Deals and People December 18, 2014

PSA Adds Two Retirement Plan Consultants

David Saunders and Victor Traub, III, have joined PSA Insurance & Financial Services.
Reported by

PSA Insurance & Financial Services, Inc. (PSA) hired David Saunders, II, as a senior investment consultant and Victor Traub, III, as a senior relationship manger within its Fiduciary Consulting Group (FCG).

The new hires will bolster PSA’s retirement planning practice and strategic partnership with retirement plan consulting firm The PFE Group. Saunders’ responsibilities will include evaluation, analysis and selection of investment managers for retirement plans, as well as counseling retirement plan committees on investment structures.

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Saunders brings more than 20 years of experience in equity research, institutional money management and financial analysis to the PSA/PFE team. Prior to joining PSA, Saunders worked for Credo Capital Management where he served as partner, co-portfolio manager and equity analyst. Prior to that, he served as an equity research analyst for Wells Fargo.

Traub brings more than 30 years of experience focused on retirement plan design, administration, investments and communication. He is an expert in Employee Retirement Income Security Act (ERISA) regulations and has frequently designed and presented qualified retirement plan seminars for professionals in the retirement planning field. Formerly, Traub served as a senior consultant for Coastal Pension Services, Inc. and vice president, consulting and administration for West Pension Solutions.

Saunders holds an MBA with a concentration in finance from The Johns Hopkins University and a bachelor’s degree in finance from Wofford College. He is an active member of the Chartered Financial Analyst (CFA) Institute and Baltimore CFA Society, and serves on the board of directors and investment committee for the Fuel Fund of Maryland.

Traub holds a bachelor’s degree in business administration from Thiel College; is a qualified pension administrator, qualified 401(k) administrator, certified employee benefits specialist, and an active member of the American Society of Pension Actuaries.

More about PSA is at www.psafinancial.com, and more about PFE is at www.pfegroup.com.

Administration December 17, 2014

MOSER Participants’ Accounts Hacked

The Missouri State Employees Retirement System confirmed four instances of hackers accessing participant accounts.
Reported by

The Missouri State Employees Retirement System (MOSERS) reported that someone gained “unauthorized access” to four members’ accounts.

The hacker or hackers filled out online forms that required the use of the members’ Social Security numbers, retirement identification numbers and passwords, according to news reports. Candy Smith, the retirement system’s communication and strategic planning coordinator, told the Jefferson City News Tribune attempts to get money were detected, and no money was released.

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In a letter to members posted on its website, MOSERS said, “We are taking this matter very seriously, and we are working with state and federal law enforcement officials to identify and bring to justice the guilty party(ies).”

The retirement system said “out of an abundance of caution” it has rescinded the online passwords and security questions for all members. Members will have to set up new passwords and security questions the next time they log in to the system’s website.

In recent years, there have been at least 15 publicized data breaches at both employee benefit service providers and government retirement systems routinely covered by PLANSPONSOR.

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