Deals & People June 2, 2009

Plan Sponsor Advisors Announces New Staff

Angelo Auriemma joined Plan Sponsor Advisors as the director of Investment Advisory Services, the firm announced.
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In his new role, Auriemma will advise clients on a range of defined benefit and defined contribution issues, and will also develop investment policies and assist clients with selecting and evaluating money managers, according to a news release.

Auriemma previously worked as an analyst and portfolio manager for Woodly Farra Manion Portfolio Management, Inc., a boutique investment company, where he established an independent advisory firm dedicated to the selection and monitoring of investment options offered within qualified retirement plans. Prior to that, Auriemma held a variety of positions with National City Bank and Allegiant Capital Management.

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In addition, Michael Kerrigan has joined Plan Sponsor Advisors in the newly created position of director of Sales and Marketing. Kerrigan has spent most of his career with Mercer Human Resource Consulting in Chicago as a business development consultant and principal in the Client Management Practice.

Plan Sponsor Advisors (PSA) is an independent, retirement plan consulting firm, and is not affiliated with PLANSPONSOR. PSA has advised more than $40 billion in retirement plan assets since 2002.

Products June 2, 2009

VALIC to Apply to Participate in 403(b) Prototype Program

VALIC, a 403(b) plan provider, said it intends to participate in the IRS 403(b) prototype program.
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In an effort to facilitate compliance with the written plan document requirement of the 403(b) regulations, VALIC said it will seek approval of several prototype plans to address the unique needs of different 403(b) plan sponsors—including public and private education, health care, and church plans, according to a news release.

VALIC will continue to support those plans that rely on the previously approved IRS model language, as well as any individually designed plan documents that meet the requirements of the 403(b) regulations, the company said.

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“Our nation’s education systems and other tax exempt employers are grappling with challenging 403(b) regulations, and it is our goal at VALIC to work closely with the IRS to secure approval of our prototype plan documents, thus ensuring the success of 403(b) plan sponsors across the country,” said Don Harris, senior vice president, National Education Markets, VALIC, in the release.

The IRS announced its proposal for the prototype program in April (see “IRS Releases Proposed 403(b) Prototype Document Program’). Determination letter reviews for the prototypes could begin as soon as the first quarter of 2010.

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