Jennifer DeLong is a Senior Vice President and a Managing Director and Head of Defined Contribution, responsible for leading AB’s business development strategy for defined contribution plans in North America. This includes the firm’s approach to the intermediary-driven small-to-midsize plan market and the mega-size institutional plan market. She is responsible for product management and development, marketing and participant communications, as well as client services for institutional custom target-date clients. Since joining AB in 1999, DeLong has held various senior client relationship management, product management and marketing roles, all primarily focused on defined contribution, 529 college savings plans and sub-advisory insurance services for both institutional and retail clients. Before joining AB, she worked in various sales, marketing and client relationship management roles for both small and megasize defined contribution plans. DeLong holds a BS in business management with a minor in international business from The College of New Jersey, as well as FINRA Series 6 and 63 licenses.
In its proposal, the DOL is reiterating that financial factors have to be the sole priority for DC plans to consider what funds to put on their plan menu. For many plan sponsors who have spent a little time thinking about ESG integration, to not do that is counterintuitive to how you would want an investment manager to run a fund. Many plan sponsors believe it is a fiduciary duty to consider those types of factors in the investments or lineup that they’re offering or allowing their participants to choose from.9 March 2021
While those are very big jumps, they are not surprising, given the fact that the types of financial wellness programs that employers have been offering in recent years have continued to increase. Many of the larger companies have been offering these programs to attract and retain employees. There has been increasing interest in holistic financial wellness and retirement readiness, to improve workers’ overall financial lives.9 March 2021
We think these measures are overly restrictive, which could lead sponsors to turn away from funds with any hint of ESG.9 March 2021