Deals & People May 18, 2012

Rowe Joins DCAdvisors’ Leadership Team

DCAdvisors has appointed John Rowe to its client consulting group and leadership team. 
Reported by

Rowe, who has worked in the industry for 30 years, is an expert on the use of lifetime income solutions within target-risk and target-date investment strategies. His experience includes senior leadership roles in business development, client management and product development at American Express (now Ameriprise), Merrill Lynch, Genworth and MetLife.    

“John’s experience with institutional investments and his industry knowledge will be immensely valuable to our clients as we advise retirement plan sponsors on the new 408(b)(2) and 404(a)(5) fee transparency requirements, design appropriate risk-mitigation strategies, and deliver enhanced service provider and investment menu benchmarking services,” said Dan Esch, managing director of DCAdvisors.

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Rowe holds a bachelor’s degree in finance and economics from Ball State University.

 

Compliance May 18, 2012

DOL Notes a Change to Recent Fee Disclosure Guidance

The Department of Labor’s Employee Benefits Security Administration made a technical correction to the recently released Field Assistance Bulletin No. 2012-02.
Reported by

The guidance contains frequently asked questions and answers about the department’s participant-level fee disclosure regulations. (See “DOL Issues Additional Guidance for Participant Fee Disclosures.”) A sentence in the answer to Question 19 concerning quarterly website updates to “average annual total return” information inadvertently referred to the most recently completed calendar “year” rather than the most recently completed calendar “quarter,” the DOL said.   

The department corrected this error to accurately restate the requirements of the regulation. The word “calendar” also was removed from the phrase “… 10-calendar year periods …” in the same sentence.   

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The bulletin is available here.

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