Hot Off the Presses
Participant and Sponsor Tools
The Internal Revenue Service (IRS) offers fillable reference lists of changes in qualification requirements for retirement plans. Reference lists are tools to help plan sponsors ensure that their plan document incorporates all relevant mandatory and optional changes in plan qualification requirements.
The National Association of Retirement Plan Participants (NARPP) offers plan sponsors the opportunity to use its FELT study questionnaire internally, with their employees, to measure the effectiveness of education programs. The FELT—i.e., Financial Empowerment, Literacy and Trust—study examines the key drivers of participant engagement and saving rates. Specifically, the study measures participants’ financial knowledge, understanding of financial terms, saving behavior, satisfaction with their plan’s educational program and level of confidence in their service providers.
Greenspring Wealth Management launched the Target Date (k)larity evaluation tool, aimed at supporting the fiduciary needs of retirement plan sponsors and participants. According to Greenspring, (k)larity helps defined contribution (DC) plan fiduciaries engage in a prudent process to choose the most appropriate target-date fund (TDF) strategy for their plan participants.
Boutique investment advisory and consulting firm Cafaro Greenleaf has launched Employee Retirement Income Security Act (ERISA) 3(21) and 3(38) investment fiduciary services in response to demand from advisers and retirement plan sponsors seeking expert advice on selecting and monitoring the investment options available to plan participants, while mitigating fiduciary liability for plan trustees.
Adviser Tools
An investment research tool from Aon Hewitt applies eVestment data and analytics to rate more than 11,000 investment products across multiple regions and strategies. The tool follows the progress of managers, based on factors related to business, staff, investment process, risk management, performance and fees, etc.
Software from The E-Valuator LLC provides Web-based investment management support to mitigate fiduciary liability through customizable risk tolerance and reporting settings. The new E-Valuator tool helps advisers structure and manage investment portfolios that factor in clients’ unique preferences on portfolio risk and duration of underperformance. The tool can be customized for a range of clients, including individual investors, foundations, retirement plan investment committees and endowments, the firm says.
Mercer has issued two booklets updating guidance about Social Security and Medicare. “2015 Guide to Social Security” and “2015 Medicare” provide simple explanations of both national programs, discuss recent changes, and evaluate cost and benefit amounts for this year.
A new career-planning website from the CFP Board is designed to support both employers and job seekers in the financial advisory industry. The Certified Financial Planner (CFP) Board of Standards’ Career Center will serve those interested in a career as a financial planner, the program for CFP certification, and opportunities for jobs and internships.
A video series from the Stable Value Investment Association (SVIA) is designed to educate financial professionals and investors about stable value funds. The videos cover the benefits of the funds, their performance history and how they compare with other conservative investment options.
To help its financial advisers and retirement specialists better understand and address the evolving needs of the nation’s aging population and their families, Merrill Lynch, in conjunction with the University of Southern California (USC) Leonard Davis School of Gerontology, is launching its longevity training program for financial advisers. Participants are provided information about the latest advances, research and experiences in the field of gerontology, which includes the sociological, psychological and physiological aspects of aging.
An expanded advisory practice management program from OneAmerica offers strategies in areas such as sales and marketing, branding, human resources (HR), client services and operations. The firm says its expanded value-add capabilities can help an adviser boost practice value and growth through nearly 60 distinct solutions.
Investments
RS Investments has created two long/short alternative mutual funds: the RS Focused Opportunity Fund and the RS Focused Growth Opportunity Fund. The former looks to invest in companies that demonstrate attractive relative valuations, strong and stable growth, increasing return on invested capital and improving market sentiment. The latter invests in companies that produce sustainable earnings growth over a multi-year horizon and exhibit strong organic revenue growth, expanding margins and profitability, innovative products or services, defensible competitive advantages, growing market share and experienced management teams.
Hartford Funds has entered into a preliminary agreement with Navigate Fund Solutions LLC, a subsidiary of Eaton Vance Corp., to support the launch of a new family of NextShares exchange-traded managed funds. NextShares are a new type of exchange-traded product (ETP), according to the two companies. The funds are designed to provide investors with potentially better performance and enhanced tax efficiency by leveraging the best features of actively managed mutual funds and exchange-traded funds (ETFs).
Pentegra Retirement Services is making available to clients a new lifetime retirement income product in conjunction with Hueler Income Solutions. The addition of the Hueler Income Solutions product provides Pentegra with the ability to expand access to institutionally priced lifetime income for thousands of retirement plan participants.
Executive Moves
Annette Guarisco Fildes was appointed CEO of the ERISA Industry Committee (ERIC). Fildes has more than 30 years of experience in government affairs and private law practice with major corporations; she focuses primarily on tax issues and employer-provided benefits. Recently, she was executive vice president of public affairs for the Retail Industry Leaders Association (RILA).
Employee benefits law firm Groom Law Group expanded its pension plan funding and restructuring practice with the hire of Joshua Shapiro as a senior actuarial adviser. Before joining Groom, Shapiro spent five years as the deputy director for research and education at the National Coordinating Committee for Multiemployer Plans (NCCMP).
Jim Lake, previously national sales manager of individual annuities, was promoted to national sales manager of Guardian Retirement Solutions. In addition to overseeing annuity distribution, Lake also assumes responsibility for the retirement plans wholesaling team, the retirement plans sales desk and 401(k) key account management.
Lincoln Financial Group has hired Shawn Daly to serve as senior business development director on the firm’s institutional retirement distribution team, serving in the Midwest. Daly takes on responsibility for working with national and regional independent registered investment advisers (RIAs) and consulting firms. He previously held several sales leadership positions at Prudential Retirement.
Global consultant Mercer appointed Muriel Knapp as the national business leader for its Defined Contribution (DC) Advisors specialty practice. She most recently served as market leader for Mercer’s DC Advisors in the South and Midwest markets. She has more than 20 years’ experience in employee benefits and consulting, having also held leadership positions with Great-West Retirement Services (now Empower Retirement).