Products April 20, 2011

TD Ameritrade Launches ETF Offering for 401(k)s

TD Ameritrade Trust Company created an investment program that allows plan sponsors and independent registered investment advisers (RIAs) to offer exchange-traded funds (ETFs) to 401(k) plan participants.
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Legacy 401(k) recordkeeping and accounting systems are not designed to accommodate ETFs, which trade throughout the day and can only be traded in whole shares. To overcome these hurdles, TD Ameritrade attempted to simplify operations for recordkeepers by developing a trading process that mirrors mutual fund trading and is consistent with their current procedures. This process also includes the ability to trade fractional shares of ETFs.   

In addition, per-share fees and transaction fees are eliminated for 401(k) plans on the TD Ameritrade Trust Company platform, which can provide potential cost savings to plan participants and eliminate the reconciling component for recordkeepers. Another key feature of the platform is its open architecture, which allows advisers and plans sponsors to select ETFs from multiple providers.  

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“We expect the ETF market will continue to grow and by facilitating their use in retirement plans, TD Ameritrade Trust Company aims to drive down costs in the industry and further our commitment to providing advisers, plan sponsors and participants the choice and flexibility they need to help their clients achieve their retirement investing goals,” said Skip Schweiss, president, TD Ameritrade Trust Company.
Deals & People April 20, 2011

ING Hires Head of Valuation for U.S. Retirement Services

ING hired Dwayne S. McGraw to serve as Head of Valuation for the U.S. Retirement Services division, effective as of April 11.
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McGraw is responsible for providing leadership and guidance on all regulatory and accounting valuation issues that impact ING’s Retirement Services business.  This includes serving as the primary point person for overseeing the calculation of reserves; producing financial statements; completing rating agency surveys; internal and external valuation audits and systematic reporting to regulators; and monitoring emerging valuation issues with the National Association of Insurance Commissioners (NAIC). 

He is based in the Windsor, Connecticut office, and reports to Lisa Thomas, Chief Insurance Risk Officer for ING U.S. Retirement Services.   

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According to the announcement, McGraw comes to ING with over 18 years of industry experience. Most recently, McGraw served as Supervising Actuary of Life Insurance at Genworth Financial, a role he held since 2008.  Previously, he was Vice President and Corporate Actuary with FBL Financial Group. 

McGraw earned a B.S. in mathematics from Virginia Polytechnic Institute and State University (Virginia Tech), and an M.S. in mathematics from Northeastern University.  He is currently expecting his MBA from Virginia Tech in August 2011.   

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