EPIC Advisors Names New President

The retirement specialist advisory firm announced Manuel Marques will take on the role of president.

After joining EPIC Advisors in 2004 and most recently serving as director of sales and strategic partnerships, Manuel Marques has been appointed as president of the retirement plan advisory firm.

EPIC specializes in retirement plan services and solutions customized for the individual needs of retirement plan sponsors and investment advisers. EPIC serves as a recordkeeper and retirement plan consultant for over 110,000 participants in 1,800 retirement plans, with a footprint across 44 states.

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Marques bring extensive experience in 401(k) plan design, administration, investments and compliance to the president role. Prior to joining EPIC, he was employed by Paychex Inc. He initially worked in the retirement services division as a relationship manager, then moved to the HRS Platinum Group, where he managed the relationships of Paychex’s highest revenue clients.

Marques earned a bachelor of arts degree in education and foreign languages from Felix Varela College, and a graduate degree in English literature from the Central University of Las Villas, both in Cuba. He holds several professional designations from the American Society of Pension Professionals and Actuaries (ASPPA), including certified pension consultant (CPC) and qualified plan financial consultant (QPFC).

Headquartered in Rochester, New York, EPIC Advisors provides retirement plan solutions to banks, trust companies and investment advisers across the country. Core solutions include comprehensive plan administration, recordkeeping, compliance, business development and document services. The firm is a wholly owned subsidiary of NBT Financial Services, a subsidiary of NBT Bancorp Inc.

More information about EPIC Advisors can be found at www.epic1st.com.

Settlement Reached in Fannie Mae Stock Drop Suit

Affected participants will receive $9 million, less attorneys’ fees and settlement expenses.

U.S. District Judge Paul A. Crotty of the U.S. District Court for the Southern District of New York has preliminarily approved a settlement between the Federal National Mortgage Association (FNMA) and a group of retirement plan participants who claim the firm held onto company stock when it was imprudent to do so. 

The settlement agreement provides for $9,000,000 (less attorneys’ fees and settlement expenses) to be set aside in an account for all persons who were participants in or beneficiaries (including alternate payees) of the FNMA Employee Stock Ownership Plan at any time between April 17, 2007, and May 14, 2010, and whose plan accounts included investments in the Fannie Mae Stock Fund at any point during the class period. 

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In 2012, Crotty found that the plaintiffs plausibly alleged that defendants named in the lawsuit knew both the causes of the price drop of FNMA stock and the reasons it was imprudent to retain the plan’s investment in the stock. 

The benefit plan committee defendants argued that they cannot be found liable for a breach of their duty of prudence under the Employee Retirement Income Security Act (ERISA) because divesting the plan’s assets of FNMA’s stock would involve trading on insider information; alternatively, disclosure of non-public information before divesting would have caused the very decline in stock price that plaintiffs sought to avoid. Crotty rejected their arguments, saying defendants could have “taken a variety of steps that would not have been violations of the securities laws, including independently evaluating the prudence of the maintenance of the [company] stock fund as an investment option under the plans, ceasing new investments in the [company] stock fund, questioning the valuation of in-kind stock contributions to the plans, [or] considering whether public disclosure of material information would have been in the best interests of the plans’ participants … .” 

The settlement agreement is here.

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