Schwab Announces Stock Plan Unit

Charles Schwab plans to launch an Equity Award Consultation Team for corporate stock plan clients. 

A news release said the team will provide personalized education and guidance for U.S.-based participants in the corporate equity plans serviced by Schwab, regardless of a participant’s level at their company or the value of their equity holdings.

The unit, scheduled for a first-quarter 2011 launch, will be made up of professionals with specific training on providing equity award guidance, Schwab said. Guidance the team will provide to plan participants includes:

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  • Holding 1-1 personalized consultations with plan participants regarding stock options, restricted stock awards, restricted stock units, and performance awards;
  • Educating employees about their current equity award holdings and how award milestones, such as lapsing, vesting, and expiration, can affect these holdings;
  • Explaining choices available for managing those holdings within the context of the employee’s overall investment portfolio.

“Our new Equity Award Consultation Team is designed to help all participants in the plans we serve better understand, appreciate, and utilize their equity awards,” said Trish Cox, senior vice president of Charles Schwab Corporate Brokerage Services, in the announcement.

More information is at http://www.scrs.schwab.com/home/index.html.

Chartis Puts Out Fiduciary Liability Product

Chartis has launched Fiduciary Liability Insurance Edge to address the fiduciary liability exposures facing companies, plans, executives, and employees. 

A news release said the offering provides coverage for board members, executives and companies to protect them against Employee Retirement Income Security Act (ERISA) and employee-benefits litigation.

By extending coverage to company executives who are merely alleged to have acted as plan fiduciaries, but who are later proven to have been acting only in a business or “settlor” capacity, the product eliminates the potential that a successful defense could result in a business executive losing coverage, the company said. The product was developed by the Chartis Executive Liability Division. 

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The company said the product offers:

  • Flexible notice features for fact-finding government investigations and internal appeals of benefit denials;
  • Coverage for penalties under recently enacted health-care reform regulations;
  • Expanded coverage relating to voluntary governmental compliance programs.

“Economic developments, legislative agendas and recent court decisions have left fiduciaries more vulnerable than ever,” said Michael Smith, President of Executive Liability, in the news release. “Fiduciary Liability Insurance Edge gives business executives and plan fiduciaries state-of-the-art coverage in response to the unprecedented level of risk they face today.”

More information is at www.chartisinsurance.com

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