Nonqualified compensation and insurance accounts that had been on hold for more than a month due to a ransomware attack on Infosys McCamish Systems LLC are back online, according to some clients and providers.
A cybersecurity breach affecting the U.S.-based division of Bangalore, India-based Infosys BPM Ltd., shut down some national providers of nonqualified compensation plans and insurance providers starting November 2. At least some of those accounts are fixed and back online now, according to company statements and a service announcement released to account holders on Tuesday.
“We are pleased to share that the technical issue impacting your account that began on November 2, 2023, is now fully resolved,” stated a system update from nonqualified plan provider Ascensus/Newport shared with PLANADVISER. “Your account transactions are now current, and you can submit transactions as normal. We apologize for any inconvenience or concerns this may have caused.”
Ascensus/Newport and T. Rowe Price confirmed that nonqualified accounts were back online December 5.
“We have restored system connectivity, completed processing of all transactions that were pended during the outage, and have resumed normal operations,” according to an Ascensus/Newport spokesperson.
Principal Financial Group, whose group universal life insurance accounts had been halted due to the breach, confirmed that its accounts are back online.
The Vanguard Group, which had nonqualified plans affected, did not respond to request for comment.
It is unclear if the ransomware issue behind the account freezes has been resolved or how. Infosys did not respond to a request for comment.
Infosys had hired a third-party security expert, Palto Alto Networks Inc.’s Unit 42, to investigate the attack. There were no reports of account holder information being exposed.
Account holder information was at the heart of this year’s massive MOVEit data breach, which impacted workplace retirement plans through Pension Benefit Information LLC, a data vendor working with numerous large recordkeepers and state-run pension systems.
By using this site you agree to our network wide Privacy Policy.
Ascensus LLC has named Marc Mehlman its new chief financial officer. Mehlman will assume his new role in January 2024 and succeed Kate Brennan, who has served as interim CFO since this summer.
Mehlman will report to Ascensus Chair and CEO David Musto and join the Ascensus Operating Committee executive leadership team.
“Marc’s skills and experiences position him well to excel as Ascensus’ CFO, and he will be an outstanding steward of our core values and culture,” Musto said in a statement. “He brings valued perspective as a chief financial officer leading growth and business transformation—as well as success in general management roles, including overseeing a $1 billion multinational P&L.”
Since 2020, Mehlman has served as CFO of publicly traded Avantax Wealth Management, a tax-focused broker/dealer. Prior to joining Avantax, Mehlman served in a variety of leadership positions at Thomson Reuters Corp. over 15 years, advancing through their leadership development program with a focus on finance, financial strategy and business operations.
BofA Promotes Firm Veteran as Retirement Research Head
Kai Walker
Bank of America Corp. promoted Kai Walker to head of retirement research, replacing Kevin Crain, according to a company spokesperson.
Walker is responsible for leading retirement research and inclusion transformation for Bank of America’s retirement and personal wealth solutions business, managing a team of professionals who create and deliver research focuses on workforce aging, longevity, diversity and inclusion, employee financial wellness and other workplace trends. Walker was previously Bank of America’s a managing director and head of inclusion transformation, working at the firm since 1998.
Crain retired from BofA in August, according to the spokesperson, after working for 19 years at the firm, joining in 2004 as a managing director for institutional client relationships at Bank of America Merrill Lynch. In addition to Crain’s role as head of BofA’s retirement research, he was leader of the institutional retirement and benefits services division; head of workplace financial solutions; and head of workplace solutions integration.
Crain’s last role at BofA was head of retirement research and insights. After retiring, Crain was named an advisory board member at the Global Coalition on Aging and a visiting executive at the Gerontological Society of America.
“[I’m] now having fun in the next stage of life,” Crain says. “I am engaged with a number of industry associations.”
Crain is a member of the JASPER Forum and Defined Contribution Institutional Investment Association and remains very engaged with advocacy for healthy longevity, individual financial well-being, retirement policy, Social Security solvency and retirement plan coverage/access, he adds.
Retirement Plan Adviser Pat Cunnane Leaves LPL Financial
Pat Cunnane
Retirement plan adviser Pat Cunnane has joined Fidant Wealth Partners, the independent channel of Ameriprise Financial Inc., as a financial adviser, according to a press release.
Cunnane had served 35 years at Masters Consulting Group, a registered investment adviser and separate entity of LPL Financial.
“Pat and his team run a top-notch practice, and our skillsets, expertise and business goals complement each other nicely,” Doug Kisker, CEO at Fidant Wealth Partners, stated in a press release. “We’re thrilled they felt confident in our ability to transition their business and provide an outstanding experience for their clients backed by support from Ameriprise.”
Atlanta Benefits Firm Hires Senior Consultant
Michael Yaschik
Employee benefits consultant Strategic Benefits AdvisorsInc. has hired Michael Yaschik to the role of senior benefits consultant.
Yaschik will be responsible for counseling SBA’s clients, supporting their strategic benefits initiatives and administration of pension, 401(k) and health and welfare plans, according to a press release. Yashchik will report to SBA Mindy Zatto, an SBA founding principal.
“At this time of sweeping transformation in the benefits landscape, employers need experienced advisors they can rely on for sound guidance and creative approaches for anticipating and solving problems,” Zatto stated in a press release. “SBA is proud to welcome Michael Yaschik as a senior benefits consultant. His quarter-century of experience significantly augments a team we are already proud to call one of the most tenured in the business.”
Yaschik was previously a senior project manager at Aon PLC.
NEPC Names New Partners, Principals
Investment consultant NEPC announced the election of six new partners and the promotion of five new principals across the firm, effective January 1, according to a press release.
“These well-deserved appointments are a testament to our culture and core beliefs of elevating the experience and value we bring to the table to provide our clients with best-in-class solutions,” stated Michael Manning, NEPC’s managing partner.
The newly elected partners are:
Rick Ciccione, senior consultant
Rose Dean, CFA, senior consultant
Oliver Fadley, head of private debt investments
Joe Nankof, ASA, senior consultant
Deirdre Robert, CFA, CAIA, senior consultant; and
Daniel Runnals, CFA, CAIA, senior consultant
NEPC’s new principals are:
David Barnes, CFA, CAIA, senior consultant
Peggy Boraks, senior controller
Aaron Chastain, CFA, senior consultant
Nick Mann, senior investment director, private markets
