Deals & People February 4, 2011

ABG Carolinas Joins Pentegra

Alliance Benefit Group Carolinas has become a division of Pentegra Retirement Services.
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Alliance Benefit Group Carolinas, a third party retirement plan administration and recordkeeping provider with locations in North and South Carolina, is a member firm of Alliance Benefit Group, a national network of independently owned retirement plan consulting and administration firms. The firm currently manages retirement plans of more than 1,500 clients with nearly $1.5 billion in assets.   

According to the announcement, Robert C. Albanese, President and CEO of Pentegra Retirement Services, will oversee the combined entity. James Comer, former President of Alliance Benefit Group Carolinas, will continue to be part of Alliance Benefit Group.   

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Clients of Alliance Benefit Group Carolinas will continue to be serviced by their current team.  Alliance Benefit Group Carolinas operations and personnel will continue to operate out of their existing North and South Carolina locations.   

“This transaction fits Pentegra’s growth strategies in several areas. Along with its strong administrative and recordkeeping capabilities, Alliance Benefit Group Carolinas brings regional depth and scale as well as strong adviser servicing capabilities to Pentegra. The combined entity will increase our ability to meet client needs in a range of industries and offer an even broader array of adviser services, delivered in an even more effective manner,” said Albanese, in the announcement.  

Pentegra offers full service retirement programs, including 401(k) plans, defined benefit pension plans, ESOPs, KSOPs, profit sharing plans, 403(b) and non-profit plans, 457(b) and 457(f)  plans, executive benefit and director plans, BOLI and full-service private label retirement programs.
Compliance February 4, 2011

Senators Call for Retirement Income Disclosure

Three U.S. Senators introduced a bill that would require an annual statement to be sent to retirement plan participants, similar to the one sent by the Social Security Administration.
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A news release from the office of Senator Johnny Isakson (R-Georgia) said he, Jeff Bingaman (D-New Mexico), and Herb Kohl (D-Wisconsin) reintroduced their Lifetime Income Disclosure Act (S. 267), which would require 401(k) plan sponsors to inform participants of the projected monthly income they could expect at retirement based on their current account balance. By providing similar information to that of the annual Social Security statements, the Lifetime Income Disclosure Act would give American workers a more complete snapshot of their projected income in retirement, the Senators believe.  

The reintroduction of the bill coincides with a hearing held by the Senate Health, Education, Labor & Pensions (HELP) Committee on simplifying retirement decisions for Americans (see “HELP Panel Hears Support for Auto Features, Education“).  

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“Half of American households will lack sufficient retirement income to maintain their pre-retirement standard of living, but many are unaware of their vulnerability. Our bill will empower Americans to determine whether they are on a path to a secure retirement,” said Bingaman in the statement.

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