Deals and People November 12, 2007

BenefitStreet's Founder and CEO Departs

November 12, 2007 (PLANSPONSOR.com) - Jim Drury, the founder, Chairman, and CEO of BenefitStreet, has left the firm.
Reported by

Although BenefitStreet’s spokesman acknowledged that Drury had left the company, no reason was given for his departure. However, sources told PLANSPONSOR that he had been dismissed.

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Alex Hehmeyer, board member since 2004, currently serving as general counsel for BenefitStreet as a consultant, has been named as interim CEO and Chairman. BenefitStreet has retained an executive recruiting firm to conduct a national search for a permanent CEO.

The firm says that Hehmeyer assumes his role at a time when the firm “is focusing on growth opportunities” following the introduction of various products.

Earlier this year, BenefitStreet announced it would offer Barclays Global Investors’ iShares exchange-traded funds (ETFs) via a new 401(k) platform (See BenefitStreet Offers Barclays’ iShares on New 401(k) Platform ). BenefitStreet’s spokesman said that the relationship there is “business as usual.” A spokeswoman for BGI said that iShares is “very committed” to ETFs in the 401(k) space and therefore will continue to work with BenefitStreet but will also be pursuing other relationships in this space as well.

Reliance Trust Company was added as a custodian to the 401(k) product in September (See Reliance Signs on as Custodian for BenefitStreet ETF 401(k) Platform ) and then the platform was broadened, enabling investors to choose both exchange traded funds (ETFs) and mutual funds in the same plan (See BenefitStreet Expands 401(k) Platform to Include Mutual Funds ).

Products November 10, 2007

BISYS Unveils Revamped 22c-2 Compliance Tool

October 23, 2006 (PLANSPONSOR.com) - The retirement services unit of BISYS announced Monday the release of its 22c-2 compliance suite, designed to help companies comply with the Securities and Exchange Commission's (SEC) rule meant to prevent market timing.
Reported by

According to a release from the company, the revamped BISYS product includes fully automated and flexible redemption fee and trade blocking capabilities meant to adhere to fund family frequent trading policies, and produces a shareholder information and transaction report consistent with the NSCC Standardized Data Reporting Format (See BISYS Releases Rule 22c-2 Compliance Product ).

The regulator gave its final blessing in late September to the amended rule, which requires that most mutual funds execute shareholder information agreements with intermediaries, such as broker-dealers, that hold shares on behalf of other investors. Those funds will now have access to the identity of the customers involved in such transactions – including omnibus accounts – and will require fund board of directors to consider whether a redemption fee policy suits their fund (See  SEC Gives Final Passage to 22c-2 Changes ).

The Charles Schwab Trust Company released its own answer to 22c-2 in July (See Schwab Prepared for Rule 22c-2 ) and The Depository Trust & Clearing Corporation (DTCC) did the same in August (See DTCC Puts Out 22c-2 Product ).

For more information about the BISYS product contact Robert Guillocheau, president of BISYS Retirement Services, at 215.648.4816.

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