Deals and People September 19, 2003

WA Pension Officials Tap New Board Heads

September 19, 2003 (PLANSPONSOR.com) - State of Washington's pension officials have tapped a retired union officer and a firefighter as their new chairman and vice chairman, respectively.
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Taking over the top spot at the Washington State Investment Board, which oversees about $39 billion of public pension assets, was George Masten, while Patrick McElligott, was named vice chairman, according to Bloomberg News.

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Masten, former executive director of the Washington Federation of State Employees, has been interim vice chairman of the 15-member board since June, after the retirement of teacher Lee Ann Prielipp. Masten takes over from John Charles, director of the state Department of Retirement Systems, who is retiring.

Masten is currently chairman of the fund’s private markets committee, which oversees its holdings in buyout and venture capital firms. Masten represents retired employees, and McElligott represents working law enforcement officers and firefighters.

Both Masten and McElligott were governor appointees. Masten was reappointed to a three-year term in January 2002. McElligott was reappointed in January 2001; his current three-year term expires at the end of December.

Products September 18, 2003

MassMutual Bounds into 403(b) Arena

September 18, 2003 (PLANSPONSOR.com) - MassMutual Retirement Services is jumping into the 403(b) retirement plan space.
Reported by

According to a MassMutual news release, participants at educational institutions, churches and other tax-exempt organizations can direct their retirement savings into mutual funds through the 403(b) programs. Available investment options include a combination of MassMutual institutional sub-advised mutual funds and a portfolio of alliance fund families with valuations at net asset value.

The company said its retirement plan experience allows it to provide plans with technology, products, investments, communications, and personalized service. Among other things, the 403(b) product provides employers, MassMutual asserted, with:

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  • ERISA compliance reporting
  • flexible outsourcing services
  • investment management
  • effective technology

Tax-exempt organizations eligible to sponsor a 403(b) plan include public schools, colleges, universities, non-profit hospitals and other 501(c)(3) non-profit organizations.

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