Deals & People July 17, 2015

Retirement Industry People Moves

Deana Calvelli joins Lockton; Brett Dutton comes to PNC Institutional Asset Management; Sharon Mossman and Douglass Heckman join RidgeWorth; Securian adds John Kibbe and Steve Chappell to institutional retirement group; Dave Anders & Associates affiliates with PlanMember Securities Corporation.
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Lockton has opened a new retirement practice in its Philadelphia office, with Deana Calvelli as vice president of retirement services for the firm’s Northeast region. The practice will advise clients on 401(k) and other retirement plans.

Calvelli is responsible for overseeing the retirement practice, and serving clients in the areas of fiduciary governance, financial wellness and retirement outcomes, administration oversight, and investment selection and monitoring.

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Calvelli brings more than 25 years of experience in the retirement services sector to Lockton. She held strategic roles at Buck Consultants and Wells Fargo and, most recently, operated her own consulting firm, Calvelli Consulting.

Calvelli holds a bachelor’s degree in economics from Duke University, as well as designations as a Certified Employee Benefits Specialist and an Accredited Investment Fiduciary (AIF). She maintains FINRA Series 7, 63, and 65 licenses. She is also a member of the Forum of Executive Women and a LEADERSHIP Philadelphia Fellow.

NEXT: Sharon Mossman and Douglass Heckman join RidgeWorth Investments.

Sharon Mossman, who has joined RidgeWorth Investments as managing director and head of national accounts, will be responsible for developing and growing the firm’s relationships, and generating sub-advisory opportunities for RidgeWorth and its boutiques. She will also oversee the relationship activities of the firm’s key accounts team. Mossman was previously at BNY Mellon for more than 17 years, most recently as senior vice president, business leader for insurance and sub-advisory. She was responsible for all sales and relationship management for the insurance and sub-advisory team within the retirement, insurance and strategic sales team, and oversaw all marketing and sales development. Mossman also held similar roles at Deutsche Asset Management and American Century Investors earlier in her career.

Douglass Heckman has joined as managing director and head of consultant relations. Heckman, who has more than 15 years of sales experience, will be responsible for RidgeWorth's global consultant relations. He was previously at GE Asset Management where, as global consultant relations leader and senior vice president, he managed a team of consultant relations professionals and generated new business. Prior to that, he was managing director at Phoenix Investment Partners, where he was responsible for new business development, client service and support personnel management.

NEXT: Brett Dutton comes to PNC Institutional Asset Management.

Brett Dutton has joined PNC Institutional Asset Management (IAM) as an asset liability solutions specialist. In his new role, he works with the IAM team to determine product suitability for customers and prospects, and educates market teams and other bank partners on asset liability management services. His areas of focus include liability driven investing (LDI) for pensions and dynamic portfolio analysis for endowments and foundations. He reports to Debbie Kolsovsky, managing director, PNC Institutional Advisory Solutions.

Dutton, who is based in Columbus, Indiana, previously was a fixed-income analyst and actuary for Reams Asset Management, specializing in consulting on pension risk and LDI strategies. Before Reams, Dutton held positions in the actuarial field with the Ohio Public Employees Retirement System and Mercer in Columbus, Ohio.  

Dutton holds a bachelor's degree in mathematics from Grove City College, graduating first in his class, and a master’s degree in music from Pennsylvania State University. He is a Fellow of the Society of Actuaries, an enrolled actuary, and holds the Chartered Financial Analyst (CFA) designation.  

NEXT:Securian Financial Group adds John Kibbe and Steve Chappell to institutional retirement group.  

Steve Chappell is an institutional relationship consultant committed to building strategic partnerships with retirement plan consulting firms. He has been with Securian since 2006, initially as a retirement plans internal wholesaler before advancing to a regional sales vice president for the Chicago area. He holds a bachelor’s degree in political science and economics from the University of Minnesota-Twin Cities, and designations as an Accredited Investment Fiduciary (AIF) and a Retirement Plans Associate (RPA).

John Kibbe joins Securian as a sales vice president, fostering current relationships and building new ones with advisers who specialize in the mid- to large-plan market. He joins Securian from Empower Retirement (formerly J.P. Morgan), where he was vice president of retirement plan services. He holds a bachelor’s degree in economics from Rollins College and is an Accredited Investment Fiduciary (AIF). 

NEXT: Dave Anders affiliates with PlanMember Securities Corporation. 

Dave Anders of Dave Anders & Associates in New Smyrna Beach, Florida, has affiliated with PlanMember Securities Corporation as a PlanMember Financial Center. The firm provides retirement investment planning and financial education opportunities for educators and employees of nonprofits in Daytona Beach and Central Florida.

Dave Anders & Associates has more than 25 years of experience in financial planning, and has more than $125 million under management. The firm has spent the past eight years as PlanMember representatives helping their personal clients as well as school districts and nonprofits.

PlanMember, a broker/dealer and investment adviser, with a reported $8 billion in assets, specializes in the fee-based 403(b), 457(b) and 401(k) marketplace.

Data & Research July 17, 2015

NQ Plans Prevalent at Tax-Exempt Health Care Organizations

Executive benefits continue to be a strategic component of total rewards programs for health care executives, Mercer finds.
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Nearly two-thirds (63%) of tax-exempt organizations offer top executives an employer-paid nonqualified retirement plan, according to Mercer’s 2014/2015 Health Care Executive and Physician Benefits and Perquisites Report.

For large health care organizations (more than $500M of revenue), prevalence jumps to more than 75%. The value of these plans can be significant, providing as much as 15% to 20% of annual base salary.

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Among all organizations, 45% offer a supplemental executive retirement plan (SERP) to top officers, 39% offer a SERP to direct reports to top officers (Tier 1 executives), and 22% offer one to direct reports to Tier 1 executives (Tier 2). Ten percent provide a restoration plan (offering the same contribution formula as an underlying qualified plan without Internal Revenue Service (IRS) limits) to top executives, 10% to Tier 1 and 8% to Tier 2. Eight percent, 7% and 4% offer both SERPs and restoration plans to the different executive groups, respectively.

“When properly designed, executive benefit programs provide a vehicle to make up for equity pay often available to executives at public companies,” says LaCinda Glover, Principal with Mercer’s Executive Benefits Group.

NEXT: Non-retirement benefits.

The study of more than 200 health care organizations across the U.S. also finds non-retirement benefits, such as employer-paid executive life insurance and long-term disability (LTD) coverage, continue to be popular among health care organizations. Approximately 50% of organizations offer supplemental employer-paid life insurance to executives with median total coverage of 300% of base salary. Furthermore, more than half (53%) of organizations provide additional employer-paid LTD coverage through a supplemental group plan or an individual policy. Coverage is typically 60% to 70% of base salary with a total median maximum monthly benefit of $20,000.

While executive perquisites are becoming less prevalent in general because of transparent Form 990 reporting and scrutiny from the media, those perquisites treated as a business expense continue to remain popular. Mercer’s study finds the most common perquisite for executives to be a car or car allowance, provided by 35% of organizations. Financial counseling/tax advice and country club memberships, offered by 10% of organizations, are the second most popular followed by a perquisite allowances and in-depth executive physicals (8%).

“Perquisites without a valid business purpose are a thing of the past,” says Glover. “Whereas perquisites used to be a sweetener added on to executive compensation packages, only those pertaining to the efficiency and well-being of executives are becoming acceptable.”

Physicians typically receive the same benefits as all other employees with limited additional employer-paid retirement benefits, health and welfare benefits, and perquisites. Of the organizations that provided information about their physicians, approximately half (49%) of physicians are eligible for additional voluntary employee deferrals through a 457(b) plan. Nonqualified employer-paid plans are much less prevalent; of the 20% of organizations providing them, most restore contributions lost in the qualified plan due to IRS limits on compensation and benefits.

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