Deals & People September 22, 2014

Graystone Consulting Adds Midwest Team

Graystone Consulting has hired The Brice Group, a team of seven investment professionals, to serve institutional and individual clients in the Midwest.
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The Brice Group is based in Birmingham, Michigan, and is headed by managing directors Brian and Tim Brice. Both become institutional consulting directors for Graystone Consulting—a role that involves delivering tailored investment advice backed by the resources of Morgan Stanley.

Brian and Tim Brice are joined by Rebecca Wolfe, vice president and group director; Ray Fortin, vice president and business development director; Stephanie Mills, institutional consulting associate; Diane Roegner, senior client service associate; and Julie Pawlowski, consulting group analyst.

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The team oversees more than $4.5 billion in client assets, which includes retirement plans, endowments and foundations, health care organizations, insurance entities, state and local governments, Taft-Hartley funds, family offices and high-net-worth individuals. They join from Bank of America Merrill Lynch Global Institutional Consulting.

Marc Brookman, managing director and head of Graystone Consulting, says the firm is committed to expanding its footprint further in the United States. 

More information about the firm is available at www.morganstanley.com/graystoneconsulting.

Compliance September 19, 2014

IRS Issues Final Rules for Hybrid Retirement Plans

The Internal Revenue Service (IRS) has issued final regulations for hybrid retirement plans.
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The agency said the regulations provide guidance with respect to certain issues that are not addressed in the 2010 final regulations and make certain other changes to the final regulations.

The 2010 final regulations provide that certain rules otherwise applicable to benefits under a defined benefit plan are not violated in a cash balance or pension equity plan design. The new final regulations expand the hybrid plan formulas to which this relief applies.

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The final regulations also include special rules with respect to variable interest crediting rates and special age discrimination rules, including rules with respect to the market rate of return limitation.

The final rules are effective September 19, 2014, and generally apply to plan years beginning on or after January 1, 2016.

In conjunction with the final rules, the IRS issued a proposed rule that would permit a hybrid plan that does not comply with the requirement that the plan not provide for interest credits (or equivalent amounts) at an effective rate that is greater than a market rate of return to comply with that requirement by changing to an interest crediting rate that is permitted under the final hybrid plan regulations, without violating the anti-cutback rules.

The final regulations for hybrid retirement plans are here.

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