Compliance February 10, 2009

EBSA Releases DB Disclosure Guidance

The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) announced interim guidance pertaining to new requirements that defined benefit plan sponsors must disclose plan funding data to participants.
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EBSA’s Field Assistance Bulletin (FAB) 2009-01 deals with the disclosure mandates contained in amendments to the Employee Retirement Income Security Act (ERISA) made by the Pension Protection Act (PPA).

EBSA officials said in the FAB that until they release more detailed guidance about complying with the disclosure mandates, they will consider in compliance a plan that “has acted in accordance with a good faith, reasonable interpretation of those requirements with respect to matters not specifically addressed in this memorandum.”

The agency said that while use of two model notices in the FAB (one for single-employer and one for multi-employer plans) is not mandatory, an “appropriately completed notice” will be treated as complying with the new content requirements of the PPA mandate.

Under the PPA, DB sponsors have to provide participants and others with information annually about the funding status of their plans. Many of these plans must furnish their first annual funding notice under the new law no later than April 30, 2009.

EBSA said an estimated 1,500 multi-employer plans covering approximately 10 million participants and beneficiaries, plus 29,000 single-employer plans covering approximately 33.8 million participants and beneficiaries are subject to the new disclosure requirements.

The guidance is available here.

Deals & People February 10, 2009

Eaton Vance Taps New International Director

Investment management firm Eaton Vance Corp. announced that Niall Michael Quinn has joined the firm as Managing Director of Eaton Vance Management International.
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According to a press release, in this role, Quinn is responsible for managing and developing Eaton Vance’s international business efforts. He reports to Lisa Jones, Eaton Vance’s Head of Institutional.

He joins Eaton Vance Management International from Gartmore Investment Management Limited, London, where he served most recently as head of business development. At Gartmore, Quinn managed a team focused on serving pension, government entities, financial institutions and investment consultants in the UK, Continental Europe and the Middle East. Prior to joining Gartmore, he worked as executive director, European pensions, at Goldman Sachs International.

“Niall brings the right mix of expertise and experience to lead Eaton Vance’s international business development and client service,” said Jones. “He has great relationships and is knowledgeable about how best to represent our investment management capabilities and exceed the expectations of clients. I am confident in his ability to effectively lead our efforts outside the U.S..’

Eaton Vance Corp., based in Boston, and its affiliates managed $124.9 billion in assets as of December 31, 2008.

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