Products January 31, 2012

Dalbar Introduces Fee Disclosure Certification Program

January 31, 2012 (PLANSPONSOR.com) – Dalbar has introduced a Fee Disclosure Certification program for the evaluation of plan provider services. 
Reported by

The Certification values the intangibles of services, provides an independent evaluation to plan sponsors and creates a critical role for advisers and third-party administrators (TPAs). Service providers with successful plans, high-quality service and active investment management are evaluated on these factors, not just the cost of the offering.

Plan sponsors receive certification that is evidence of the required evaluations, as well as suggestions for improving their plans. Plan sponsors are expected to engage their advisers to implement improvements under separate or existing arrangements.

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Advisers and TPAs receive free online training to support plan sponsors in their evaluations. Advisers and TPAs are expected to charge fees for this additional support since it goes beyond typical arrangements.

“The benefits of Fee Disclosure Certification creates a win, win, win,” said Kathleen Whalen, managing director at Dalbar. “Service providers win by quantifying the value of their services, plan sponsors win by simplifying compliance, and advisers/TPAs create a new service and revenue opportunity.”

Details of the Fee Disclosure Certification is available at www.ERISAFeeDisclosure.com. 

Benefits January 31, 2012

Hospital Switches to 403(b) for New Employees

January 31, 2012 (PLANSPONSOR.com) - Cooley Dickinson Hospital and the Massachusetts Nurses Association have reached a tentative agreement on a three-year contract covering 300 nurses.
Reported by

Under terms of the pact, nurses hired after the ratification date will be able to participate in the hospital’s 403(b) retirement plan but not the current defined benefit pension plan, reports the Daily Hampshire Gazette.  

Nurses now employed in the bargaining unit will have until June 30 to choose whether to stay with the existing pension plan or move to the 403(b) plan.  

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“Though the union was pleased that it was able to preserve existing vacation and sick time packages, it did have to compromise on the pensions,” said Sue Surgen, chairwoman of the CDH/MNA Nurses Committee, according to the news report.

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