Newport Offers Online Financial Account Aggregation

The Newport Group introduced a new personal account aggregation feature for participants in its plans.

The service consolidates all of a user’s personal savings, investment and other accounts on one secure site. Accessible through Newport’s Web site, plandestination.com, the service is integrated with both retirement and executive benefit plans.  

According to a press release, the service aggregates all of a plan participant’s financial holdings into a single, consolidated view. Each of an individual’s assets (executive benefit accounts, 401(k) and other retirement accounts, brokerage accounts, savings/checking accounts, real estate), and liabilities (mortgage, credit cards and other loans) are shown on a “dashboard” page that displays a summary of all assets and liabilities, as well as total net worth.  

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“These summaries are updated every business day,” said Newport Group’s chief operating officer Bryant Kirk, in the announcement. “In addition, users can also search for and view individual transactions, as well as creating alerts to notify them about balance activity. The result is a ‘live’ and up-to-the-minute view of an individual’s total financial holdings—something that will be of particular value to those participants who work with a financial adviser.”   

Newport has partnered with CashEdge to provide this service, and participants’ personal account information will be stored and maintained in CashEdge’s secure data centers.

AP Proposes Switching to DC Plans

The Associated Press is proposing a new contract with union employees under which its defined benefit pension plan would be frozen.

In a letter to AP staff, CEO Tom Curley said under the proposal, any future company contributions to employees’ retirement would be directed toward a defined contribution plan.   

“Since I came to AP I have strived to do everything possible to keep your pension plan intact. Unfortunately, industry and economic pressures mean this is no longer possible,” Curley said.  

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Curley noted that many media companies have already frozen their defined benefit plans.  

Earlier in the month, Journal Communications Inc., which publishes the Milwaukee Journal Sentinel and owns and operates 33 radio stations and 13 television stations in 12 states, announced that on January 1 it will permanently freeze benefit accruals in its current pension plan and supplemental benefit plan, and instead offer enhanced 401(k) matching contributions to its employees (see Media Firm Makes DB to DC Switch).

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