Deals & People April 9, 2013

Towers Watson Hires Annuities Expert

Robin Gantz was hired by Towers Watson as a senior consultant in its retirement risk business.
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Gantz, an annuity purchase industry leader, will be based in Towers Watson’s Irvine, California, office and will add her expertise to the company’s retirement risk management group, which advises plan sponsors on pension plan risk management strategies.   

Before joining Towers Watson, Gantz was a vice president and senior consultant with Aon Hewitt, where she was a leader in its annuity placement business. She also held pension consulting positions with Pacific Life and KPMG.  

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Gantz holds a bachelor’s degree in organizational leadership from Chapman University and a master’s degree in finance from The George L. Graziadio School of Business at Pepperdine University.

Products April 9, 2013

Six Tips for DB Cash-Out Programs

Mercer has released a list of six tips for plan sponsors that are considering a participant cash-out program for their defined benefit (DB) plans.
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DB plan sponsors face many challenges in providing a successful cash-out program and must consider the numerous implications for participants in explaining and addressing the right decision for the individual, said Andrew Yerre, a partner at Mercer.

The top six considerations for DB plan sponsors include: 

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  1. Positioning the lump sum cash-out option as another choice for participants to consider;
  2. Providing effective and personalized communication to participants to help guide them through their decision-making process;
  3. Analyzing data to ensure that it is complete and accurate;
  4. Being prepared to answer questions from a variety of stakeholders about the business rationale behind the cash-out offering;
  5. Understanding the fiduciary responsibilities as the plan sponsor; and
  6. Choosing a provider who can effectively execute the entire cash-out program.

In addition to these six tips, Mercer posted related materials on its website, including a white paper, videos and articles. These additional resources about cash-out programs are available here.

“Pension cash-out programs are one of the options that plan sponsors can consider when looking to reduce risk associated with these plans,” said Jonathan Barry, a partner in Mercer’s retirement area. The role of a plan sponsor as a skilled communicator in this process, he added, cannot be overstated.

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