Deals & People May 9, 2008

Great-West Announces Retirement Services Promotions

Charles P. Nelson was appointed President of Great-West Retirement Services.
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Nelson was formerly Senior Vice President of Great West Retirement Services, a business unit of Great-West Life & Annuity providing group retirement savings products and services.

Nelson joined Great-West in 1983 and is the senior officer responsible for all aspects of the retirement business’s defined contribution and defined benefit programs. He oversees the corporate, government, healthcare, non-profit, and institutional lines of business. His responsibilities include the general management of the business, which comprises recordkeeping, administration, operations, marketing, sales, products, financial results, and broker-dealer services. Nelson is a graduate of Whitman College with a degree in chemistry and economics.

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In addition, Great West Retirement Services appointed Mark S. Corbett, formerly Senior Vice President, Investments, to Executive Vice President and CIO, and James L. McCallen, formerly Senior Vice President and actuary, to Senior Vice President and CFO.

The promotions were included in a larger announcement that Mitchell T.G. Graye has been named president and CEO of Great-West Life & Annuity Insurance. Graye replaces Raymond L. McFeetors, who has been appointed Chairman of the Board.

“This appointment recognizes Charlie’s success in building Great-West Retirement Services into one of the country’s leading retirement plan providers,’ said Graye. “One of our goals is to expand our financial services business through acquisitions and organic growth, and Charlie is playing a key role in helping Great-West accomplish this.’

Most recently, Graye was Executive Vice President and CFO for Great-West, and prior to his roles within the Great-West family of companies, he held senior financial positions in both the corporate and investment banking sectors.

Compliance May 8, 2008

Conn. 401(k) Bill Shelved in House

A bill allowing the state of Connecticut to sponsor a 401(k) plan for small businesses apparently was a casualty of the last-minute scramble by lawmakers to end their session Wednesday night.
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A bill allowing the state of Connecticut to sponsor a 401(k) plan for small businesses apparently was a casualty of the last-minute scramble by lawmakers to end their session Wednesday night.

Senate Bill 652 was among a host of bills on the state House schedule for consideration as the session wound down, but the measure never came up for a vote, according to legislative records.

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Backed by a coalition of Democrats including Senate President Pro Tem Donald Williams, the measure would have allowed the state comptroller to have the program created for employers with fewer than 100 workers. The bill would also apply to self-employed individuals and tax-exempt nonprofit organizations, which could get payroll deduction IRAs and other offerings in a voluntary program with no mandatory employer contribution.

The bill passed the Senate in April on a party line vote of 22 to 11. (See CT Bill for State Small Business DC Plans Passes Senate.)

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