Deals and People June 4, 2012

S.C. Bank Hires Retirement Services Division Manager

June 4, 2012 (PLANSPONSOR.com) - Michael T. Amacher has joined South Carolina Bank and Trust Wealth Management Group as the retirement plan services division manager.
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Amacher will lead the growth and development of specialized advisory services to businesses and organizations sponsoring retirement plans such as 401(k) plans, 403(b) plans, pensions and profit sharing plans for employees. 

Amacher founded an Employee Retirement Income Security Act (ERISA) consulting firm in Columbia in 1984, and a Columbia-based investment brokerage and advisory practice in 1994.  

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He obtained the Qualified Pension Administrator (QPA) designation in 1989, became an Accredited Pension Administrator (APA) in 1990 and has been a member of the American Society of Pension Professionals and Actuaries (ASPPA) since 1985.
Products June 4, 2012

Platinum 401k Responds to DOL Open MEP Opinion

June 4, 2012 (PLANSPONSOR.com) – American Pension Services, provider of The Platinum 401k, believes open multiple employer plans (MEP) will still grow as a trend despite a recent advisory opinion from the Department of Labor (DOL).
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The DOL said an MEP open to unrelated employers does not constitute a single employee pension benefit plan under the Employee Retirement Income Security Act (see “DOL Says Open MEPs Not Single Employee Plans”). As a result of this recent opinion, as a fee-for-service third party administrator, American Pension Services will be generating individual Form 5500’s for each of its adopters. They will be signed by the administrator of The Platinum 401k program.   

The company notes when it brought The Platinum 401k to the marketplace in late 2010, it committed that it would subsidize all of the plan audit expenses within its program for the 2010, 2011, and 2012 plan years. American Pension Services says it is standing behind that commitment, even if it means cutting significantly into its profit margins.   

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The company will revisit the audit pricing situation for the 2013 plan year in mid-2013. 

More information is at www.theplatinum401k.com.

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