Products August 3, 2009

BNY Mellon to Provide Managed Account Outsourcing for Mesirow Financial

BNY Mellon Asset Servicing announced it will provide managed accounts outsourcing support for Mesirow Financial, a Chicago-based financial services firm.

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BNY Mellon will provide a range of services, including account opening and maintenance transaction support, custodian reconciliation, and performance measurement on more than $200 million of Mesirow’s client assets, according to a news release.

BNY Mellon Asset Servicing started providing investment manager outsourcing services for Mesirow Financial in November and recently added another segment of the firm’s managed accounts business.  

Mesirow Financial is an independent, employee-owned firm with nearly $31.7 billion in assets under management and more than 1,100 employees in locations across the country and in London, according to the release. The firm provides investment management, investment services, insurance services, investment banking, consulting, and real estate for institutions, public-sector entities, corporations, and individuals.



Data & Research August 2, 2009

Retirement Benefits Available to Two-thirds of Private Industry Workers

Two-thirds (67%) of private industry workers had access to retirement benefits in 2008, according to data from the Department of Labor's Bureau of Labor Statistics (BLS).

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However, a BLS news release said only half (51%) of private industry workers participated in a retirement plan. Among state and local government employees, 90% had access to retirement benefits and 86% participated in a retirement plan.

Medical care benefits were available to 71% of private industry workers, compared with 88% of state and local government workers. According to the news release, about half of private industry workers participated in a medical plan, while 73% of state and local government workers did.

Only 25% of the lowest wage earners — those with average hourly wages in the lowest 10% of all private industry wages — had access to medical care benefits. By contrast, nearly all workers with hourly wages in the highest 10% of all private industry wages had access to medical care benefits.

Private industry workers in service occupations have less access to medical care benefits (46%) than private industry management, professional, and related workers (86%), the BLS data showed.

Employers paid 82% of the cost of premiums for single coverage and 71% of the cost for family coverage, for workers participating in employer-sponsored medical plans. The employer share for single coverage was greater in state and local government (90%) than in private industry (80%). For family coverage, the employer share of premiums was similar for private industry and state and local government, 70% and 73%, respectively.

Nearly 90% of state and local government workers had access to paid sick leave, compared to approximately 60% of private industry workers.

The data is from the National Compensation Survey.

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