R.I. Treasurer Calls for Church Pension Plan Transparency

He says he will seek legislation that would require pension plans managed by religious organizations in Rhode Island to send regular updates on the financial health of the pensions to their plan participants.

Rhode Island General Treasurer Seth Magaziner joined retired members of the St. Joseph Health Services of Rhode Island pension plan to propose new transparency requirements for pension plans managed by religious organizations.

Magaziner announced that he will seek legislation in the 2019 General Assembly session that would require pension plans managed by religious organizations in Rhode Island to send regular updates on the financial health of the pensions to their plan participants. The Employee Retirement Income Security Act (ERISA) requires most private pension plans to send members a letter each year outlining the health of their plan. Publicly managed pension plans like the Employees Retirement System of Rhode Island are also required to publish key financial information each year in accordance Governmental Accounting Standards Board (GASB) standards.

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However, pension plans considered “church plans” under ERISA are exempt from both ERISA and GASB reporting standards, meaning that members of these plans often have no ability to access information regarding the financial health of their pensions.

An announcement from Magaziner’s office says more than 2,700 current and retired employees of St. Joseph and Our Lady Fatima hospitals are now facing unexpected benefit cuts due to the poor condition of their pension plan, and recent reports suggest that other church pension plans in Rhode Island may also be facing financial challenges. A lawsuit has been filed challenging that pension plan’s church plan status and funding.

“What the employees and retirees of these hospitals are going through is unacceptable,” says Magaziner. “All workers and retirees deserve to know the truth about their health of their retirement savings.”

Last month, Rhode Island Governor Gina M. Raimondo signed legislation aimed at helping members of the St. Joseph’s Health Services pension plan reach settlements in their multiple class-action lawsuits.

RBC Wealth Management Revamps Practice Management Support

The firm is launching a new adviser support program featuring dedicated coaches and customized online tools to support firm growth and improve the client experience.

RBC Wealth Management has unveiled a new, customizable practice management program designed to help individual advisers and adviser teams grow their business and improve work-life balance.

Nate Angelo, head of wealth management consulting at RBC Wealth Management, says the goal of the new program was “to create a practice management platform that is tailored to each individual or team and meets the needs of advisers at all points of the financial adviser lifecycle.”

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According to the firm, the expanded support program offers customized digital resources, a high-touch delivery model and coaching tailored to help advisers and teams assess their current state. 

“Those resources are tailored to each adviser, using a new online practice management assessment tool that comprehensively evaluates an adviser’s business in less than 30 minutes with a series of unique questions tailored to each adviser’s specific responses,” Angelo explains. “The assessment provides advisers and teams with a benchmark to compare against other successful practices and discover gaps that are preventing growth.”

Following completion of the assessment, the online tool generates a customized action plan to help the adviser and coach achieve their identified goals and objectives. In addition to the online resources, five dedicated coaches, with a combined 100 years of total coaching experience, will help administer the program across the firm’s U.S. footprint with custom one-on-one coaching and consulting designed to help refine their practices. The program also offers group training in the form of affinity/cohort adviser groups and workshops.

More information is available here.

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