Compliance September 10, 2008

EBSA Announces Two More Compliance Workshops

September 10, 2008 (PLANSPONSOR.com) - The U.S. Department of Labor's Employee Benefits Security Administration (EBSA) has announced additional sessions of its compliance workshops.
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According to an announcement, EBSA will hold two free workshops in two separate locations – to help employers, pension plan administrators and other benefit professionals comply with federal employee benefits law.  

The workshops will be held in Pittsburgh, Pennsylvania on September 18, and Silver Spring, Maryland on September 16.

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The Voluntary Fiduciary Correction Program Workshop, scheduled from 9:30 to11:30 a.m. EDT (in both locations, albeit on different dates), will offer comprehensive information and one-on-one help on how to apply to and use the Voluntary Fiduciary Correction Program (VFCP) to self-correct violations of the Employee Retirement Income Security Act (ERISA).   The program is designed to make it easier for benefit managers and professionals to comply with ERISA and avoid enforcement action by the Labor Department

The workshop is open to employers, accountants, fiduciaries, third party administrators, attorneys and anyone else concerned about responsibilities in administering employee benefit plans.   One-on-one assistance will be available after the workshop.

Forms to register for this program are online at

Silver Springs:  http://www.dol.gov/ebsa/pdf/VFCPMD.pdf   

Pittsburgh  http://www.dol.gov/ebsa/pdf/VFCPPA.pdf

The Abandoned Plan Program workshop, scheduled from 1 to 3 p.m. EDT (again, in both locations), is designed for employee benefit professionals and will cover the federal regulations governing abandoned plans.   Issues to be discussed include:

  • what is an abandoned plan;
  • how to terminate and wind down the plan; and
  • who may initiate and carry out the process of terminating an abandoned plan.  

Registration is limited to 40 people for both workshops (in both locations), and is on a first-come, first-served basis.   Individuals should register as soon as possible to ensure space availability.  

For more information and to register, contact Lisa Scimeca, EBSA's associate regional director, at 215-861-5313, or e-mail VFCP-PHIRO@dol.gov.   Registrants also will need to complete a form available on the agency's Web site at www.dol.gov/ebsa .

The September 18 Pittsburgh workshop will be held at the Radisson Hotel Pittsburgh Greentree located at 101 Radisson Drive in Pittsburgh.

The September 16 Silver Springs workshop will be held at EBSA's Washington District Office, 1335 East West Highway (first floor) in Silver Spring.  

Administration September 9, 2008

Maryland Beefs Up Emerging Manager Program, Allocations

September 9, 2008 (PLANSPONSOR.com) - The Board of Trustees for the Maryland State Retirement and Pension System has announced the selection of six new program managers to expand the System's emerging manager program.
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The six firms retained as program managers for the Maryland Developing Manager Opportunity Program (MDMOP) are:

  • Attucks Asset Management,
  • Bivium Capital Partners,
  • Capital Prospects,
  • FIS Group,
  • Leading Edge Investment Advisors, and
  • Progress Investment Management Company.

The six firms join Northern Trust Global Advisors, which was retained by the System when the program was initiated in April 2007. Northern Trust currently has responsibility for the oversight of ten managers with approximately $350 million in assets for the System. In April 2008, the Board of Trustees voted unanimously to double the system’s allocation to the Emerging Manager program.

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“The expansion of our program is aimed at identifying excellent performing investment managers that may have otherwise been overlooked due to the firm’s size or relative newness to the marketplace.   It will continue to beneficially increase the diversity of our managers,” noted Nancy K. Kopp, Chairman of the Board of Trustees and State Treasurer, in a press release.  The State Retirement and Pension System of Maryland is charged with the fiduciary responsibility for properly administering the retirement and pension allowances of 103,000 retirees and beneficiaries as well as the future benefits for over 188,000 active participating members, including state government employees, teachers, law enforcement personnel, legislators, judges and local government employees and fire fighters whose employers have elected to participate in the system.

Vice Chairman and State Comptroller Peter Franchot said, "This expansion of the Emerging Manager Program is a very positive step in the right direction. It will enable us to invest assets with some of the most talented and successful small managers within the investment community. Furthermore, this commitment will lead to a meaningful increase in the diversity of the System's managerial pool, as most women and minority-owned firms are emerging managers."

The investment managers selected for the program will be integrated into the system's overall portfolio and be evaluated in the same manner as other managers with no special consideration given to their status as an emerging manager.  

The System's Chief Investment Officer, Mansco Perry, reported the System will allocate a minimum of $200 million to each of the six new program managers and that Northern Trust also would receive an incremental allocation. Perry and his Investment Division staff have been designing the revamped program and working with the seven program managers to identify potential investment managers since Perry arrived last April, according to the announcement (see  MD Fund Taps new CIO ).  

It is anticipated that investment managers in the program will begin to receive funds in October. The investment managers will be hired to manage in the domestic equities, international equities, global equities and fixed income asset classes. Staff at the Maryland system is said to be exploring the feasibility of expanding the program to other asset classes.

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