Products April 20, 2009

Schwab Makes Target Funds Enhancements

Charles Schwab Investment Management, the asset management arm of the Charles Schwab Corporation, announced changes to its target-date mutual funds to enhance the portfolios and reduce expenses.
Reported by

According to a press release, enhancements to the Target Funds include:

  • reducing expense ratios by an estimated 13 to 23 basis points;
  • higher fixed-income exposure beginning 10 years from the target date to help increase protection of principal and generate periodic income approaching and during retirement;
  • adding third-party funds managed by third-party investment managers for improved style diversification and access to additional asset classes;
  • higher equity exposure in early years of funds, with the goal of building wealth before target date;
  • extending the glide path for an additional five years to continue 20 years after target retirement date.

“We conducted a strategic review of our Schwab Target Date mutual fund lineup to evaluate the best investment approach given market conditions and investors’ changing long-term expectations and current interest in more conservative investment options,” said Peter Crawford, senior vice president for investment management services, in the announcement.

For more stories like this, sign up for the PLANADVISERdash daily newsletter.

Deals & People April 20, 2009

Benish Tapped for New Position at PSCA

The Profit Sharing/401k Council of America (PSCA) tapped Robert Benish for vice president of Membership and Operations.
Reported by

Benish will be responsible for the day-to-day operations of PSCA including programs, publications, conferences, and membership. “With Bob on board at PSCA, we can dedicate even more time to representing PSCA’s vision to policymakers, academics, and the media,” stated David Wray, president of the Profit Sharing/401k Council of America (PSCA), in a press release.

For more than two decades, Benish has served in management roles for a number of mutual fund and investment companies in New York, Boston, and Atlanta. Most recently, he was founder and president of the Retirement Education Center and has been a passionate supporter of financial literacy through Fin Lit 101, an online program for high school students, according to the announcement.

Never miss a story — sign up for PLANADVISER newsletters to keep up on the latest retirement plan adviser news.

Other Changes

PSCA also said that other staff changes will be made to further support PSCA and its members. Hattie Greenan will devote more of her time to research as Research Manager and Kara Clark, PSCA editor, will take on increasing responsibilities in Communications and work closely with Bob Benish on the Education and Communications Committee.

«