Deals & People November 16, 2009

Herchenbach Tapped for Mutual of Omaha Retirement Post

Scott Herchenbach has been promoted to senior vice president, Retirement Plans Division, Mutual of Omaha announced.

Reported by

The company said Herchenbach will manage all aspects of the company’s Retirement Plans Division, including sales, marketing, client services, operations, product development, and investments.

Herchenbach joined Mutual of Omaha in 1992 as an actuarial assistant. During his 17 years at the company, he has worked with a variety of product lines.  He most recently served as vice president and actuary, Retirement Plans Division, a position he held since 2003.

Products November 16, 2009

BofA Merrill Enhances Stock Services

The Bank of America Merrill Lynch equity compensation business has enhanced its services to assist companies in managing such benefits as performance stock, restricted stock, and stock option awards.

Reported by

According to John Furlong, head of product management for Bank of America Merrill Lynch Retirement Services, recent enhancements benefiting participants in these programs include: 

  • the addition of multi-lingual capabilities (French, Spanish German, Italian, Japanese, and Mandarin Chinese),
  • increased integration with employee stock purchase plans,
  • mobility tracking, which the firm says assists in the assessment of changing tax requirements for employees who work in multiple states or countries and those that may require allocation of their time among corporate subsidiaries.

Bank of America Merrill Lynch supports more than 600 equity award plans covering nearly 2.5 million participants in more than 100 countries, including 21 of the Fortune 125 companies, according to the announcement. As of September 30, approximately 70% of these clients fully outsourced the day-to-day recordkeeping and administration responsibilities of their equity awards plans to the organization.

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