Products March 11, 2015

BB&T Debuts 3(16) Fiduciary Unit

To help plan sponsors with fiduciary duties and day-to-day administrative tasks, BB&T Retirement and Institutional Services has created 3(16) Alliance Services.
Reported by

Section 3(16) of the Employee Retirement and Income Security Act (ERISA) addresses the tasks of the retirement plan administrator, which carries a range of fiduciary and non-fiduciary tasks in operating and administering the plan.

BB&T Retirement and Institutional Services will authorize and process participant loans and distributions for its 3(16) Alliance Solution clients, as well as determine the validity of qualified domestic relations order submissions.

Never miss a story — sign up for PLANADVISER newsletters to keep up on the latest retirement plan adviser news.

Using 3(16) Alliance Services allows a plan sponsor to focus on its core business, while the BB&T team works on the administrative duties of the plan, the company says. Paperwork and administrative burdens are reduced for the plan sponsor, saving time and resources.

More information is available at BB&T’swebsite.

Deals & People March 11, 2015

DuPont Capital Adds to Executive Sales Team

DuPont Capital Management hired William Smith, Jr., as principal, business development, and Paul Leahy as head of relationship management.
Reported by

Smith takes on responsibility for direct marketing and sales to institutional retirement plans and consultants. Leahy will be focused on developing and maintaining DuPont Capital’s relationships with institutional clients and consultants.

Smith is a 17-year Vanguard veteran. During his tenure at Vanguard, he served in various sales executive, senior analyst and relationship manager roles. He holds an M.B.A. from Rutgers University and earned a B.A. in Economics from Lynchburg College. Smith is also a CFA charterholder.

Want the latest retirement plan adviser news and insights? Sign up for PLANADVISER newsletters.

Prior to joining DuPont Capital, Leahy was most recently a director and senior relationship manager for The Boston Company Asset Management. He also served as vice president of non-U.S. distribution and director of client Service, among other roles. Leahy earned a B.A. in political science from Middlebury College.

More information about the firm is at www.dupontcapital.com.

«