Deals & People April 29, 2009

ExpertPlan Hires New Head of Distribution

Retirement plan recordkeeper ExpertPlan announced it has hired John Farmakis as its new executive vice president of Sales, Marketing&Business Development, effective May 1.
Reported by

The announcement said Farmakis will be responsible for all external and internal sales, marketing, and business development activities across multiple distribution channels. He will be based in the ExpertPlan headquarters located outside of Princeton, New Jersey.

Prior to joining ExpertPlan, Farmakis held senior management positions in defined contribution sales and product development at BlackRock; BISYS Retirement Services (now Ascensus); Great-West Life & Annuity Co./FASCorp.; and Automatic Data Processing (ADP) Retirement Services. He also held various sales and management positions at Childcraft Inc. (a subsidiary of the Walt Disney Corp.); and International Business Machines Corp. (IBM), according to the announcement.

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The Markets April 29, 2009

Turkey Meat Production Company Cuts Match, Pay

West Liberty Foods, a production facility owned by the Iowa Turkey Growers Cooperative, will suspend the matching contribution into employees’ 401(k) accounts, effective immediately.
Reported by

The West Liberty Index reports that employees were also told in a company-wide meeting April 20 that their pay would be cut 3.17%, effective April 27.

“Like all companies, we are cutting costs to manage our business during challenging economic times,” Waters said. The company said the cuts were for an indefinite period, according to the news report.

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