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Today on The Gap, we’re thrilled to welcome Amanda Iverson, a true leader in the retirement plan space. Amanda is the CEO and a partner at Pinnacle Plan Design, a firm known nationally for its defined benefit and cash balance expertise. She was also the 2024 President of The American Society of Pension Professionals and Actuaries (ASPPA), the nation’s largest organization representing Third Party Administration (TPA) professionals in the retirement plan services industry. Amanda is known for her thought leadership. She speaks at national conferences and has been widely published on topics ranging from firm management to HR best practices. She was a Tucson “40 Under 40” honoree. She is a champion for educating business owners as well as other TPA firms and financial advisors.

Please join me in welcoming a dynamic leader who is shaping the future of the retirement plan industry— and one of my best friends, also known as the other half of the dynamic duo, Shamanda.

In this episode, Shannon and Amanda Iverson discuss: 

• The evolving role of TPAs in retirement plan administration
• Education and advocacy in the retirement planning space
• The strategic use and understanding of cash balance and defined benefit plans
• Addressing the savings and coverage gaps in the American retirement system

Key Takeaways:

• Pinnacle Plan Design collaborates with over 45 Third Party Administrator (TPA) firms across the country by providing specialized actuarial services behind the scenes, allowing these smaller firms to offer complex retirement solutions like defined benefit and cash balance plans without having to employ in-house actuaries.
• Despite the common misconception that cash balance plans only benefit high-income business owners, these plans often provide increased contributions for rank-and-file employees and can significantly boost total retirement savings across an organization.
• Because cash balance plans offer guaranteed employer-funded benefits with a stable rate of return, they are especially valuable for employees who are unable to contribute on their own due to financial constraints like student loans or childcare costs.
• Pinnacle places a strong emphasis on education by hosting regular webinars, offering training sessions with both actuaries and non-actuaries, and breaking down complex technical language so TPAs, financial advisors, and employers can confidently understand and present defined benefit plans.

"I love the advocacy work and being able to help get our voice out there to address the gap that still exists and is improving every day." — Amanda Iverson

Connect with Amanda Iverson: 

Website: https://pinnacle-plan.com/

Email: aiverson@pinnacle-plan.com

LinkedIn: https://www.linkedin.com/in/amandaiversonpinnacleplan/

Connect with Shannon: 

Website: https://www.tristarpension.com/

Email: shannon@tristarpension.com

LinkedIn: https://www.linkedin.com/in/shannonedwardsplanconsultant/

About Eric Dyson: Eric Dyson is a graduate of the United States Naval Academy. After graduation, he served for ten years as a highly decorated nuclear-trained submarine officer. Eric has been a professional in the financial services industry for over 30 years, serving ERISA plan sponsors for over 25 years. He is currently the Executive Director of 90 North Consulting, where he provides services including advisor and broker RFPs, fiduciary training, best practices audits, and adjunct committee membership. Eric is also the host of the Be More Than a Fiduciary Podcast and delivers keynotes focused on actionable lessons from ERISA litigation.

In this episode, Shannon and Eric Dyson discuss: 

• How courtroom experience informs fiduciary best practices
• Common governance pitfalls in retirement plan management
• Strategic approaches to advisor oversight and selection
• Educating fiduciaries to go beyond basic compliance

Key Takeaways:

• Many fiduciaries unknowingly increase legal exposure by using vague investment policy statements and recycling boilerplate meeting minutes, which courts interpret as a lack of real, documented process, even if good discussions occurred.
• Writing checks directly from the employer for plan services like recordkeeping, advisory, and audit, rather than using plan assets, can virtually eliminate scrutiny around fees and demonstrate clear fiduciary prudence, even if only done gradually.
• Due to increasing litigation around forfeiture usage, plan sponsors should not rely solely on ambiguous plan language but instead create a written policy that clearly outlines how forfeitures will be applied, reducing uncertainty and legal risk.
• Fiduciaries who fulfill only the legal minimums—like holding quarterly meetings or monitoring investments—may still fall short in improving participant outcomes, and should instead aim to be more than a fiduciary by actively removing barriers to retirement readiness. 

"If I see meeting minutes that are copy and paste, say the exact same thing for two years, for eight quarters, there’s a failure." — Eric Dyson

Connect with Eric Dyson: 

Website: https://90northllc.com/

Show: Be More Than a Fiduciary Podcast: https://podcasts.apple.com/us/podcast/be-more-than-a-fiduciary/id1734315426

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

Connect with Shannon: 

Website: https://www.tristarpension.com/

Email: shannon@tristarpension.com

LinkedIn: https://www.linkedin.com/in/shannonedwardsplanconsultant/

About Will Hansen: Will Hansen is a recognized leader in advancing the private sector retirement system, with over a decade of experience in employee benefits. As Executive Director of the Plan Sponsor Council of America (PSCA), he oversees the strategy and operations of the 75-year-old organization, equipping retirement plan administrators with essential education, advocacy, and resources. In his role as Chief Government Affairs Officer for the American Retirement Association (ARA), Will spearheads legislative strategy and outreach for an organization representing 35,000 retirement plan professionals. Through his work with policymakers and stakeholders, he is driving efforts to expand retirement plan access and coverage, shaping a more secure financial future for millions of Americans.

In this episode, Shannon and Will Hansen discuss: 

• Addressing the U.S. retirement savings and coverage gap
• Legislative efforts to improve access to retirement plans
• The impact of financial literacy on retirement readiness
• Innovations in retirement plan design and accessibility 

Key Takeaways:

• Auto-enrollment and auto-escalation features have been proven to significantly boost retirement plan participation and savings, but their adoption remains uneven, with small businesses particularly lagging behind due to perceived implementation complexity.
• Recent legislative measures, such as pooled employer plans (PEPs) and the streamlined "Starter K" 401(k) plans, provide simpler, cost-effective solutions for small businesses to offer retirement benefits, often supported by tax incentives that encourage adoption.
• As gig economy workers make up a growing portion of the workforce, they remain underserved by traditional retirement plans, necessitating innovative solutions like government-supported savings initiatives tailored to their unique employment models.
• Despite the pressing need for financial wellness programs to address barriers like debt and poor financial literacy, fewer than 40% of employers offer these programs, highlighting a significant opportunity to educate employees and improve retirement outcomes. 

"More Americans have joined the gig economy, which is one area where I think there is definitely room for improvement, and we could even see some federal assistance in setting something up to encourage more gig workers to save for retirement." — Will Hansen

Connect with Will Hansen:  

Email: whansen@usaretirement.org

LinkedIn: https://www.linkedin.com/in/hansenw/

Connect with Shannon: 

Email: shannon@tristarpension.com

LinkedIn: https://www.linkedin.com/in/shannonedwardsplanconsultant/

In this premiere episode of The Gap, Shannon Edwards shares her journey into the retirement plan industry and unveils her mission to tackle the coverage and savings gaps affecting millions of Americans. With over 25 years of experience, Shannon introduces this podcast as a resource for financial advisors, employers, and HR professionals eager to revolutionize retirement outcomes. From inspiring interviews to actionable strategies, The Gap offers invaluable insights for anyone passionate about financial security and transforming lives.

"I love talking to people about how they're improving the lives of others. I love talking to financial advisors about how they're helping employees save more effectively and better prepare for retirement. I love talking to plan sponsors about the ideas they have in their plans that are working for their employees and how their employees are successfully saving as a result." — Shannon Edwards

Connect with Shannon: 

Email: shannon@tristarpension.com

LinkedIn: https://www.linkedin.com/in/shannonedwardsplanconsultant/