Products October 14, 2010

MassMutual Issues White Paper on 403(b) Regulations

MassMutual's Retirement Services Division published a white paper on the latest 403(b) regulations and the impact on fiduciary duties, including Form 5500 reporting/audit requirements and Internal Revenue Service (IRS) regulations.
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“The New World of 403(b): A Guide to Best Practices for Plan Fiduciaries” provides advisers and plan fiduciaries with tools to identify liabilities and mitigate risk.  The white paper chronicles changes in 403(b) regulations and helps advisers identify issues with the recent changes so they can help ensure that their clients understand their obligations in order to maintain compliance.  

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“We understand it can be challenging for plan sponsors to keep up on regulatory changes when the changes happen so frequently. At MassMutual, we are here to support advisers so they are equipped to help plan sponsors comply with the new regulations, maximize the benefits of their 403(b) plan, and help prepare participants for a successful path to retirement,” said M. Palmer Whitney, national managing director, not-for-profit market, MassMutual’s Retirement Services Division, in a press release.  

To obtain a copy of the white paper, contact a MassMutual sales representative or MassMutual’s adviser support team at 1-866-444-2601, or download the white paper at https://wwwrs.massmutual.com/retire/pdffolder/rs4655.pdf.
Deals & People October 14, 2010

Aon Shedding 1,800 Jobs in Restructuring

Aon Corporation has announced a $325 million restructuring plan, undertaken in connection with its acquisition of Hewitt Associates, in which 1,500 to 1,800 jobs are expected to be axed.
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According to a Securities and Exchange Commission (SEC) filing, the restructuring expected to be completed by year-end 2013 will generate about $180 million in employee termination costs and about $145 million in real-estate-related costs.

The SEC filing said the eliminated jobs globally are “predominantly non-client facing.”

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As a result of the changes, Aon said, it expects to deliver total annual savings of around $355 million in 2013, including approximately $280 million of annual savings related to the restructuring plan, and additional savings in areas such as information technology, procurement, and public company costs.

The $4.7 billion acquisition and the formation of Aon Hewitt with about 29,000 employees was completed on October 1, 2010 (see Aon, Hewitt Complete Merger).   

The Aon SEC filing is at http://sec.gov/Archives/edgar/data/315293/000110465910052251/a10-19358_18k.htm.

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