Deals & People January 31, 2008

Symetra Names New Two New Managers for Group Benefits Business

Bill Boyett and Eric Nelson have been named regional managers for Symetra Financial’s Group division, responsible for working with agents and brokers to market and distribute Symetra’s worksite products.
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Bill Boyett has joined Symetra Financial as the regional group manager for the Carolinas Region. Prior to joining Symetra, Boyett worked closely with brokers distributing health insurance products for eight years with Allstate’s Workplace Division.

Eric Nelson has also joined Symetra Financial as regional group manager for the North Central Region, which includes Colo., Kan., Mo., and Neb. Nelson has worked with employers and agents in the group insurance market for more than 20 years, with experience at several national carriers, including Allstate’s Workplace Division, CIGNA and Prudential.

Symetra’s Group division provides a variety of products to help organizations meet their diverse insurance and benefits needs.

Products January 31, 2008

Nationwide Pairs Target-Date Funds with Fund Window

Nationwide Financial Services is now offering a new plan design that includes target-date funds as core investment options along with a mutual fund window.
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A Nationwide news release said the combination of the two should help plans qualify for the Employee Retirement Income Security Act (ERISA) 404(c) safe harbor protection and for the new Pension Protection Act safe harbor for qualified default investment alternatives (QDIAs).

The announcement asserts that the target-date offerings will help participants save well for retirement while the window will allow more sophisticated participants to build their own portfolios through an added layer of flexibility.

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“We wanted to find a solution that meets the collective retirement savings needs of America’s workers, while helping plan sponsors reduce their fiduciary liabilities,” says Bill Jackson, president of Nationwide Retirement Plans, in the news release.

For more information, plan sponsors can call toll free 1-888-262-401k.

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