Products June 19, 2014

Firm Rolls Out Recordkeeping Platform for K-12 403(b)s

FPS Services, LLC, an affiliate of FPS Group, LLC and a Bluff Point company, has rolled out its Investment Provider Xchange (IPX) platform.
Reported by

The IPX platform is a trading and recordkeeping platform focused on serving K-12 school district 403(b) plans, participants, and their investment providers. “IPX gives us an ease of processing that is otherwise found only in a single investment provider plan design, but with the ability to offer all of the obvious benefits sought by employers who prefer a multi-provider plan for their participants,” says James Olson, head of product development at FPS Services.

IPX integrates FPS’s trust and recordkeeping systems with online portals for plan sponsors, participants, advisers, and the administrative systems and services of TSA Consulting Group, which FPS says is one of the largest providers of administration and consulting services among K-12 403(b) plans nationwide (see “TSA Consulting Acquires 403(b) Solutions Program”). That integration gives employers and participants access to account balances and activity in addition to education content and product information, all from a single site and source.

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

“The platform essentially gives those 403(b) participants who hold investments from multiple providers the same access to their total account information, just like 401(k) participants have had for years,” according to Scott Pearson, president of FPS Trust Company, which provides the necessary custodial services.

FPS Trust accesses Depository Trust & Clearing Corporation’s (DTCC) Defined Contribution Clearance & Settlement System via its Matrix/Broadridge trading relationship, providing a simplified settlement process. And since payment automation and tax reporting are core offerings of FPS Trust, participating mutual fund companies and insurance carriers can outsource participant distributions using the trust company’s distribution and payment processing capabilities. In addition, FPS Services handles recordkeeping responsibilities like statement production.

“Creating standardization of the employer and plan participant experience is accomplished while also including the specific branding required by investment providers chosen by the districts,” states Joe Rollins of TSA Consulting Group.

TSA Consulting Group will be introducing the IPX platform and services to selected district customers over the coming months and into 2015, with widespread rollout and implementation throughout 2015.

More information is available at http://www.FPSGroupLLC.com.

Deals & People June 19, 2014

OneAmerica Reshuffles Sales Structure

The companies of OneAmerica have implemented a new three-region sales and distribution structure for retirement services.
Reported by

Sales and service delivery resources in Dallas, Denver, Houston, Los Angeles, San Antonio, San Francisco and Seattle now operate as part of the West region. Staffers in Chicago, Cleveland, Detroit, Indianapolis, Kansas City, Minneapolis and St. Louis are now part of the Central region. The East region covers Atlanta, Boston, Charlotte, Florida, Nashville, Philadelphia and the Washington, D.C., area

OneAmerica says the new structure will improve geographic proximity for clients and create efficiencies in service delivery. The firm named Paul Citron as vice president of national sales and field service as part of the change—a role in which he will oversee all three sales regions. Citron joined OneAmerica in 2012 as regional vice president and carries over 20 years of retirement plan sales, service and management experience.

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

The following sales management and field sales changes have also been announced:

  • Mark Glavin was named vice president of the western region. Glavin joined the companies of OneAmerica in 2005 as vice president national sales and field service after a 23-year career at Principal Financial Group.
  • Pat Kendall is now vice president of the eastern region. Kendall has more than 12 years of retirement sales experience and has held roles at Transamerica, Diversified and MassMutual.
  • Duane Jeffers was named regional vice president and tax exempt specialist for the central region. Jeffers joined OneAmerica in 2012 and has been serving as regional sales director in the Ohio and Michigan regions. He brings 20 years of experience in tax exempt plan sales and support to this new role. Previously, he held roles at Prudential, Great West and Nationwide.
  • Miki Sakata is now regional sales director in northern California and Nevada. Sakata brings more than 17 years of retirement sales experience and has held roles at Prudential, The Standard, Guardian and TransAmerica.

The firm says the expansion will be complete following the end of a search for a vice president for central region sales. More information is available at www.oneamerica.com.

«