Products August 21, 2012

CPI Realigns Sales Teams

August 21, 2012 (PLANSPONSOR.com) - CPI Qualified Plan Consultants Inc. combined its six regions into three divisions: Northeastern, Central/Southeastern and Western.
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In addition to the three sales divisions, the new CPI map illustrates areas of the country targeted for new consulting offices: Houston, Philadelphia, North and South Carolina, Michigan and Indiana.  

“Our comprehensive array of retirement plan programs and our focus on helping employees achieve a successful retirement has positioned us to expand the number of our regional offices to 21 by the end of 2013. The divisional structure enhances our ability to respond to CPI’s growth and provide better service to all of our clients,” CPI’s president Jon Prescott stated.
Compliance August 21, 2012

PBGC Will Pay Pensions Owed by Newsprint Producer

August 21, 2012 (PLANSPONSOR.com) - The Pension Benefit Guaranty Corporation (PBGC) will pay retirement benefits for nearly 1,300 current and future retirees of SP Newsprint Co.
Reported by

The agency is moving to take responsibility for SP Newsprint’s two pension plans because the company intends to sell its assets in bankruptcy proceedings and the buyers are not assuming the pension plans.  

SP Newsprint, a newsprint producer based in Greenwich, Connecticut, and its affiliates filed for Chapter 11 protection in the U.S. Bankruptcy Court in Wilmington, Delaware, on November 15, 2011. The filing was spurred by a decline in demand for newsprint products.   

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The company’s two pension plans are the SP Newsprint Co. Pension Plan and the SP Newsprint Co. Union Pension Plan. According to PBGC estimates, collectively the plans are 49% funded with $74.4 million in assets to cover $150.7 million in benefits. The agency expects to cover $73 million of the $76.3 million shortfall.

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