The Markets February 4, 2009

Ark. Hospital Firm Trims 401(k) Match

An Arkansas hospital company has trimmed its 401(k) match as part of a general cost-cutting effort.
Reported by

A Northwest Arkansas Times news report said Washington Regional Medical Center announced plans to cut the match from 6% to 5%, cut pay for its 2,150 workers by 2.9%, and decrease salary for executives by 3%.

The company also halted its 2009 bonus program, the news report said.

In a letter from WRMC CEO Bill Bradley to employees of the hospital and its related system of clinics and other facilities, Bradley wrote that WRMC “must confront a ‘perfect storm’ of issues that have been compounded by or are directly attributable to the current economic crisis.”

The announced pay and benefits reductions took effect February 1.

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Products February 4, 2009

Invesco Aim Launches New 401(k) Review Tool

Invesco Aim launched an enhanced Invesco Aim PlanForward Module 3 Benchmarking and Reviewing 401(k) Plans.
Reported by

According to a press release, this product-neutral marketing program offers financial advisers the opportunity to provide plan sponsors with a 401(k) review process, including:

  • analysis of plan design, investments and participant behavior, and plan oversight
  • easy access to the right data for effective benchmarking and plan comparison
  • suggestions to help enhance plan effectiveness for participants and sponsors.

“The newly designed module in our PlanForward series offers multiple tools and resources to help retirement plan financial advisers review and benchmark plans, a compelling attribute given recent regulatory and economic developments,” said Terry Kelly, national sales manager, Retirement Division of Invesco Aim Distributors, Inc.

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The centerpiece of the module is the Web-based DC PlanAnalyzer tool that allows financial advisers to benchmark plans against industry statistics and create a customized plan report that offers analysis, comparison, and plan-specific considerations for improving plan effectiveness.

Invesco Aim said it developed the PlanForward program to help advisers communicate and demonstrate their value to plan sponsors. The six modules cover managing fiduciary liability, fees and expenses, educating participants, conducting plan reviews, educating newer financial advisers about the retirement market, and helping advisers move up-market.

 

More information is available at www.invescoaim.com.

 

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