Deals & People June 29, 2010

First Mercantile Announces Addition to Sales Team

Echo Robinson recently joined First Mercantile's sales team as Regional Sales Director for the Pacific region. 
Reported by

Robinson is responsible for developing new business through bank brokers, consultants, employee benefit brokers, independent broker-dealers, life brokers, national wirehouses, regional broker-dealers, registered investment advisers, and third party administrators in First Mercantile’s Pacific region.  The Pacific region consists of Southern California, Southern Nevada, and Hawaii. 

According to a press release, prior to First Mercantile, Robinson was a Regional Sales Director with The Hartford Retirement Services. 

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More information about First Mercantile is at http://www.firstmerc.com.  

 

Compliance June 29, 2010

Legislation Pending to Permit 401(k) Rollovers to Roths

A new Senate proposal would allow certain employees to roll over amounts from their (401)k retirement plans to a Roth savings account.

Reported by

According to a draft copy of the bill obtained by Dow Jones Newswires, it would allow the rollover of amounts in a 401(k) retirement plan of otherwise permissible distributions to a Roth-type account in the same plan. Dow Jones noted the provision would help employees who are 59 1/2 years old or older, and who want to keep their savings in their current retirement plan but would like to convert it to a Roth-type account.   

The Senate expects the provision to raise $5.1 billion to help pay for roughly $12 billion in tax incentives aimed at spurring small business growth, because people taking advantage of the rollover will owe taxes on tax-deferred amounts that had been accumulating in their 401(k) plans.   

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The provision is part of a package of small business and savings incentives that will likely face a Senate procedural vote this week, according to the news report.

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