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The Public Fiduciary - December 2025 |
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Public Pension Plans: Key Insights from the Fiscal Year |
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By: Christopher Rowlins
Partner, Senior Consultant |
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During the fiscal year ending June 30, 2025, public pension plans experienced investment returns reflective of prevailing market conditions. While individual plan performance varied based on asset allocation, risk profile and manager selection, the overall trend indicated moderate growth and represented the third consecutive fiscal year of strong absolute returns versus investment return assumptions for... Read More > |
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Enhancing Oversight Structures in Government
Defined Contribution Retirement Plans |
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Government defined contribution plans have become a cornerstone of public employee retirement security. Many sponsors have already established oversight structures, including committees, charters and investment policies, to fulfill their fiduciary obligations. However, as the landscape evolves, so must the governance processes that underpin these plans. The following strategies offer sponsors effective approaches to strengthen and modernize their oversight structures, helping to... Read More > |
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By: Scott Boulton
Principal, Senior Consultant |
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SECURE 2.0 Act: Roth Catch-Up Contributions |
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By: Steven Dufault, CIMA®
Partner, Corporate DC
Practice Leader |
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In September 2025, the United States Department of the Treasury and the IRS issued final regulations implementing a major provision of the SECURE 2.0 Act. These regulations require that certain higher-earning participants in qualified defined contribution plans make their catch-up contributions as Roth (after-tax) contributions.
Specifically, beginning January 1, 2026, participants aged 50 and older who had prior-year FICA wages of more than $150,000 (increased from $145,000 on November 13, 2025 by the IRS) from the employer sponsoring the plan must... Read More > |
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Team Member Spotlight: Matt Smith |
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What is your greatest career accomplishment so far?
My greatest career accomplishment is achieving my CFA designation, a multi-year process that required a significant amount of dedication and study. The path to obtaining the Charter propelled me into the role and position I have today with Fiducient in research. A more recent accomplishment that stands out is the firm winning a family office client whose co-head is a Founder/CIO/Portfolio Manager of an asset manager I work with. He specifically referenced the depth and quality of our manager diligence process as a catalyst for choosing Fiducient as their investment consultant (shout out to my colleague Joel Hainsfurther who worked with me on this)! |
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Matthew Smith, CFA
Senior Research Analyst -
Global Public and
Private Markets
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What do you enjoy the most about working at Fiducient Advisors?
The best thing about working at Fiducient Advisors is the culture. I truly enjoy coming to work and the team members I work alongside. There is a genuine care and respect for employees at all levels of the organization and it creates a very positive and trusting environment, which in turn translates to the successful and collaborative output we provide to our clients.
Anything in particular you’d like our clients to know about your role or the work we do for them?
I believe our group does a really good job of monitoring and reviewing managers’ performance, and in periods of stress determining if the challenges are just a blip or more structural in nature and warranting greater levels of scrutiny. The performance reports show the surface level return figures, just know that if a strategy is struggling that we are doing significant work behind the scenes, through both internal analysis/debate/discussions as well as frequent meetings with the manager, to determine the best path forward.
What do you like to do when you’re not at work? Any interesting hobbies?
Many colleagues know this as it is my go-to for ice breakers, but poker has long been a hobby of mine. There are many components of poker strategy that translate to the investment world. I play a lot less now though as my main hobby these days is spending time with my two daughters, ages 2 and 4. |
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This report is intended for the exclusive use of clients or prospective clients (the “recipient”) of Fiducient Advisors LLC, A Wealthspire Company, and the information contained herein is confidential and the dissemination or distribution to any other person without the prior approval of Fiducient Advisors LLC, A Wealthspire Company is strictly prohibited. Information has been obtained from sources believed to be reliable, though not independently verified. Any forecasts are hypothetical and represent future expectations and not actual return volatilities and correlations will differ from forecasts. This report does not represent a specific investment recommendation. The opinions and analysis expressed herein are based on Fiducient Advisors LLC, A Wealthspire Company research and professional experience and are expressed as of the date of this report. Please consult with your advisor, attorney and accountant, as appropriate, regarding specific advice. Past performance does not indicate future performance and there is risk of loss.
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