Deals and People December 27, 2005

Valdes Captures CalPERS Board Runoff

December 27, 2005 (PLANSPONSOR.com) - Charles Valdes, an incumbent member of the California Public Employees' Retirement System (CalPERS) board has easily nabbed a sixth term helping to direct the nation's largest public pension system.
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According to unofficial election results posted on the CalPERS’ Web site, Valdes captured 143,071 votes or 71% of the ballots cast – pushing aside challenger Robert Walton, a recently retired CalPERS executive, who could only manage 58,414 votes or 29% of the ballots cast.

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The outcome was widely expected because of the strong union support for Valdes, a senior attorney with the Department of Transportation and former president of the California State Employees Association.

Moreover, Valdes fell just short of avoiding the fund’s first runoff election in October when he captured 49.8% of the votes (See CalPERS Board Faces First Runoff Election ).

Products December 23, 2005

M&I: We're Now Roth Ready

December 23, 2005 (PLANSPONSOR.com) - Marshall & Ilsley Trust Company has developed the new Roth 401(k) contribution feature for its 401(k) client base for 2006.
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“M&I Trust forecasted and began building the processes necessary to offer the Roth 401(k) to our clients back in July,” said Mike Shlensky, vice president and director of transition services, M&I Trust, in a news release. “We preferred to take a proactive approach to educating our clients, gauging their interest in the Roth 401(k) and making the option available to their employees.”

In October, M&I launched an education campaign, which included client seminars, one-on-one client meetings, worksite employee seminars, Q&A collateral materials for sponsors and employees, an on-line calculator, and decision checklists designed to bring companies up-to-speed quickly.

In addition, M&I’s Web site and recordkeeping systems have been updated, including added functionality to track the first Roth contribution date and to recordkeep Roth contributions and rollovers separately.

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