Deals & People August 20, 2012

Callan Hires Consultant for Fund Sponsor Group

Callan Associates announced that Dana R. Brown joined the company's Fund Sponsor Consulting group as senior vice president on July 30.
Reported by

Brown is based in Atlanta, Georgia, and reports to James A. Callahan, executive vice president and head of Callan’s Fund Sponsor Consulting practice.    

Prior to making the move to Callan, Brown was a vice president and senior investment consultant with The Newport Group in Heathrow, Florida, responsible for providing investment and fiduciary consulting services to corporate retirement plans of Fortune 500 public and private companies.He was part of the management team of the practice and a senior member of the firm’s investment committee.    

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Brown also served as an investment consultant and analyst with Morgan Stanley Investment Consulting Services. His responsibilities included strategy development, asset allocation, manager searches and reporting to retirement plan clients, insurance companies and foundations/endowments.    

Prior to joining Morgan Stanley, Brown worked as an investment consulting analyst at the Smith Barney Consulting Group and as a trust representative at SunTrust Retirement Plan Services where he was responsible for managing retirement plan clients; including administration, recordkeeping, compliance and trustee/custodial services.  

Brown graduated with an MBA with Finance Concentration from The Roy E. Crummer Graduate School of Business, Rollins College, in Winter Park, Florida, and a BBA in Finance with Investments Concentration at Stetson University.He holds Financial Industry Regulatory Authority series 7 and 66 licenses, and is a Level II candidate in the CFA Program.
Compliance August 20, 2012

Medical Centers’ Employees Sue Over Switch to DC

Employees at Truman Medical Centers (TMC) sued the hospital for changing their retirement plans.
Reported by

Service Employees International Union Healthcare Illinois, Indiana, Missouri, Kansas said TMC discontinued its defined benefit (DB) pension plans in February in favor of an enhanced defined contribution (DC) plan, reports the Kansas City Business Journal.  

The suit, filed in federal court in Kansas City, claims that the change violated a June 2011 collective bargaining agreement and asks that the DB plans be reinstated. The hospital denied a grievance the union filed in March, according to the news report.  

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The lawsuit was filed because the time period in which it could be filed was running out, but the union and hospital are having productive discussions that could resolve the matter out of court, the news report said.

 

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