Deals & People February 23, 2011

T. Rowe Names Head of Third Party Distribution Unit

Scott David is the new director of Third Party Distribution for the T. Rowe Price Group, beginning May 2.  
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In this position, David will lead the firm’s efforts to develop its relationships with financial intermediaries by overseeing distribution, sales support, and marketing. He is succeeding John H. Cammack, who retired after 18-years with T. Rowe Price.

David worked at Fidelity Investments for seven years, most recently as president of Fidelity Institutional Retirement Services. As general manager of the unit, he was responsible for its strategic direction, client satisfaction, and employee engagement across multiple offices. Prior to his time at Fidelity, he was president of U.S. Retirement Services for Deutsche Asset Management/Scudder Investments. David is also a board member of the Employee Benefit Research Institute and a member of the Retirement Security Taskforce for the Investment Company Institute.

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Compliance February 23, 2011

"Non-Responders" to IRS Questionnaire May be Examined

The Internal Revenue Service’s Employee Plans Compliance Unit announced the completion of the information-gathering phase of its 401(k) Questionnaire Project.
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However, the agency said it will conduct a full-scope examination of plans whose sponsors who did not return the Questionnaire to provide the data needed for its 401(k) market segment analysis. The project began in May 2010 (see “IMHO: Compliance “Deportment”“).  

In the Winter 2011 edition of the agency’s Retirement News for Employers newsletter, the IRS said the next phase in the project is to evaluate responses from the completed questionnaires to better understand 401(k) plan compliance issues, determine how our tools and voluntary compliance programs are working, and identify participant awareness and plan sponsor compliance issues.   

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The agency is encouraging all plan sponsors to use the Questionnaire as an internal control tool to review their plans and determine if they are in compliance. Sponsors can follow up by using the IRS’ correction programs to fix any plan mistakes.  

An interim report with general findings from the Questionnaire will be posted on http://www.irs.gov by the end of September, and a final report will be posted next year.  

The newsletter is at http://www.irs.gov/retirement/article/0,,id=122823,00.html.

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