Products January 16, 2009

Insurance Firm Revamps Web Site

Colonial Surety, an insurance provider specializing in performance bonds, has redesigned its main corporate Web site, the company said.

Reported by

Fred Schneyer

A news release said the new site will give first-time visitors an introduction to compliance and fiduciary protection with Employee Retirement Income Security Act/Fidelity bonds and Fiduciary Liability Insurance, while also providing existing clients and partners easier access to reports, tools, maintenance, and a save application feature.

The Web site features what the Montvale, New Jersey-based company described as a complete overhaul of the site’s architecture.

For more stories like this, sign up for the PLANADVISERdash daily newsletter. 

A preview of the site is available at http://www.colonialdirect.com/tutorial/ColonialDirect_ERISA.html.

More information is available at www.colonialdirect.com.

You Might Also Like:

Compliance

May 13th, 2024

AT&T Fee Lawsuit Could Reach Supreme Court Next Year

Industry groups asked the Supreme Court to resolve an ERISA-related appeals court split.

In Practice

June 26th, 2023

Are Your Clients Insured Against Cyber Threats?

Experts share tips for how plan sponsors can protect themselves from the increasing threat of cybersecurity attacks and evolving litigation.

Products

March 1st, 2023

2023 PLANADVISER Adviser Choice Awards

PLANADVISER announces winners of its annual Adviser Choice Awards, to be handed out at the 2023 PLANADVISER Industry Leader Awards...

The Markets January 16, 2009

Saks Suspends 401(k) Match, Drops 1,100 Jobs

Upscale retailer Saks has joined a host of U.S. employers in suspending its 401(k) match as part of a broad $50-million to $60-million cost-cutting campaign that includes axing about 1,100 jobs.

Reported by

Fred Schneyer

A Saks Inc. news release said the 401(k) match suspension would last at least a year, and that it is also cutting any merit pay hikes across the company and freezing future accruals in its defined benefit pension plan. The benefits changes will be effective for the 2009 plan year, the company said.

“Our financial performance is increasingly being challenged by some of the most difficult economic conditions our company has faced in its 84-year history,” said Steve Sadove, chairman and CEO of Saks Incorporated, in a release. “It is our expectation that the economic environment will remain extremely challenging through 2009, if not beyond. The sustained downturn in the economy and the decline in luxury consumer demand necessitates that we take appropriate and decisive measures to position the Company for this new operating environment.”

Never miss a story — sign up for PLANADVISER newsletters to keep up on the latest retirement plan adviser news. 

As far as the workforce cuts, Sadove said in the release that the majority of affected associates will be notified shortly, and most position eliminations will be effective by January 30. Eligible associates will be offered appropriate severance packages.

The company also identified additional non-employee based cost reductions, primarily in the areas of procurement, information technology, distribution and logistics, travel, and marketing.

Saks Incorporated operates 53 Saks Fifth Avenue stores, 51 Saks OFF 5TH stores, and saks.com.