More than a year ago, Robert L. Reynolds was hired as president and CEO of Putnam Investments, charged by Power Financial Corp., Putnam's Montreal-based owner, to engineer the firm's turnaround. Since then, Mr. Reynolds has launched a plan and embarked on a journey to effectively remake the country's defined contribution business.
During his keynote address at Pensions & Investments' 12th annual West Coast Defined Contribution conference, held in San Francisco from Nov. 1 to Nov. 3, Mr. Reynolds outlined his plan in a speech titled Creating 21st Century Retirement Plans.
“We can make a huge contribution toward solving the entire country's retirement needs,” Mr. Reynolds told attendees. “Revitalizing America's workplace savings for the 21st Century is too big a job for any single firm or for any industry sector. We will need to forge new alliances among plan sponsors, advisers, mutual fund companies, insurance companies, service providers and government itself.”
In the area of government, he floated the idea of a national insurance charter and a new regulatory agency to approve lifetime income offerings. He dubbed the regulator LISA, for lifetime income security agency.
Click below to hear Mr. Reynolds' entire address and see the slides accompanying his speech in the box attached to this article.