Cleveland Iron Workers Local 17 Pension Fund announced that its retirees will be the first in the country to face pension benefit cuts as a result of the Multiemployer Pension Reform Act (MPRA), which allows ongoing plans that are severely underfunded to take action to cut retiree pension benefits.
The cuts will go into effect on February 1, 2017, and are the result of a participant vote taken after the U.S. Treasury Department’s December approval of the plan’s application to cut pensions. The Pension Rights Center tells PLANSPONSOR only one-sixth of the fund’s participants were targeted for significant cuts.
According to data from the Pension Rights Center, four applications so far have been denied, including that of the Central States, Southeast and Southwest Areas Pension Plan. Four others are in review, and one has had its comment period closed.
Paychex’s 401(k) recordkeeping clients supported by LPL
Financial now have access to LPL’s Employee Advice Solution (EAS). This
online system provides plan participants with tailored financial advice and
education, the firm says.
The EAS can help employees digitally
visualize their entire financial pictures, and they can elect to receive advice
throughout retirement. Individuals also have access to advisers who can help
them personalize their retirement savings strategies.
Paychex points to a study by Morningstar
which showed that participants who received professional online advice for
retirement planning increased savings rates by nearly 28%, and 87% of
respondents acted on recommendations to save more.
“Paychex is committed to providing
401(k) participants with the tools and education they need to navigate the
retirement planning process with ease, flexibility, and service at every step,”
says Tom Hammond, vice president of
corporate strategy and product management at Paychex. “The ability to offer
plan participants access to financial advice from LPL Financial is another way
Paychex focuses on helping our retirement services clients optimize this
important employee benefit.”
EAS adds to the suite of tools and
services that Paychex offers through LPL’s employee Worksite Financial Solutions. The worksite offers retirement
guidance, education, and managed accounts. Enrollment in Worksite includes LPL Small Market Solution, which Paychex began offering to its
customers in 2016. The Small Market Solution is designed to help advisers and
plan sponsors met fiduciary requirements, while enhancing efficiency.
NEXT: Amerilife Names
New CEO
Amerilife Names New CEO
Insurance industry veteran Scott R. Perry has been named CEO of AmeriLife. He will succeed Timothy O. North, who announced his plans to retire last year, and will now serve as chairman of AmeriLife’s Board of Directors.
“The life and health insurance industry is facing monumental disruption driven by shifts in demographics, consumer preferences, technology and the regulatory environment,” says Perry. “AmeriLife, with its diverse insurance product portfolio, powerful distribution and advanced technology platform, is well positioned to respond to these changes. I intend to build on the tremendous legacy that Tim and the AmeriLife team created, and further position the company as the first choice and most-trusted insurance provider, serving Americans across the country.”
Perry’s experience in the insurance industry spans more than 30 years which included time spent as chief business officer of the CNO Financial Group in Chicago, and president of Bankers Life. While at CNO Financial, he was responsible for multichannel operations across each of its three insurance subsidiaries: Washington National, Colonial Penn and Bankers Life.
“We are excited to have Scott take the helm,” says AmeriLife Board Member Eric Rahe. “As an industry thought-leader whose intuitive and innovative stewardship have led several insurance and financial institutions to profitable growth, we welcome the perspective he brings to AmeriLife. His experience and implementation of best-in-class practices in market analytics, customer acquisition and agent recruitment will accelerate AmeriLife’s continuing expansion.
AmeriLife specializes in developing, marketing and distributing annuity, life and health insurance solutions.
NEXT: New Sales Consultant Joins The Retirement Advantage
New Sales Consultant Joins The Retirement Advantage
Grant Livingston has
joined The Retirement Advantage as
its regional sales consultant serving the firm’s New England clients.
Focusing on retirement
plans, Livingston has more than 20 years in the financial and insurance
services industry. Before joining TRA, she served as a marketing director for Paragon
Alliance Group. He’s also held regional sales director positions with
MassMutual, Transamerica and WisdomTree Asset Management.
"Grant's background in
retirement plan consulting will enhance the service and support we're able to
provide to our financial advisors and recordkeeping wholesalers in the
region," says Craig Mazzini,
national sales manager of TRA. "We are thrilled to have him join our
sales team."
Livingston will succeed
David Egel, who is retiring at the end of February after a 40-plus year career
in the retirement plan industry. With TRA, Egel focused on providing consulting
to financial advisers and plan sponsors throughout New England. He is also an
attorney and a member of the Massachusetts and U.S. Supreme Court Bar
Associations.
TRA is a third party
administrator (TPA) specializing in administration, consultation and compliance
of retirement plans for privately held businesses nationwide. The firm services
more than 5,800 plan sponsors, 350,000 plan participants and has more than $5
billion in retirement assets under its administration.
NEXT: Custodia Financial Adds Staff to
Retirement Loan Eraser Program
Custodia Financial Adds Staff to Retirement Loan Eraser Program
Kim Zimmerman and Kevin Crews have joined Custodia
Financial with key roles in the firm’s Retirement Loan Eraser program, a platform designed to
help plan sponsors prevent 401(k) loan defaults.
Zimmerman
will serve as senior project manager responsible for establishing new users on
RLE. With more than 20 years of experience in the retirement services industry,
she has held several roles with Fidelity Investments. She earned a master’s
degree in business administration from The University of Dallas, and a
bachelor’s degree from Westminister College.
Crews
joins the firm as operations director overseeing insurance premiums, claims
processing, and other factors. Beforehand, he led an administrative unit
supporting retirement plans with Newport Group. He brings to his new role a
decade of experience in the financial services industry. He earned a master’s
degree from Amberton University and a bachelor’s degree in economics from the
University of Oklahoma.
"We
are thrilled to have talented professionals like Kim and Kevin join our team,”
says George White, executive vice
president. “Their experience supporting large clients at leading retirement
firms and their unique familiarity with the widespread issue of 401(k) loan
leakage will help Custodia move the industry forward to safeguard and protect
retirement loans.”
NEXT: Fiduciary
Investment Advisors Expands Retirement Practice
Fiduciary Investment Advisors Expands
Retirement Practice
Tyler
Polk has been named partner and senior consultant of Fiduciary
Investment Advisors (FIA). Since joining the firm in 2011, he’s served on
numerous committees including the defined contribution team and the 403(b)
Committee. Polk specializes in advising institutional clients and guiding them
through fiduciary liability, plan benchmarking, and participant education
planning, and fee analysis.
After joining FIA in 2009and serving as
senior consultant, Michael Chase has been named a partner.
He’s versed in portfolio construction, capital markets and governance
oversight. Chase chairs the firm’s Endowment & Foundation Committee and is
a member of the firm’s Discretionary Investment Services Committee, which is
responsible for the oversight and management of the firm’s discretionary
investment portfolios.
Christian
Coleman has
been named a partner and director of business
development and marketing of the firm. Coleman joined in 2008, and he leads
FIA’s sales and marketing team.
Matthew
Kaminski, CFA, has
been named a partner and director,
manager research of the firm. Joining the firm in 2009, he now leads the firm’s
manager research group and due diligence effort. He’s covered several asset
classes during his time at the firm and continues to maintain coverage in fixed
income and private equity, and also is a member of the 401(k)/403(b) Strategic
Oversight Committee which sees him conducting research on target-date and
stable value strategies.
“We are pleased to announce these
well-deserved promotions, which recognize the hard work and substantial
contributions these individuals have made in helping serve our clients,” saysFIA President Mark Wetzel. “FIA continues to grow in all of our major
businesses; advising retirement plans, endowments and foundations, and families,
now exceeding $50 billion, and we remain dedicated to providing the highest
level of service and advice to all our clients through qualified associates
like Mike, Chris, Matt and Tyler.”
NEXT: Segal Group Makes Executive Promotions
Segal Group Makes Executive Promotions
The Segal Group has named John Flynn the firm’s new chief
operating officer. Flynn serves as vice president and has lead the East
region for the past decade. In his new role, he will oversee the
regional Leaders from the East, Midwest, New York and West. Flynn also will
continue overseeing Segal Group’s Canadian business.
Senior vice president John Gingell has
been namedThe Segal Group’s chief
practice officer. For the past decade, he has lead the firm’s Midwest
region. He will now be responsible for the company’s practices spanning health,
retirement, and compliance; as well as special practices such as administration
and technology consulting, communications consulting, and Segal Select
Insurance Services.
Stuart Wohl,
a senior vice president, has been
named East Region Leader. In the last decade, he has served as East region
health practice leader. He joined the firm in 1988, and has also served as
Segal’s retiree health practice leader.
Mitchell Bramstaedt was named the Midwest region Leader.
Throughout his 24-year span with Segal, this senior vice president has held
several Midwest leadership roles while working with large multiemployer and
public-sector clients.
“I am excited by what these changes
mean for our ability to better serve clients and to aid in growth and
professional development opportunities for my Segal Group colleagues going
forward,” says David
Blumenstein, president and CEO of The Segal Group.