Deals & People February 21, 2012

The Standard Appoints Vice President

Standard Retirement Services Inc. (The Standard) appointed Rob Baumgarten as vice president of Field Service.
Reported by

He will be responsible for managing The Standard’s field client relationship management teams throughout the country.

Baumgarten has worked at The Standard for 14 years and previously served in sales leadership and management roles. Most recently, he served as a vice president of Field Sales, managing The Standard’s field sales team. In his new role, Baumgarten will also lead The Standard’s participant enrollment and education efforts.

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Baumgarten has a bachelor’s degree in business administration from the University of Colorado in Boulder. He holds FINRA Series 7, 24, 63 and 65 securities licenses. He will be based out of The Standard’s Denver sales and service office.

The Markets February 21, 2012

Federal Employee Pension Contributions To Be Increased

New federal employees will pay 2.3% more toward their government pensions under a new deal approved by Congress.
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According to news reports, federal employees hired after December 31, 2012, and those with less than five years of federal service will need to contribute an additional 2.3% for a total of 3.1% to their pension plan to help pay for a year-long extension of unemployment benefits and the payroll tax cut extension. The pension hike is a permanent change.

There are still other legislative efforts pending in Congress, which would affect federal pay and benefits. President Obama’s FY 2013 budget proposal recommends increasing the amount federal employees contribute to their pensions by a total of 1.2% over three years starting in 2013.

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