If innovating was easy, we would all be Steve Jobs. But it’s not. It disrupts lives, it forces us out of comfort zones, and it requires both inspired vision and a lot of work. No wonder we prize the innovators amongst us. In this episode, we talk with two plan sponsors who embraced innovation in the defined contribution space, Stuart Odell, formerly of Intel, and Bob Hunkeler from International Paper Company. We discuss their work, the challenges they faced, and how they view the future of retirement.

Key Takeaways:

[:34] Josh opens up today’s episode with a quick recap of episode three which graded the system and found the innovation lacking. In order to find a way forward, he welcomes 2 plan sponsors who have found bold new solutions to obstacles.

[3:39] Stuart Odell shares a bit about his journey from engineering to getting invested as a Plan Sponsor manager — and talks about the precarious state of the retirement plan as he started looking into it at Intel.

[8:00] Having no preconceived notions about the defined contribution space may have helped Stuart think outside the box. He explains some of the changes he made to the existing structure to align it with the goals and values of the company as a way to gain more flexibility for innovation.

[11:00] Stuart shares his take on why innovation is critical in the retirement space, despite litigation being a huge deterrent. He opens up about the class action lawsuit Intel was served following his changes.

[14:45] Bob Hunkeler has a background in science and had never planned on managing corporate retirement plans. He shares the journey that took him to Switzerland and back to the States with an opening in the pensions department.

[17:40] Bob touches on how the company philosophy has affected the roughly 18 billion dollars in retirement assets he manages. International Paper has both an IP savings plan and a 401k. Bob explains how they construct their portfolios as well as his take on decumulation.

[21:35] Because there was a kind of vacuum in the retirement planning space and as such, Bob’s ideas and innovations were an encouraging way of filling this space. He speaks to his motivation for making headway in this space.

[23:55] Putting their money where their mouth is, International paper provides a complete suite of retirement planning services to its employees. Bob speaks to the continued innovation he tries to drive in the company by building bridges.

[25:44] Bob and Stuart share their takes on the title of the podcast!

[28:46] Josh thanks his guests for sharing their stories and opens up the discussion for further innovation on the corporate side of the retirement planning space.

The Accidental Plan Sponsor will be back this summer! Thank you for tuning in. If you liked what you heard, please subscribe and leave us a review wherever you listen to your podcasts.

Links:

The Accidental Plan Sponsor

Mentioned in this episode:

More about Stuart Odell on LinkedIn.

More about Robert Hunkeler on LinkedIn.