The Markets January 14, 2009

Visteon Suspends 401(k) Match

Auto-parts supplier Visteon Corp. announced it would suspend its 401(k) match as well as its salary increases in the face of slumping sales.
Reported by

A Dow Jones news report said Visteon expects product sales for the quarter to be about $1.55 billion, a 43% drop from a year ago, amid lower vehicle production by Visteon’s global customers.

Visteon said it is on track to complete its 800 global job cuts, which were first announced in October, by the end of the first quarter, with annual savings of $60 million expected upon completion.

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The company will adopt a four-day workweek for about 2,000 of its employees, along with a 20% salary cutback, according to Dow Jones.

 

Products January 14, 2009

Platforms Pick up Cash Balance Fund

The Payden/Kravitz Cash Balance Plan Fund, described as the "first and only mutual fund designed exclusively for Cash Balance Pension Plans,″said it has been added to 10 provider platforms
Reported by

The fund (ticker: PKCBX) announced today it has been added to 10 platforms, including Matrix and Wilmington Trust (including AST Capital Trust)

Additionally, the fund is available on the Nationwide platform for brokers/advisers (available for purchase on the Resource and Innovator platforms Thursday). The fund has also reached an agreement with MassMutual that allows clients to select the fund as an investment option for retirement plan investment line-ups.

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According to the firm, these new platforms further the fund’s goal to offer cash balance plan sponsors and their advisers access to a strategic investment solution. The firm said the Payden/Kravitz Cash Balance Plan Fund offers an “institutionally diversified and risk-managed portfolio option.” For retirement plan intermediaries and cash balance plan sponsors, the firm noted that the fund offers an opportunity to minimize their administrative burden and simplify performance monitoring.

Cash balance design consultant/administrator Kravitz along with Payden & Rygel announced the launch of the fund last September (see “Kravitz Releases Fund for Cash Balance Plans“). The Payden/Kravitz Cash Balance Plan Fund is distributed through intermediaries including retirement plan providers, financial advisers and third-party administrators by Payden & Rygel Distributors.

For more information about the platforms on which the fund is available and to obtain a prospectus, contact Payden & Rygel’s David Hilton at 213.830.4278.

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