Products April 30, 2014

Firms Offer Uncashed Checks Services

Matrix Financial Solutions selected Risk Compliance Performance Solutions (RCP) to provide uncashed check mitigation services to its qualified retirement plan clients.
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Using its flagship PLANSCAPE and OUTREACH solutions, RCP will search for and communicate with lost or missing plan participants about their uncashed retirement checks and help reunite them with their assets.

RCP’s Retirement Plan Management Services division helps plan sponsors, recordkeepers and custodians mitigate risks such as missing participants in active, frozen, closed and terminating defined contribution and defined benefit plans. Other services include defined contribution plan termination management and uncashed check mitigation strategies (including distribution and treasury management), as well as custom plan data analysis and outreach solutions.

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Uncashed benefit checks is an issue for retirement plan sponsors for which no clear guidance has been issued (see “Unanswered Questions About Uncashed Checks”).

“We are delighted that Matrix and MG Trust [a Matrix subsidiary] have selected us for the job of helping their clients manage their responsibilities when it comes to uncashed benefit checks,” says Mark Sweatman, president of RCP Solutions’ Retirement Plan Management Services division. “By creating seamless, integrated solutions, RCP and MG Trust will streamline participant location and outreach processes, confirm ownership and re-issue checks on a regular basis to address these ongoing issues, while reducing the administrative burden to the plan sponsor of meeting these obligations.”

For more information about RCP, visit www.rcp-solutions.com. For more information about Matrix, visit http://matrix.broadridge.com.

Deals & People April 30, 2014

MassMutual Names Actuarial Services Head

MassMutual Retirement Services appointed Steven Mendelsohn as national practice leader for the firm’s defined benefit actuarial consulting practice.
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Mendelsohn takes on leadership of three actuarial and data teams that help manage 1,300 defined benefit (DB) and cash balance plans covering 800,000 participants and $16 billion in assets. He reports to Bill Silvanic, a senior vice president of product for MassMutual’s Retirement Services.

Mendelsohn says he will work to further expand MassMutual’s ability to match investment strategies to longer-term costs and enable the firm to provide more predictable year-over-year results for plan sponsor clients.

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He adds that, despite the general trend away from DB arrangements in favor of defined contribution (DC) plans, many employers continue to provide DB pension plans for their employees and need comprehensive services to ensure they achieve the goal of providing secure, dependable income for retirees. As the DB pension market has contracted, so too has the number of firms providing support services for plans and financial advisers who market them, he says.

Mendelsohn brings 30 years of pension actuarial consulting and compliance experience to MassMutual. Prior to joining the mutual insurer, he held roles as a retirement practice leader with Aon Hewitt and served as executive vice president and chief actuary with Retirement System Group Inc. He is an federally enrolled actuary, a fellow of the Conference of Consulting Actuaries and a member of the American Academy of Actuaries.

He holds a B.A. in mathematics from the State University of New York (SUNY) at Albany.

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