It's time to take a deeper dive into what you can learn from a 5500. Like dinosaur DNA extracted from mosquitoes trapped in amber, we'll be putting a single company under the microscope in the coming weeks. But which company?
According to an article this week on BenefitsPro, "Mitchell Harris will serve as the newly created president of the Investment Management division at BNY Mellon."
"Newly created president?" Was Harris grown in a lab by top Jurassic Park scientists? Or did they mean the division itself is new? Regardless, with him now in control of billions of dollars in assets, how well has his own company fared in managing their retirement dollars?
Recommended For You
A quick FreeERISA search lets us take a look at their 29,000-participant 401(k) plan. Everything looks fairly standard, but how did the plan actually perform?
In terms of net assets, things are pretty hunky-dory: they jumped from $1.2 billion in 2008 to $2.7 billion in 2009.
That's a 125 percent ROI. In 2009? Impossible.
Looking a bit closer, we see the plan received a transfer of assets in the amount of $1.1 billion. Well, I can transfer velociraptors from their holding pen to the kitchen, but that doesn't mean they're breeding there. That wipes away most (but not all) of the gains.
Next week we'll take a look at where that magical $1.1 billion came from. Hint: it's not revenue from a dinosaur zoo.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
