Deals & People July 12, 2012

SEC Names Officer in Compliance Inspections and Examinations

 

The Securities and Exchange Commission (SEC) hired Paula Drake as an associate director in its Office of Compliance Inspections and Examinations (OCIE).

 

 

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Drake is to serve as chief counsel, and chief compliance and ethics officer of the OCIE, where she will oversee eight lawyers and coordinate the efforts of attorney advisers in the SEC’s 11 regional offices. Her new position begins August 6.

Drake most recently was general counsel and chief operating officer at Oechsle International Advisors LLC, where she was involved in all aspects of the investment management business, including registering investment advisers, and establishing risk and compliance programs. She has extensive experience managing litigation, regulatory relationships, examinations, audits and internal investigations, and recently completed eight years as a member of the Board of Governors of the Investment Advisers Association.

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Before joining Oechsle, Drake was an attorney with the law firm of Ropes & Gray, as well as at Fidelity Investments. She is a graduate of Harvard Law School and received a bachelor of arts degree and Ph.D. in English from the University of Massachusetts.

“Paula adds extensive legal, business and industry experience and expertise,” said Carlo di Florio, OCIE’s director. “She will help us with the continued advancement of the national examination program, including leading the critical legal function, developing our national examination policy manual, and overseeing our internal compliance team.”

OCIE conducts the SEC’s national examination program for investment advisers and investment companies, broker/dealers, self regulatory organizations, clearing agencies and transfer agents to fulfill its mission of promoting compliance, preventing fraud, monitoring risk and informing SEC policy.

 

Data & Research July 12, 2012

DC Retirement Plan Industry Needs Self-Esteem Boost

 

The defined contribution (DC) retirement plan industry has a “self-esteem problem” that must be addressed, one industry expert contends.  

 

 

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Brian Graff, executive director and chief executive of the American Society of Pension Professionals & Actuaries, told the audience at the ASPPA’s Northeast Area Benefits Conference that the industry is constantly discussing the “crisis”: employees not saving enough for retirement. It would be more productive to speak more positively and dispel the myths that exist in the industry.

“There’s definitely a tendency to attack the system,” he said.

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Graff cited several common myths, such as the misconception that fewer than half of American workers are covered by a retirement plan. In reality, Graff said, there is an 80% retirement plan take-up rate for full-time workers. 

Another myth is that the average account balances in 401(k) plans are minimal. But according to research from the Employee Benefits Research Institute (EBRI), the estimated average account balance for 401(k) participants (ages 55 to 64) with at least 30 years of tenure was almost $300,000 as of March 2012, Graff noted.

EBRI’s research also indicates that workers will not save for retirement without a workplace plan. The participation rate for no employer plan (IRA only) was 4.6%, while the participation rate for those covered by an employer plan was 71.5%.

This research underscores the effectiveness of 401(k) plans, Graff said. “This is a great system,” he added.

 

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