Deals and People May 1, 2023

Retirement Industry People Moves

Marathon Asset Management adds Boyle as managing director; Fiduciary Trust announces Queler as head of wealth management; and more.

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Marathon Asset Management Adds Managing Director

Scott Boyle

Marathon Asset Management LP. announced that Scott Boyle has joined the firm as managing director and global co-head of consultant relations.

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Boyle will be dedicated to providing client services and solutions. Boyle has more than 25 years of institutional investment experience. Prior to joining Marathon, he was senior vice president and managing director of North America institutional consultant relations at AllianceBernstein.

“Scott’s background and knowledge in private and public credit, and deep relationships with institutional investment consultants are a welcome addition to our team as we continue to expand our capabilities and customized solutions for our institutional clients,” said Jason Friedman, partner and global head of business development, in a statement. “Our core focus is to generate alpha for our clients across the credit spectrum, and adding Scott to our team further demonstrates Marathon’s commitment to reinforcing our position as a leading credit manager.”

Fiduciary Trust Names Sidney Queler Head of Wealth Management

Sidney Queler

Fiduciary Trust Co. International announced that Sidney Queler has recently joined the firm as head of wealth management.

Queler is responsible for the strategic direction of Fiduciary’s client service and new business development activities. He also leads the recruitment and development of its professionals.

He brings more than 30 years of wealth management experience to Fiduciary, previously serving as the chief growth officer for CIBC Private Wealth Management and national director of business development at CIBC-Atlantic Trust.

“I am excited to join the team at Fiduciary, a firm that exemplifies the best practices in wealth management,” said Queler in a statement. “I look forward to further enhancing the firm’s distinctive client service experience, including developing and growing its team of talented wealth management professionals.”

Bill Lester

Ameritas Announces Newly Elected Officers

Bill Lester,  president and CEO of Ameritas Life Insurance Corp., announced the following officer elections. 


  • Tammy Barry was promoted to vice president, group sales and marketing;
  • Liz Ring Carlson was promoted to vice president, content development, marketing; 
  • Jessie Goodwin was elected the new vice president, investments, individual fixed income, effective  19;
  • Tabatha Riegler was promoted to vice president, sales and marketing; and
  • Mike Wells was promoted to vice president, information technology.

Jackson Names Raub Chief Risk Officer

Chris Raub

Jackson Financial Inc. announced that Christopher Raub has been appointed chief risk officer, effective immediately.

Raub will oversee all enterprise risk management, including financial and operational risks. As a member of Jackson’s executive committee, he will also provide strategic counsel to the CEO, executive leadership and the board of directors.

“Chris is a talented leader who brings a depth and breadth of insurance industry experience to his new role,” said Jackson CEO Laura Prieskorn in a statement. “His knowledge of Jackson’s general account investment strategy, the asset liability management function, and financial and operational risks is extensive and will enable him to effectively oversee and lead an important function of the company.”

Savvy Wealth Welcomes Boden as Principal Wealth Manager

Savvy Wealth Inc., a digital-first platform designed for financial advisers to modernize human financial advice, announced that Brent Boden has joined the firm as a principal wealth manager.

Brent Boden


He will leverage Savvy’s technology and marketing automation to streamline operations, enhance the client experience and scale his practice. He brings more than $40 million in assets under management to Savvy. 

“Savvy Wealth is pioneering the future of wealth management and I am thrilled to be part of the movement,” said Boden in a statement. “I am passionate about setting medical professionals up for success by helping them navigate the financial complexities of residency budgeting, loan repayment and managing income after years of intense schooling. Savvy’s technology arms me with everything I need to keep the process straightforward and painless.”

Voya Hires Evers to Support Regional Wealth Solutions Sales Team

Stephen Evers

Voya Financial has hired Stephen Evers as a regional vice president for the company’s wealth solutions sales team, covering emerging markets in the Central Southeast U.S. region.

Evers is responsible for generating new retirement plan business and building key distribution relationships within North Florida and Southeast Georgia. He will be working in all channels, including with wirehouses, banks, independents and third-party administrators. 

“I’ve been in the retirement plan industry for more than 15 years, and Voya is one of the few companies that has proven to truly be a leader in the space,” Evers said in a statement.

Before joining Voya, Evers held various roles supporting retirement services, including most recently serving as a consultant at Ascensus Consulting.

Compliance April 28, 2023

ERISA Lawsuit Against NJ Transit Authority Dismissed

The 3rd Circuit Court of Appeals upheld a District Court ruling that government plans are not covered by ERISA.

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The U.S. 3rd Circuit Court of Appeals earlier this month dismissed an ERISA-based lawsuit filed against the New Jersey Transit Authority and appealed from U.S. District Court, based on the fact that government plans are not covered by ERISA. 

In Pue v. N.J. Transit Corp., a former bus operator—Anthony Pue—sued the state transit authority in July 2021 under the Employee Retirement Income Security Act, claiming the authority failed to pay certain collectively bargained retirement disability, vacation and holiday time benefits after he retired in 2017 due to debilitating work-related injuries.  

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According to the appellate ruling, released on April 13, Pue alleged in U.S. District Court for the District of New Jersey  that N.J. Transit committed a breach of contract in failing to make the required payments.  

The employer responded that, as a government entity, it is not subject to ERISA, and District Judge Freda Wolfson agreed and dismissed Pue’s ERISA claims. Pue promptly appealed the District Court’s decision and devoted much of his brief appeal to raising constitutional and civil rights claims, most of which were not raised, in District Court, but the 3rd Circuit upheld the original decision.  

Under ERISA section 4(b)(1), the law does not cover “government plans.” A government plan is defined as a “plan established or maintained for its employees by the Government of the United States, by the government of any state or political subdivision thereof, or by any agency or instrumentality of any of the foregoing.” 

An entity constitutes a political subdivision, according to Wagner Law Group, if it was either created directly by the state or is administered by individuals who are responsible to public officials or to the general electorate.  

In the appellate decision, the 3rd Circuit ruled in August 2022 that the employee did not raise any arguments to refute the conclusion that the N.J. Transit Authority is a political subdivision exempt from ERISA. The court noted that N.J. Transit is part of the state’s department of transportation and constitutes an “instrumentality of the State exercising public and essential governmental functions.”  

The 3rd Circuit further observed that the employer was governed by a board whose membership included the commissioner of transportation, the state treasurer, a member of the executive branch selected by the governor and additional public members appointed by the governor, according to Wagner Law Group.  

Ultimately, the 3rd Circuit agreed with the District Court decision that the federal courts lacked subject-matter jurisdiction over the employee’s ERISA claims.  

In the past, the Department of Labor has ruled that a plan funded by a government entity in amounts determined by a collective bargaining agreement is a government plan and therefore is excluded from ERISA. This can be seen in Advisory Opinion 86-22A, in which the West Palm Beach Firefighters Benefit Fund was determined to be a governmental plan not subject to ERISA.  

According to Berg Plummer Johnson & Raval LLP, when Congress first crafted ERISA, it intentionally made state and local governments free to decide the best way to protect their employees. However, the National Association of Plan Advisers has stated that while governmental retirement plans are generally fully exempt from Titles I and IV of ERISA, these plans may be subject to Titles II and III. 

As an example, Title II relates to the portion of ERISA that amended the Internal Revenue Code and includes certain plan qualification requirements like limits on plan contributions. These requirements do apply to governmental plans. 

Governmental plans are also subject to Title III of ERISA, which contains procedures for co-coordinating enforcement laws between the Department of Labor and the Department of the Treasury. 

According to NAPA, it is important for plan sponsors and others who may have discretionary authority over governmental plans to consider any fiduciary requirements and other legal requirements under applicable state law. 

 

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