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HORAN
Retirement Plan Consulting
We understand the critical need for a well-managed retirement 
plan that maximizes the opportunity for employees to build a 
future. Our dedicated team of retirement planning experts 
provide insights rooted in industry best-practices throughout 
each stage of the process, from plan design to ongoing plan 
participant education and engagement.  
From implementing plans that drive healthy savings among 
employees to providing personalized advisory services to 
individuals approaching retirement readiness, HORAN’s 
dedicated team is with you every step of the way.   
As advisor, our role is clear—we work with your committee, 
your plan participants and your chosen recordkeeper to build a 
well-designed and well-run plan that best meets the needs of 
your workplace culture.
HORAN
6805 Avery-Muirfield Dr a2
Dublin OH 43016
614-376-0901
https://horanassoc.com/
Retirement Meditation : Does the balanced fund 
belong in an investment line-up?
Author: Paul A. Carl, CHSA, CPFA™Vice President, Retirement Plan Consulting, 
Registered Representative
My parents’ families were small business owners, and my parents were incredibly 
fiscally conservative. My dad especially, a third-generation stone masonry and 
concrete construction business owner, would comment about how hard he worked to 
earn money. He worked long hours and we took no family vacations. He literally 
worked a 24/7/365 schedule. If he wasn’t on a job site or in the office, he was working 
on the books at home or making calls, even on holidays.
As a result of being fiscally conservative and his exposure to the Great Depression, 
he favored FDIC-insured certificates of deposit. Reflecting, I guess I intrinsically 
absorbed his conservative fiscal nature. I chose a balanced mutual fund, comprised of 
both stocks and bonds, as my first investment even though I was in my early twenties 
with time on my side. Outside of my own personal investment, I don’t recall balanced 
funds being used much in retirement plans at that time. 
If I had to pinpoint when the balanced fund began to rise in popularity, I would guess it 
coincided with the DOL’s originally published ERISA 404(c) relief for participant 
directed investment choices. While that original relief called for diversification through 
a stock, a fixed income, and a cash equivalent investment option, I do recall that plan 
fiduciaries often adding a balanced fund as an extra option.
The balanced fund gave the plan participant the opportunity to invest in a pre-
allocated investment mix. Whether or not this investment mix was the right mix for 
each individual participant, who knew? It was a solution, many argued, that mirrored 
the pooled investment accounts of traditional defined benefit pension plans, money 
purchase pension plans, and profit sharing-only plans. Each of these were invested in 
a one-size-fits-all investment style. Most reflected the comfort of the plans’ primary 
fiduciary, who was often the business owner.
It wasn’t too long before asset allocation funds based on risk gained in popularity. 
These risk-based asset allocation funds in some cases were nearly identical to the 
balanced fund, consisting of individual stocks and bonds allocated towards a specific 
risk/return analysis. Some of the risk-based asset allocation funds took on a new look 
through a fund-of-funds approach. Regardless, for plan fiduciaries, one of the main 
fallacies of the balanced fund was addressed: the risk tolerance concerns specific to 
individual participants. Yet, the balance fund persevered. 
Today, retirement plan fiduciaries have a buffet of choices available for participants 
who seek help allocating their investments. These range from the risk-based and age-
based asset allocation funds to managed models to the traditional balanced fund, and 
more.
Does your plan offer the traditional balanced fund?
 

Retirement Meditation : What are managed 
models?
Author: Paul A. Carl, CHSA, CPFA™Vice President, Retirement Plan 
Consulting, Registered Representative
For the past several weeks, the Retirement Meditations have been exploring the 
more popular options available as Qualified Default Investment Alternatives 
(QDIAs) in participant-directed retirement plans. These have included the 
traditional balanced fund as well as asset allocation funds that are risk-based and 
age-based. Several Retirement Meditations also referenced managed models. 
So, what are “managed models?”
Managed models are portfolios of investments actively managed by a professional 
money manager. They are generally risk-based but some also have glide-paths. In 
a participant-directed plan, the managed models often consist of only those 
investment options offered to the participants. This is not exclusive, however. 
Some managers incorporate investment funds that are not part of the core 
investment lineup in creating their models. Often these investments may be a bit 
more sophisticated than should be available to the retirement plan participant.
Unless there is a glide-path associated with the managed model, they are primarily 
designed for participants who prefer the “do-it-for-me” approach to investing 
retirement assets. Participants choosing managed models are, in effect, hiring 
professional money management for their retirement assets. The management 
comes with a price that is most often some percentage of the participant’s account 
value. That price, by the way, is over and above the traditional fees associated with 
the plan and its core investments. These fees can get quite expensive.
While managed models are professionally managed, they may be automated to an 
extent through a “robo-advisor” program. Generally, “robo-advisor” programs rely 
on asset allocation techniques built through some sophisticated software 
technology and methodology. Other managed models are managed by an 
investment advisor who is managing the model portfolios in a more traditional 
manner.
Regardless, managed models are gaining in popularity as more and more 
questions arise regarding the “simplicity” of target date funds and other asset 
allocated investments.
Does your plan offer managed models?

Retirement Meditation – Should my plan offer 
managed models?
Author: Paul A. Carl, CHSA, CPFA™Vice President, Retirement Plan Consulting, 
Registered Representative
In last chapter we defined managed models and we concluded with the question – “Does 
my plan offer managed models?”
This week’s Retirement Meditation asks whether a fiduciary should offer managed models 
in their participant-directed plan. 
A year ago, we were approached by a retirement plan committee to review their plan and 
propose our advisory services. The plan had never had an advisor, the committee 
preferring a bundled-recordkeeper-direct-approach.
Why the change of heart from the committee?
An employee had questioned why she was 100% invested in the plan’s cash equivalent 
option. The committee investigation revealed that the participant had been using the 
recordkeeper’s investment management services. The managed model algorithm had 
effectively placed her into full stability of balance mode because of several important 
factors including her age, her incredible retirement savings history, and her state of 
financial retirement preparedness. 
Many recordkeepers offer managed models, or the potential to provide managed models. 
While this can be a great thing, fiduciaries should be actively aware of the details in and 
around the managed model program.
Some of the starter questions:
Is the managed model the QDIA? 
Is the managed model a backup QDIA, especially for participants who are entering the 
twilight of their career (translation: those aged 50 and older)? 
Do participants actively choose a managed account program for themselves?
Is the managed model portfolio advised by an affiliate of the recordkeeper, by an outside 
third-party, or by the plan’s advisor?  
Are there glidepaths associated with the managed model portfolios? If yes, are they the 
correct glidepaths within DOL guidelines?
At the individual participant level, who decides which managed model portfolio is best and 
how is that decision arrived at?
What is the fee for the managed model and who is paying that fee?
Managed model portfolios are often a welcome addition to a participant-directed retirement 
plan. Just know that the retirement plan fiduciary should be as keenly aware of the nuances 
as with all other matters involving the plan.
Which plan participants are using the managed model portfolios your plan is offering?
“
Retirement Meditation - When Should I Start 
Saving for Retirement?
Author: Paul A. Carl, CHSA, CPFA™Vice President, Retirement Plan 
Consulting, Registered Representative
This week I digress from the previous Retirement Meditation cadence. Why? My 
fourth (of five children) graduated from college last week. In watching the 
ceremonies, my mind drifted: How many new college graduates are thinking about 
retirement? Or, at the very least, saving for retirement?
Getting an early start saving for retirement allows individuals to save methodically, 
over a long period of time, with the incredible effect of compounding investment 
returns. The anxiety of short-term investment markets becomes muted because 
long-term, historically, most investment returns have outpaced inflation. 
Employee education in the 1990’s through today has focused on retirement 
savings accumulation. Examples abound of the 25-year-old who saves 
immediately and the colleague who delays saving for 5- to 10-years or longer. In 
each illustration, the person starting earliest has a higher account balance at age 
65 than the colleague who delays saving. In fact, some of the illustrations go so far 
as to have the early saver stop saving for retirement after 20-years. Even in these 
illustrations, the early saver – thanks to the investment compounding effect – has a 
higher account balance than the delayed saver. Granted, these are hypothetical 
illustrations and results will vary. Regardless, here are some solid guidelines for 
successful retirement savings:
Defer into your organization’s retirement plan as soon as you’re eligible.
If your organization offers a matching contribution, ensure that you are capturing all 
of that employer match.
If you are covered by a high-deductible health plan, save into the health savings 
account (HSA).
Do your best to not touch any of these funds you are saving. They carry incredible 
tax benefits.
Invest smartly. Remember, if you’re willing to celebrate a +30% annualized return, 
you are also indicating that you can accept a negative 30% annualized return. 
Investment returns are based on risk. The higher the risk, the greater the potential 
for incredible investment gains…and losses.
Let time be your friend. 
Even if some or much of your youth has slipped away, still save. You’ll be 
delighted with anything you have saved for your future.
When did you start saving for retirement?

Retirement Meditation : Who should I name as the 
beneficiary of my retirement plan account?
Author: Paul A. Carl, CHSA, CPFA™ Vice President, Retirement Plan 
Consulting, Registered Representative
Naming a retirement plan beneficiary is simple, yet many participants do not have 
a valid or a current designation on file. Without a valid beneficiary form, the 
retirement account will most likely fall to probate with the governing state’s rules 
ultimately determining the retirement beneficiary. Without a current designation 
form on file, a deceased participant may transfer retirement plan assets to an 
unintended beneficiary.
Below are several important considerations:
For qualified retirement plan participants who are married, the spouse must be the 
100% primary beneficiary. If the spouse is not the named 100% primary 
beneficiary, the spouse must consent to that fact in writing and that consent must 
be witnessed by the plan administrator or a notary.
For unmarried participants of a qualified retirement plan, any person can be named 
as primary beneficiary.
Selecting multiple primary beneficiaries is perfectly acceptable. However, if the 
participant is married, the spouse must consent in writing. Example: Married 
participant designates primary beneficiaries as spouse 50% and two children 25% 
each. The spouse – even if the children belong to the spouse – must consent to 
this designation in writing.
Any person(s) can be named as contingent beneficiary. The contingent beneficiary 
is paid if the primary beneficiary has pre-deceased the participant.
When you encounter any major life change, evaluate your retirement plan 
beneficiary designations. Marriages, divorces, children may require beneficiary 
designation updates.
Seek appropriate professional assistance if you have complex estate matters, such 
as high net worth or beneficiaries with special needs.
Designating one or more charities as beneficiary could reduce or eliminate taxes 
that would otherwise be imposed on the retirement plan assets. Seek appropriate 
professional assistance before naming one or more charities.
Be aware that IRA’s (and life insurance policies) have similar but different rules 
than qualified retirement plans.
Without looking – Who is named as your primary beneficiary?

HORAN
6805 Avery-Muirfield Dr a2
Dublin OH 43016
614-376-0901
https://horanassoc.com/
About us 
HORAN provides legendary service, employee benefits 
consulting, wealth management and life insurance for both 
corporate and individual clients.
For over 70 years, HORAN has served as a trusted advisor and 
thorough planner in the areas of life insurance for estate and 
business planning, employee benefits consulting and wealth 
management.
With offices in Cincinnati, Columbus and Dayton, Ohio; and Ft. 
Mitchell, Kentucky, HORAN serves both corporate and individual 
clients in 48 states. HORAN has a strong regional presence with 
a national footprint. We bring the best services, resources and 
value to our clients through premier national partnerships with M 
Financial Group, United Benefit Advisors and Retirement 
Planning Advisory Group.
Our integrity, commitment to excellence and industry knowledge 
are foundations upon which HORAN has built a reputation for 
delivering high quality products and services.