Increases
Spousal Protections – Spousal protections for benefit plans require
married workers to get their spouse’s consent to take money out of the
couple’s retirement account. Currently spousal protections are only
available for defined benefit plans, but the Act would extend spousal
protections to the growing category of defined contribution plans.
Improves
Retirement Coverage for Long-Term Part-Time Workers – The bill would
amend the current minimum participation standard—the completion of 1,000
hours during a 12-month period—for workers to participate in their
employer’s retirement plan. Under the Act, workers who complete 500
hours of service for three consecutive years will be eligible to
participate in their employer’s retirement plan.
Creates Access
to Consumer Information – The bill will require that, in any offer to
sell a financial product or service, financial providers shall provide a
link to the Consumer Financial Protection Bureau website with
information relating to retirement planning or later-in-life economic
security.
Awards Grants to Promote Financial Literacy for Women –
The Act will award grants of at least $250,000 to community-based
organizations to improve the financial literacy of women who are of
working or retirement age.
“On average women face a 26% gap in retirement savings
compared to men, while also being much more likely to earn less than
their male counterparts,” Schakowsky noted in a statement. “This is why I
and my Senate colleague, Patty Murray, have introduced legislation that
would increase women’s access to retirement security by improving
spousal protections to retirement plans such as 401(k)s, making more
long-term and part-time workers eligible for retirement plans, and
improving financial literacy. By enacting these reforms we can improve
the economic and retirement security of women and all Americans.”
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This week: Jefferson
National creates an investment and research position, CBIZ makes another
acquisition, Arnerich Massena names a division managing director and more.
Thomas Quinn has joined Jefferson National as chief investment
and research officer, a new position.
Quinn
will develop proprietary research and investment tools to help registered
investment advisers (RIAs) and fee-based advisers to optimize portfolio
management and tax-advantaged investing. The firm is also launching Quinn’s Investing
Insights whitepaper series, starting with “A Strategic Approach to Managing Taxes,” which offers strategies
that can be implemented before the end of this year, as well as throughout
2016.
Quinn
has 15 years’ experience in the investment industry, 10-plus as a portfolio
manager, developing proprietary quantitative models to analyze and manage
various investing needs and working with products including investment-only
variable annuities (IOVAs), exchange-traded funds (ETFs), mutual funds and
fixed income. He also has expertise in alternative
investments.
Previously,
Quinn was chief investment officer of Spouting Rock Financial Partners,
a boutique consulting firm serving investment advisers and trust companies. He
was the lead portfolio manager for RIA clients, overseeing asset allocation,
manager selection and construction of liquid alternative portfolios. He also
was senior portfolio manager and chief risk officer at a family office, where
his proprietary quantitative models analyzed and managed the firm’s equity and
hedge fund portfolios. He began his career at the Glenmede
Trust Co. as a quantitative analyst and high-net-worth portfolio manager.
Laurence Greenberg, president of Jefferson
National, says the job was created to make use of Quinn’s strengths as an
investment professional and “innovative approach to analytics.”
Quinn
holds a bachelor’s degree in economics from Ursinus College and a master’s
degree in economics from Temple University. He holds the Chartered Financial
Analyst (CFA) designation.
NEXT: CBIZ continues
to expand with Kansas pension plan consultant
CBIZInc. has acquired The Cottonwood Group Inc. of Overland Park, Kansas, effective
December 1.
Cottonwood, with 15 employees, provides pension plan
consulting, actuarial and investment services for institutional pension plans,
retirement funds, endowment funds and foundations. The firm reports that it
recorded approximately $3.1 million in revenue over the past year.
Janet Thompson,
principal of Cottonwood, says joining CBIZ will allow the company to offer the
national resources that will help them compete in today's market. “We think
joining CBIZ will also give our associates more room to grow in their careers
and that will directly benefit our clients as well,” she says.
Steve Gerard,
chairman and chief executive of CBIZ, cites Thompson and John Dykes, principal of Cottonwood, for their experience and reputation.
NEXT: Arnerich Massena
names new leadership in institutional services
Terri Schwartz has
been named managing director of the institutional services group at Arnerich Massena Inc.
Previously, Schwartz was director of business development.
She will be responsible for the strategic development of Arnerich Massena’s
institutional and retirement plan services team, providing oversight of the
firm’s services to corporate and non-profit clients. She will continue to
oversee the firm’s business development team.
Schwartz has more than 30 years of experience in financial
and investment consulting, client relations, and executive business planning.
She previously served as director of consultant relations for Cutwater Asset
Management, a BNY Mellon company, and as a financial consultant/principal and
director of client relations for another consulting firm. She has also held
various sales and marketing roles at Arnerich Massena & Associates, Inc.,
the Investment Consulting Group of Dain Bosworth, and Salomon Smith Barney.
Tony Arnerich, chief
executive, cites Schwartz for her depth of experience and knowledge of the
investment consulting industry.
NEXT:
The Wagner Law Group takes on new ERISA attorney
Barry Salkin, a New York ERISA (the Employee
Retirement Income and Security Act) and employee benefits attorney, will join The
Wagner Law Group as of counsel, effective January 1.
Salkin is a prolific ERISA and employee benefits lawyer, with
substantial expertise in both qualified and nonqualified retirement plans,
executive compensation, welfare plans, and Title I ERISA matters.
He has been published on a variety of ERISA topics and is an
editor of the “Benefits Law Journal.” Salkin has also been selected as a New
York Super Lawyer from 2011 to the present.
Marcia Wagner, managing director of The Wagner Law
Group, says Salkin will add a strategic element of “outstanding expertise”
to the firm’s attorneys.