Deals and People August 1, 2023

Northern Trust Promotes Bob Parise to Head of North America Institutional Unit

Parise had been the asset manager’s practice lead for public retirement funds and Taft-Hartley DC plan business.

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Bob Parise

Northern Trust Asset Management promoted Bob Parise to head of North America, global institutional client group, a spokesperson for the company confirmed this week. Parise’s promotion took effect in July.

Parise is responsible for leading the Northern Trust Asset Management institutional sales division, providing oversight of institutional client-facing and new business development within North America and creating long-term strategy, executing operational plans and developing talent, the spokesperson said. Parise reports to John Abunassar, head of NTAM’s global institutional client group.

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Parise’s previous role was as the practice leader for public retirement funds and Taft-Hartley plan business segments. Taft-Hartley plans, also known as multiemployer retirement plans, are collectively bargained retirement plans maintained by more than one employer, often sharing an industry or a labor union.

Parise has worked in the retirement investing industry with retirement plans for more than 30 years, beginning in 1997. Parise started as a 401(k) wholesaler at Banc One Investment Advisers and worked at J.P. Morgan Asset Management, in two roles, for 12 years.

The Northern Trust Asset Management retirement practice includes an outsourced CIO model, with the firm acting as discretionary manager for defined benefit plans and defined contribution 401(k) plans, according to its website. Plan sponsors can hire Northern Trust to customize and design their retirement plans. Northern Trust also offers defined contribution plan asset custody services.

Northern Trust Asset Management has $202.7 billion in defined contribution assets under management, according to the firm’s website.

Ask the Experts August 1, 2023

When Can Creditors Make a Claim Against a Retirement Account?

Experts from Groom Law Group and CAPTRUST answer questions concerning retirement plan administration and regulations.

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Q: I work for a 403(b) plan sponsor, and we recently received a notice from the IRS that a levy has been placed on a participant’s 403(b) account balance. I thought that creditors could not claim a participant’s 403(b) account balance—can the Experts explain?

Kimberly Boberg, Taylor Costanzo, Kelly Geloneck and David Levine, with Groom Law Group, and Michael A. Webb, senior financial adviser at CAPTRUST, answer:

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A: Generally, creditors cannot make a claim against a retirement plan, but there is an exception to this rule for federal tax levies and garnishments. An IRS tax levy, garnishment or other judgement for the payment of back taxes is an exception to the anti-assignment rules under Treas. Reg. Section 1.401(a)-13, which allow a participant’s 403(b) account balance to be used to satisfy outstanding unpaid taxes. Having said this, no money from the participant’s 403(b) account balance can actually be paid to the IRS until the participant has the right to withdraw such funds under the terms of the plan.

NOTE: This feature is to provide general information only, does not constitute legal advice and cannot be used or substituted for legal or tax advice.

Do YOU have a question for the Experts? If so, we would love to hear from you! Simply forward your question to Amy.Resnick@issgovernance.com with Subject: Ask the Experts, and the Experts will do their best to answer your question in a future column.

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