Products June 14, 2007

Wachovia Unveils Retirement Plan Health Gauge for Sponsors

Wachovia Retirement Services has released a product to help plan sponsors gauge the health of their retirement plans and give them suggestions on how to improve the plan.
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The Wachovia Peak Performance Program uses an evaluation method called the Wachovia Plan Health Index to pinpoint employees who are not on track for retirement. According to the product announcement, the program then selects from several plan designs, investment options and education solutions.
After the initial assessment, plan sponsors will be provided with a progress report that includes:
  • The Plan Health Index, which gives a diagnostic evaluation of plan health based on employee savings and investing behaviors;
  • In-depth performance metrics divided by income, age, tenure, gender and other variables;
  • Suggested solutions for plan sponsors.
“Our fact-based method of assessing plan health points to solutions that have been designed to address specific plan issues,” said Laura DiFraia, senior vice president of WRS product management, in the announcement. “We can estimate the impact that any solution will have on overall plan health — and once a solution has been implemented, we can measure its impact with just the touch of a button. Measuring and reporting results are cornerstones of our approach to accountable service.”
For more information, visit www.wachovia.com/401k.
Compliance June 14, 2007

Second PBHG Fair Fund Distribution Announced

Yesterday, the Securities and Exchange Commission (SEC) announced the distribution of $73 million to a second group of investors harmed by fraudulent market timing in the PBHG Funds between June 1998 and December 2001.
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This was the second in a series of three disbursements from a Fair Fund to those affected by the market timing in the affected PBHG funds, for which Pilgrim Baxter & Associates, Ltd. was the investment adviser. Ultimately, this group of more than 384,000 account holders will receive $267 million.
The first $125 million Fair Fund distribution to more than 254,000 investors who were harmed by fraudulent market timing in the PBHG Funds between June 1998 and December 2001 was announced in April (See SEC Announces PBHG Fund Market-Timing Distribution)
The third disbursement will be made to the remaining eligible account holders before Sept. 30, 2007, according to the SEC.
Investors can obtain additional information about the distribution process, including a copy of the Distribution Plan, by visiting http://www.pbafairfundsettlements.com or by calling the Administrator of the Distribution Plan at (800) 920-5408.

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