Compliance March 8, 2013

DOL Issues MAP-21 Disclosure Guidance

Defined benefit (DB) plan sponsors have new guidance concerning new disclosure requirements mandated by the Moving Ahead for Progress in the 21st Century Act (MAP-21).
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In Field Assistance Bulletin (FAB) 2013-01, the U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) notes that MAP-21 amended section 101(f) of the Employee Retirement Income Security Act (ERISA) to require plan administrators of single-employer defined benefit pension plans to provide participants and others additional information regarding the impact of MAP-21’s interest rate stabilization rules on the plan’s funding status (see “Congress Passes Bill with Pension Funding Relief”).   

The FAB addresses a need for interim guidance pending the adoption of regulations or other guidance under section 101(f) of ERISA, as amended by MAP-21, and sets forth technical questions and answers and provides a model supplement that plan administrators may use to discharge their MAP-21 disclosure obligations.  

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According to the notice, an estimated 12,000 single-employer plans covering approximately 33.5 million participants and beneficiaries are subject to the new disclosure requirements. Many of these plans must furnish their first annual funding notice under the new law no later than April 30, 2013.  

FAB 2013-01 is at http://www.dol.gov/ebsa/regs/fab2013-1.html.

Deals & People March 8, 2013

Munder Capital Names Fixed-Income Manager

Jim Kourkoulakos was named a senior portfolio manager for fixed income at Munder Capital Management.
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Kourkoulakos, whose duties will include managing bond portfolios across the full range of the ratings spectrum, will report to Ed Goard, Munder’s chief investment officer of fixed income.  “In addition to developing and implementing our high yield processes, he also will develop products for clients seeking more aggressive risk strategies and returns,” said Goard.

Previously, Kourkoulakos was a manager and co-head of credit research at California Public Employees’ Retirement Service (CalPERS), where he co-managed an $8 billion investment grade bond portfolio and managed a $1 billion high-yield bond portfolio. He also developed the high-yield investment and credit research process that strengthened CalPERS’ credit analysis capabilities and enabled the pension system to internally manage its high-yield fixed income portfolio.

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Kourkoulakos has held several senior fixed-income investment management positions with Oppenheimer Funds, including senior portfolio manager and head of high-yield research, leading a team of senior credit professionals managing $7 billion in global high yield securities.

He holds a bachelor’s degree in electrical engineering and a master’s degree in computer science from Polytechnic University, and a master’s of business administration in finance and accounting from New York University’s Stern School of Business. He is a Stern Scholar and a CFA charterholder.

Munder Capital Management is a money management firm serving institutional investors.

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