would do is cheer some of the things that, while we were recently attending this conference, there were some incredible feedback and great, great thoughts, and the thought leadership really from a trend perspective and that all this group of, um, people getting back together again live and all the energy over at nada. Well, we thought that we would, um, share some of those insights that we gained from that conference. To give you a little more perspective, nada's an organization that has a vision to develop a network of well-informed, defined contribution retirement plan sponsors, as well as industry professionals where they all work together to provide America's public sector workers with a secure financial future. So, you know, this is a really important market being the government market, and it's very important topic. So joining me here today to recap the insights from their annual conference and share some of the latest industry trends that were being talked about is our very own Amy Hele, She's the SVP and National Practice Leader for Voyage Government Markets. Amy, thank you so much for joining me today and hey, welcome to the pod.
Speaker 3:
Thanks, Phil. Happy to be here.
Speaker 2:
Amy, I just kind of teed up that, you know, there was a lot of pent up demand for this conference and it, it really was, I felt it, it was so great to see everyone together, but really with so much to talk about. So maybe could you start by sharing a little bit more about this event and, you know, you've been to this event many, many years supporting the government market. Can you share a little bit more about what it is, what's the annual NADA conference and what are the goals of it year after year?
Speaker 3:
Sure. Um, so NADA was created to recognize that defined contribution plans are an essential part of public sector retirement security. The NADA organization is somewhat unique in that it is truly an organization that's co-sponsored by industry professionals and planned sponsors on equal footing. I always say it's the definition of it takes a village and the annual conference brings together sponsors, industry representatives to share ideas with peers and learn innovative techniques for improving retirement outcomes. Content usually ranges from DC plan operations to improving employee engagement and plan health. And it's really facilitated by sharing information on investments, marketing, administration, and federal laws and regulations governing DC plans. So the goal is collaborative idea sharing and learning in order to deploy innovative ideas that will provide a secure retirement.
Speaker 2:
So I do for, for all of our listeners, I want to note that, you know, while we're talking about this specific event for this specific market, the government, uh, retirement plan market, really we heard a lot of trends that, uh, were discussed in this conference that are reflective of the retirement industry at large. Now, some are specific to the government market cuz there there are some unique, um, qualities there and unique plan provisions and things or, or needs. But I just want the, um, audience to kind of keep that in mind that while this may be a conversation regarding government markets or the Magna Conference, there are trends that really kind of go across all markets within retirement. So with that, let's talk about one of the sessions, which is something we talked about in our podcast before, and that is the use of data and research to improve outcomes for employees. You know, one of the topics discussed focused on why research specific to the public sector is unique and why sharing the data is so critical for all. So Amy, can you share your perspective on this and what might be unique when it comes to leveraging data for a goal of improved outcomes?
Speaker 3:
Sure. So the industry rightly so, is certainly moving to an outcome-oriented focus and the key to measuring outcomes as data. So record keepers are the best source for storing and analyzing data, but the data has to come from the sponsor. So a per example would be benchmarking participation. So unique to government, automatic enrollment is not widely available to the public sector due to some individual state law restrictions. So improving participation is a key focus for sponsors. In order to accurately measure this at the client level and at the industry level, we need to receive data from the sponsor to know who is available to participate and then marry that with the record keeper's data of who is actually participating. So you can understand that we wouldn't be able to provide an accurate participant participation percentage if we don't have the data to measure. We're constantly asked by sponsors how their plan performs relative to others, whether it's the government sector or not. But the truth is the data is limited for many reasons, which could be system limitations on their side or concerns with data sharing in adhering to rules around privacy and data sharing. However, as NADA has really leaned into the idea of benchmarking and data analysis, the trend has been for sponsors to share more information and focus on benchmarking continuous improvement. And I should mention that in 2019, NADA partnered with the Employee Benefits Research Institute or ere to create the first ever benchmarking database for public plan sponsors. So the collaboration is known as the Public Retirement Research Lab or acronym pearl, with the goal being to provide the most comprehensive data for sponsors to benchmark their plans among their peers. And so again, this takes collaboration from sponsors, record keepers, and industry associations for this endeavor to be successful.
Speaker 2:
You know, that's great. In fact, that was a great example of this particular market, the government market having the same passion that any market would like. I really wanna know, number one, how am I doing, how, what's good look like and how can I get there? But yet maybe one of the unique items is yeah, but there's some state laws that may prevent me from doing it in a certain way, like auto enrollment. So maybe I need to go and think about it in another way and then come together and collaborate and come up with best ideas, all with this passion to go and create great outcomes. Let's keep that going. You know, the theme of financial wellness and financial wellness programs always is a hot topic and it remains to be that, and it was certainly at this last conference, and it, it's this hot topic when it comes to setting up employees for success to address the financial priorities that vary across the five generations that are currently in the workforce today. And that is, that was a lot of conversation. How do we handle each of these different generations? There's five in the, uh, workforce today and the definition of financial wellness might be a little bit different for each of those generations. So if this is something that employers are all facing today, I guess tells, in your opinion, what are some of the challenges, and I guess some of the opportunities that the public sector employees face when it comes to implementing and and addressing some of these programs for the workforce?
Speaker 3:
Well, one opportunity is to leverage experience. So long before covid created remote working challenges, um, for connections with employees, public plan sponsors are facing engagement challenges due to the nature of their workforce. So if you think about it, Bill and the public sector, you have employees working in the field, literally climbing electric poles eight hours a day or patrolling in a police car or you know, fire station. So deploying a one stop shopping approach to participant services just won't work in the public sector. Continuous improvement and new ideas are absolutely necessary to setting employers and their employees up for success. So today when we fast forward to, you know, remote working, this challenge is addressed by deploying a multichannel approach, including what we call boots on the ground or you know, um, education counselors that are working directly with participants alongside digital tools in services. And because a defined benefit plan is often part of a public sector employees retirement plan, holistic benefit program, education is important. So we have to incorporate, even though maybe we're not involved in the defined benefit plan, we have to incorporate knowledge of the defined benefit plan if we're going to sit down and help a participant who has that opportunity to participate in that. So it's also paramount to have employees engage early, which, you know, Bill, which calls for a collaborative partnership with human resources and being present for such events as new employee enrollment and annual benefit fairs.
Speaker 2:
And I love how you said that because government, um, customers, the government entities, it's, it's very different, let's say than on the corporate side. The type of employee is very different. They're doing different types of jobs, very different types of jobs. So a one size fits all approach may not necessarily work. You do really do have to be very thoughtful and collaborative with our customers. And so let's go back to that different generations, you know, one challenge facing all industries today and particularly since the pandemic is recruiting and retaining talent and particularly coming out of the great resignation. So one topic that was noted over at NADA was that the pandemic impacted public sector employment in a different and unique way than other industries. Can you tell us more about that?
Speaker 3:
Sure. So first it was difficult for some government entities to pivot overnight to remote working at full capacity due to limited technology systems, bug budget constraints, and not really having the equipment, um, to do so. So I really have to commend the employers for accomplishing what they did with many obstacles in doing so. So fast forwarding, you know, three years later it's been a challenge for governments to get employees to come back to the office with so many remote working opportunities in other sectors and then with a supply and demand issues, um, in the workforce meeting. Current wage levels have been difficult due to budget constraints. Hybrid schedules have post challenges with reinstituting, those important engagement meetings I've mentioned given that workers are now splitting time in the office. And so getting effective benefit education meetings and getting the right attendance is also difficult. So I really commend NADA for making this an important session where maybe, um, we don't have all the answers, but we're collaborating on the right questions to ask idea sharing and then taking that away and continuing to develop how engagement's going to look going forward.
Speaker 2:
So Amy, we've covered a lot about participant education and how how critical it is and how there may be some challenges because, uh, maybe it's a hybrid work environment or one size fits all. Communication doesn't work in the government sector because of vary varying different types of jobs. You also had a chance to go and spend time while at this conference with consultants and they have, um, perspectives on what's most effective on this really important topic of participant education. Hey, can you share what you share what you learned from those conversations with consultants about participant education?
Speaker 3:
I think, you know, Bill, I'm a prior consultant. You know, I started out, um, a while ago in that industry and it was really just focused on investments and it's really, um, exciting to see how the consultants have now really broadened their, um, contribution to sponsors, to all things oriented to, you know, improving participant outcomes. And so the bottom line to success is partnership. And I always say the worsening you can call me is vendor. I'm your partner and your consultants, your partner. So in today's world, meeting the participant where they are will be key to success and consultants expect their partners in the retirement industry to evolve and be innovative. So I think about us at Voya Bill, we have an incredible and participant experience powered by our digital solutions, personalized email journeys focused on retirement plans, financial wellness topics that we're engaging in, and as well as, um, evolving our digital resources. We have a robust content lab library that includes both live and on-demand videos, which of course was, you know, paramount to our success during covid and that, um, incredible participant education team in the field, um, that's available in person as well as virtual. So I think, you know, what I heard from consultants is at the end of the day, deploying the right mix of unique needs for clients is key to success with meeting their expectations for their clients. And so continued emphasize emphasis on normalizing retirement planning as part of benefits enrollment and new employee onboarding, um, will also play a very important role.
Speaker 2:
That is great. You know, I guess just kind of the sum up the conference, Amy, it was the first one in a few years you saw I, well I tell you, I spent time with people that were so excited to come out that flew all the way from Hawaii to be at this conference in Baltimore and so excited to be back together again. Maybe if you had me just kind of summary thoughts of the conference, the people, the energy, any thoughts on that as we close
Speaker 3:
Out? I thought it was incredible. Um, you don't realize what you miss until you experience it again. And, and although I think the industry has done well to continue, um, doing their jobs during this period, the excitement and the energy and the ideas coming out of the conference, I think were invaluable. And I think everyone was really pleased with how it went. And so I was really pleased you could attend Bill. I know it was your first nada and I, I know just from talking to you that you were able to really see how unique this incredible organization is for both our industry and our government clients.
Speaker 2:
Oh, it sure was. And I'm so happy that I could attend and I I met so many great passionate people. Um, so thank you for that. And speaking of that, Amy, I wanna thank you. I, you and I have worked together for a long time. I have always admired you for your passion and your knowledge and your commitment to the industry. So thank you for all that you do for the industry and particularly obviously government markets.
Speaker 3:
Well, you're welcome and it's a pleasure to work with you as well, Bill.
Speaker 2:
Well, thank you so much, Amy. I really appreciate that. And thank you for joining us on the pod today, and this concludes another episode of the Higher Through Retired podcast to our audience out there. As always, thank you for tuning in and thank you for sharing part of your day with us. As always, stay well.
Speaker 1:
This information is provided by Voya for your education only. Neither Voya North Representatives offer tax or legal advice. Any opinions expressed within, do not necessarily reflect those of the Voya family of companies or its representatives and are not intended to provide specific advice or recommendations for any individual. Please consult your tax or legal advisor before making a tax related investment or insurance decision.
