Products September 27, 2011

The Principal Creates Guide for Good Plan Governance

A guide from the Principal Financial Group provides an in-depth look at how advisers can help plan sponsors develop a retirement plan with the least amount of risk.  
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“Good Governance, A Guide for Retirement Plan Sponsors” offers 10 steps to good retirement plan governance, along with tips and sample documents. Financial professionals can use the guide to help clients evaluate their processes.  

“Retirement plan governance is not a new concept, but it rarely gets as much attention as fiduciary responsibility,” said Paul Brown, Vice President, Retirement and investor services.  “Governance goes beyond fiduciary duties and encompasses all actions undertaken in the administration and management of the plan. Financial professionals who are the first to bring this in-depth guide to clients or prospects will demonstrate tremendous value.”

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The guide maps out 10 steps to good retirement plan governance and can be adapted to the needs of each company.

For more information, visit www.principal.com.

Products September 27, 2011

New York Life Realigns Sponsor Segments

New York Life Retirement Plan Services is rolling out a new service model that organizes service teams into core industry practices.
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The new structure organizes service team practice groups into four industry segments: Taft-Hartley; technology; finance and professional services; and manufacturing, materials, and retail. Each practice will have its own team of relationship managers, communications consultants, investment specialists, and ERISA consultants. The practice model maintains New York Life’s service team approach with plan sponsors while creating a core industry knowledge and expertise base within the practice models.

“The practice model reorients our perspective to be more in line with that of our sponsors,” said David Castellani, CEO of New York Life Retirement Plan Services. “Rather than just counseling clients on what makes a great plan, we aim to put that consulting in the context of the sponsor’s economic, competitive, and business realities. Our service team members will be experts in their core industries and will be able to advise their sponsors on how similar organizations approach retirement.”

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Five people at the firm have been named to lead the initiative. Joan Driscoll, a 24-year industry veteran with 18 years of experience at New York Life, has been promoted to lead the effort as Managing Director of Client Strategy, and is a member of the firm’s 11-member senior leadership team. She will report to Castellani.

Leading the industry practice groups will be: James Byrne, Director and Retirement Practice Lead for Taft-Hartley; Joseph DeStefano, Director and Retirement Practice Lead for Financial and Professional Services; Scott Francolini, Director and Retirement Practice Lead for Manufacturing, Materials and Retail; and Michelle Morey, Director and Retirement Practice Lead for Technology. Each of these executives will report to Driscoll.

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