Paychex Appoints Mucci for Top Post

The Board of Directors of Paychex, Inc., has named Martin Mucci president and chief executive officer, effective immediately.

B. Thomas Golisano, Paychex founder and chairman of the board said in a news release that the board unanimously selected Mucci from internal and external candidates.  Mucci is the third president and CEO in the company’s nearly 40-year history and succeeds Jonathan J. Judge, who resigned in July 2010 (see Paychex President and CEO to Resign).

As Paychex senior vice president of operations, Mucci had led a team of more than 8,000 employees in 85 locations across the U.S., and was responsible for all operations and customer service for the company’s 536,000 payroll and human resource services clients, as well as the company’s product management and information technology functions, the news release said.

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Prior to joining Paychex, Mucci was CEO of Frontier Telephone of Rochester, Inc. and president of telephone operations for Frontier Communications, with responsibility for sales, operations, customer service and financial performance of Frontier’s 34 local telephone companies.  

He holds a Bachelor’s degree in accounting from St. John Fisher College in Rochester, New York, and received a Master’s degree in business administration through the Executive Development Program at the University of Rochester’s William E. Simon Graduate School of Business.

SPARK Releases Final Data Standards for Retirement Income Solutions

The SPARK Institute has released final information sharing standards and data records for lifetime income solutions that are used in retirement plans.

The information sharing standards document, “Data Layouts for Retirement Income Solutions (Version 1.0),” is posted on The SPARK Institute Web site at http://www.sparkinstitute.org/comments-and-materials.php.  The SPARK Institute will also maintain a Q&A section on its Web site to address technical questions that may arise as the standards are adopted.    

According to a news release, the standards accommodate such in-plan options as fixed deferred annuities, guaranteed minimum withdrawal benefits (GMWB), and guaranteed minimum income benefits (GMIB) solutions under several different service models followed by insurance carriers, including a recordkeeper-traded model, provider-traded  model, and guarantee administrator model.    

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“These standards will make it easier and more cost effective for recordkeepers and insurance carriers to make retirement income solutions available to plan participants,” said Larry Goldbrum, SPARK General Counsel, in the news release.  

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