Deals and People January 25, 2005

Benefits Tax Counsel Leaving Treasury

January 25, 2005 (PLANSPONSOR.com) - William Sweetnam, Jr., the Benefits Tax Counsel in the Office of Tax Policy of the Department of the Treasury, has announced that he is leaving the post.
Reported by

Sweetnam announced his decision at the American Bar Association Section of Taxation meeting, saying he would step down as of February 25. He has held the position since 2001, and was responsible for providing policy analysis and advice to the Assistant Secretary of Tax Policy regarding aspects of employee benefits taxation. No replacement has been named.

Never miss a story — sign up for PLANSPONSOR newsletters to keep up on the latest retirement plan benefits news.

Sweetnam was the Treasury’s primary contact point with Congress regarding provisions for IRA and pensions in the Economic Growth and Tax Relief Reconciliation Act of 2001.

Sweetnam is leaving to pursue opportunities in the private sector.

Benefits January 24, 2005

Schwab: K Plan Advice Helps Beef up Deferrals

January 24, 2005 (PLANSPONSOR.com) - K plan participants using managed account and advice offerings from Schwab Corporate Services more than doubled their average savings rate to 9.57% of eligible income in 2004, according to a Schwab news release.
Reported by

The news release said that 84% of these participants enrolled in managed accounts that provide ongoing account monitoring and automatic rebalancing. Schwab Retirement Plan Services, Inc. (SRPS) offers managed account and advice services at no extra cost to Schwab K plans.

Never miss a story — sign up for PLANSPONSOR newsletters to keep up on the latest retirement plan benefits news.

Participants in Schwab plans have access to personalized advice online, by phone or in person, including recommendations specific to the core investment fund choices available in their plan and specific recommended savings rates, the company said. Participants can also elect managed accounts with annual rebalancing. provided by GuidedChoice.

“We know that when it comes to retirement planning, many individuals aren’t sure how much they need to save or how to invest. We offer those answers and the opportunity to discuss them with an investment professional. Clearly, many of our participants prefer this type of one-on-one relationship,” said Trish Cox, SRPS chief operating officer, in the news release.

Cox noted that previously, the average savings rate for these participants was 4.57%, well below the overall average for Schwab’s 401(k) participants (7.15%) and the national average (7%).

«