Deals and People February 25, 2011

The Hartford Adds 457 Plan Sales Reps

February 25, 2011 (PLANSPONSOR.com) - The Hartford Financial Services Group, Inc. has appointed three new regional sales representatives.
Reported by

Steven Bresler is a regional sales director for government retirement plans in the Midwest Division; Kristy Dinh is a regional sales director for government retirement plans in the Western Division; and Daniel Hutto is a senior relationship consultant in the Mid Atlantic Division. All three support financial advisers as they work with states, counties and municipalities and other government entities to meet the retirement plan needs of their employees.  

According to a press release, before joining The Hartford, Bresler was a managing partner with Financial Soundings in Denver.  He has also held numerous sales management positions with The Hartford, ING Financial Services and Citistreet during career. He is based in Denver.  

For more stories like this, sign up for the PLANSPONSOR NEWSDash daily newsletter.

Dinh, who is located in Southern California, supports business development in Southern California, Arizona, Utah and Hawaii.  Previously, she served as vice president of client management and business development at Prudential and earlier with ICMA-RC.  

Hutto, who is based in Atlanta, works with financial advisers in Florida, Georgia and Alabama, which are part of The Hartford’s Mid Atlantic Division.  Prior to joining The Hartford, Hutto worked as an independent registered representative.  He has worked with retirement plans in various capacities since 1997, including with the State of Florida Deferred Compensation Office, Nationwide Retirement Solutions and The Hartford.
Administration February 25, 2011

Commission Calls for Hybrid Plan for CA Government Workers

February 25, 2011 (PLANSPONSOR.com) - The Little Hoover Commission, an oversight agency on California State Government Organization and Economy, has urged the Governor and the Legislature to establish the legal authority for the state and local governments to freeze pension benefits for current workers.
Reported by

In its report, Public Pensions for Retirement Security, the commission recommends a “hybrid” model that combines a lower defined-benefit pension formula with an employer-matched and risk-managed defined-contribution plan. According to a press release, the commission also suggests the state explore options to extend Social Security old-age benefits to all uncovered state and local public employees, following a model adopted for federal employees 25 years ago.  

While the commission acknowledged the significant challenges to modifying pension benefits for current workers, still it said the Governor and Legislature should set uniform standards for the 85 defined-benefit pension plans in California, including: 

For more stories like this, sign up for the PLANSPONSOR NEWSDash daily newsletter.

  • A cap in the $80,000 – $90,000 range of the maximum salary that could be used to calculate pension benefits; 
  • Eligibility ages for pension benefits that do not encourage early retirement; 
  • A requirement that employees and employers share the normal costs of funding their pension plans; 
  • Clear definitions of final compensation to prevent “spiking”; 
  • A prohibition against contribution “holidays” when employers do not pay into the funds; 
  • A ban on retroactive pension increases; and 
  • Steps to improve accountability and transparency. 

 

The commission’s full report can be obtained at http://www.lhc.ca.gov/studies/204/report204.html.

«