Employee Spotlight: A Conversation on Career, Change & Commitment in the Retirement Industry

For more than two decades, the retirement industry has undergone many changes, from new legislation and evolving plan designs, to shifting expectations in a digital world. Behind these changes are dedicated professionals who guide employers and plan participants to make the right financial decisions and meet their retirement objectives. 

Urmez Hozdar, our Vice President, has seen a lot of transformation over his 26-year career journey. Below, he shares the lessons he has learned, his advice for professionals joining the industry, and more about the impact he hopes to continue to make in the future at CRS. 

How did you get started in the retirement industry, and how long have you been in the field?  

I immigrated from India to pursue higher education and earned my MBA with a major in Marketing. At that time, I never imagined building a career in the 401(k) industry, especially coming from India. I initially had little understanding of how 401(k) plans worked.  

As an international student, finding my first job was challenging. I was fortunate enough to be given an opportunity by CRS, who opened the door to my professional journey. I first joined CRS in 1999. In 2000, I moved to Union Central, but in 2003 I was given the opportunity to return to CRS. This time around I provided compliance support to the staff and managed the day-to-day operations of the firm. 

I have been in this field for 26 years and I’m still inspired by the impact we can make in helping people build a more secure future. 

What do you most enjoy about working at CRS? 

At CRS, we truly operate as a team. We support one another and always rise to the occasion to meet any challenge together. Over the years, the CRS team has become like a second family to me. I take great pride in stepping in to help any colleague, no matter how big or small the task may be. 

What major industry changes have you observed, and where is the industry headed? 

I’ve seen numerous legislative changes during my career such as Safe Harbor 401(k) plans, New Comparability Profit Sharing designs, Automatic Enrollment, and gaining popularity of Roth Contributions has altered the retirement landscape. With each passing year, I’ve also seen an increase in the number of notices and disclosure requirements that plan sponsors and administrators must meet. I believe bipartisan efforts in Congress will continue in the years ahead, focused on finding solutions to ensure that every American has a reliable way to save for retirement. 

Now, we live in a digital economy where information is available instantly and people expect real-time service. To maintain a high level of service and quick turnaround times in plan administration, we must continue exploring ways to automate our processes. Undoubtedly Artificial intelligence will play a growing role in our industry over the next decade. While there is some skepticism today, I believe AI will eventually become an integral part of our daily professional lives. 

What advice would you offer aspiring retirement consultants? 

I strongly recommend gaining two to three years of work experience before attempting professional exams. While it’s certainly possible to pass these exams without any practical experience, all you truly have is a grade. What matters most is whether you can apply that knowledge in real-world situations. When you’ve had hands-on experience, not only will the exams feel easier, but the concepts will also make much more sense. 

Secondly, I suggest setting a firm exam date. Once you register, you have a clear deadline to work towards. Without that commitment, it’s easy to keep putting it off and never actually take the exam. 

Remember, knowledge is power, but it’s most powerful when shared. Keep learning, but more importantly, use what you learn to help others. Over the years, I’ve interviewed many candidates with impressive credentials and designations, yet when presented with real world scenarios, some struggle to demonstrate practical application. True success and satisfaction come when you can use your knowledge to make a difference and support those around you. 

Can you share a memorable story about how you or your team helped a client achieve their retirement goals? 

When a company files for bankruptcy and suddenly closes its doors, it becomes extremely challenging to liquidate its retirement plan. On several occasions, my team and I have worked closely with bankruptcy trustees, providing guidance on the complex retirement plan rules that apply in such cases. At times, we’ve even had to involve the Department of Labor to ensure the process moves forward and that participants’ rights are protected. 

Throughout these situations, I’ve personally reassured many plan participants that, regardless of what happens with their employer, their retirement money is safe. The CRS team works tirelessly to ensure that those funds are released to participants as quickly as possible because that money rightfully belongs to them. 

Closing Thoughts 

At CRS, we understand that people rely on their retirement savings for their future – and that trust matters. Our team works closely with employers, advisors, and participants to ensure plans are administered with care, clarity, and integrity. 

If you’re looking for an experienced partner who can help you meet your retirement objectives, we’re here to help.