Compliance June 24, 2013

DOL to Hold Two Fiduciary Seminars

The U.S. Department of Labor (DOL) will be offering two seminars about retirement plan compliance and fiduciary responsibilities.
Reported by

These seminars are being presented by the DOL’s Employee Benefits Security Administration (EBSA) as part of its “Getting It Right: Know Your Fiduciary Responsibilities” program. They are designed to assist small businesses in making sure their retirement plans are in compliance with the relevant regulations, as well as to increase awareness about basic fiduciary responsibilities. 

One seminar will be held in Fairfax, Virginia, August 6. The other will be held in San Diego, California, July 23.  

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The seminars will cover:  

•Fiduciary responsibility; 

•Reporting and disclosure; 

•Common mistakes and Internal Revenue Service (IRS) correction programs; and 

•DOL Voluntary Correction Program. 

  

Registration for the Fairfax seminar is here.  Registration for the San Diego seminar is here.
Products June 24, 2013

GSAM to Offer Pooled Stable Value Fund

Goldman Sachs Asset Management (GSAM) will launch a new stable value fund designed to meet retirement plan sponsor demand for pooled stable value funds.
Reported by

The company announced an agreement with Fifth Third Bank for eligible plan investors in the Fifth Third Stable Value Fund to transition to the Goldman Sachs Stable Value Collective Trust, a new stable value fund expected to be formed by The Goldman Sachs Trust Company, N.A. “The new fund enables GSAM and its affiliates to expand access to stable value solutions to an even greater number of retirement plans and their participants,” said Eric S. Lane and Timothy J. O’Neill, global co-heads of the Investment Management Division at Goldman Sachs, in a statement.  

GSAM acquired Dwight Asset Management Company LLC in May 2012. The Dwight stable value portfolio management team has been advising the Fifth Third Stable Value Fund since 1998 and will be adviser with respect to the stable value contracts for the GSAM fund. The Goldman Sachs Trust Company will act as trustee for the fund, and GSAM and Dwight will be the investment advisers for the fund’s investment portfolio.  

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The transaction with Fifth Third is expected to close by the fourth quarter of 2013, at which time the company anticipates the launch of the Goldman Sachs Stable Value Collective Trust.

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