Executives from The Keane Organization, a provider of specialty
compliance and risk management guidance, have created a spinoff
company, Risk Compliance Performance Solutions, LLC.
A news release said the new company will focus on expansion
and growth opportunities in the retirement plan and risk management
arenas.
Headquartered in the Philadelphia region, RCP Solutions will be
comprised of the Retirement Services and the Business Risk Management
Solutions divisions that were formerly part of The Keane Organization.
The company said it will expand call center operations and
technology on the retirement side and has plans to re-engineer its
proprietary risk management solution.
Former executives of The Keane Organization will continue in
leadership positions at RCP Solutions. Steven Grossman will serve as
Chairman, Dorothy Flynn will serve as Chief Executive Officer, and
Caroline Castagno will assume the role of Chief Operating Officer,
according to the announcement.
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A snapshot of 403(b) plan sponsors by the Profit Sharing/401k
Council of America (PSCA) finds employers and employees are staying the
course in the face of a difficult economic and regulatory climate.
PSCA’s 403(b) Plan Response to Changing Conditions
finds the majority of 403(b) plan sponsors have made no changes to their
matching contribution (73.3%) or to their non-matching organization
contribution (74.6%) in the last three years. Fourteen percent of 403(b)
plan sponsors that offered a matching contribution on December 31,
2007, have suspended it, with 40% of those organizations already
restoring it.
Of organizations that offered a non-matching contribution
on December 31, 2007, 12.5% suspended it, with 30.2% already restoring
it, according to a summary of the survey results.
Plan sponsors took a variety of actions in the last year in response to regulatory and economic changes;
47.9% of organizations increased their employee education efforts, and
22.6% of organizations added investment advice for participants. Thirty
percent of organizations changed the investment lineup, including 48% of
large organizations.
According to the survey results, 403(b) plan sponsors are
also scrutinizing fees more closely, with 49.7% of respondents doing so
(74% of large organizations). Less than half (46.6%) of organizations
have an accountable committee responsible for reviewing fund performance
and/or plan compliance (82% of large organizations).
Organizations indicated that participants are continuing
to contribute to their plans; 40% of organizations reported no change to
plan participation rates, and 37.9% indicated an increase in plan
participation. Only 14.5% of organizations indicated a decrease.
However, 92% of organizations that suspended the matching contribution
reported a decrease in plan participation, and 44% of plans that
restored their matching contributions reported in increase in
participation.
In addition, employees contributing to the plan are
maintaining deferral levels. More than 50% of plans reported no change
to participant deferral rates, and 11.4% indicated an increase. Only
13.1% indicated a decrease. Similar to decreases in plan participation
rates, more organizations that suspended the matching contribution
indicated a decrease in participant deferral levels (57.9%) than those
that made no change (12.4%).
PSCA’s 403(b) Plan Response to Changing Conditions reflects responses from 599 not-for-profit organizations that currently sponsor a 403(b) plan.