ExpertPlan Announces DB Offering

ExpertPlan, provider of private label recordkeeping solutions for the micro to small retirement plan market, will be adding defined benefit plans to its existing suite of retirement products in October.

A new plan, ExpertPlan OnePersonPlus, is designed for sole proprietorships and micro-market businesses (one to five employees) seeking to contribute $100,000 or more of pre-tax income and take advantage of significant tax savings, according to a press release. Contributions can be two to three times higher than those typically found in a SEP or 401(k) program.

ExpertPlan OnePersonPlus plans will be sold and administered by Dedicated Defined Benefit Services, a San Francisco-based company focusing exclusively on helping advisers and financial institutions offer defined benefit plans to high-income small business owners. ExpertPlan will handle the recordkeeping services.


More information is available at www.ExpertPlan.com.

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Wachovia Retirement Stays in Acquisition Deal

Wachovia Retirement Services is one of the business units not going to Citigroup as part of Monday’s acquisition of the Charlotte, North Carolina-based bank.

According to a Wachovia news release, the company will retain its publicly traded status and will keep Wachovia Securities, the nation’s third largest brokerage firm, and Evergreen Asset Management. Under terms of the transaction, Citigroup will pay $2.1 billion to Wachovia and assume the senior and subordinated debt of Wachovia Corporation.

“During recent weeks, the financial landscape has changed significantly and presented us with unprecedented challenges,” said Robert K. Steel, CEO and President of Wachovia, in the news release. “Today’s announcement is the best alternative for the company, enabling a resolution on the Golden West portfolio.”

The transaction is expected to close before year end. It has been approved by directors of both companies and is subject to Wachovia shareholder approval and the appropriate regulatory approvals.

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