Benefits and retirement newsmakers: Ascensus, Newport, FAIR, Integrated Partners, Molina Healthcare

A lot is happening in the employee benefits and retirement industry — thus, a roundup deep enough to sink your teeth into. I’m seeing more executive retirements (and, thankfully for the organizations’ futures, obvious efforts at succession planning), partnerships, acquisitions (consolidation continues in both retirement and employee benefits), and the usual upward striving of business professionals seeking new challenges. Here’s what’s happened recently.

Vestwell announced the intent to acquire Sumday, a subsidiary of The Bank of New York Mellon Corporation that manages and administers 529 college savings, 529A ABLE, and Secure Choice/Auto-IRA state-sponsored savings programs. BNY Mellon will act as the preferred servicing agent for the state programs managed by Vestwell. Sumday will be rebranded Vestwell State Savings. Douglas Magnolia will assume the role of President.

Standard Insurance Company announced the following:

• Kevin Erdahl has been promoted to assistant vice president of Employee Benefits Underwriting.Erdahl started at The Standard in 1994 as an associate underwriter in Employee Benefits. Most recently, he was second vice president of risk management for Employee Benefits Underwriting.
• Margaret Brandl has been named assistant vice president and actuary, Actuarial Governance and Risk Management.Most recently she was vice president and managing actuary for the life and annuity business at Genworth Financial. Previously, she held a succession of roles with increasing responsibility during her career with Manulife Financial in Canada.

RMC Group announced that Tamara M. Middleton has joined the company as Vice President of Pensions. Middleton brings more than 35 years of experience as a plan designer, plan administrator, and business owner to RMC. Middleton is an Enrolled Retirement Plan Agent (ERPA) with the IRS and has represented clients before the IRS and DOL under examination and through its Employee Plans Compliance Resolution System. She is an active credentialled member of the American Society of Pension Professional and Actuaries, receiving their highest credential of Certified Pension Consultant (CPC) in 2006.

New York Life announced the appointment of Carrie Hall as its 2022 Council President, an honor afforded to the top-ranking agent among New York Life’s more than 12,000 financial professionals. Hall is the Founder, Principal and Financial Adviser of Carrie Hall & Associates Financial and Insurance Services. Since founding her firm in 1985, Hall provides financial, business, and estate planning to high-net worth entrepreneurs, families, and individuals. Hall has been affiliated with New York Life as an agent since 1988 and is a member of the Million Dollar Round Table (MDRT).

Molina Healthcare announced the appointment of Jack Stephenson as plan president of Molina Healthcare of New York. Stephenson has dedicated much of his career to serving Medicare and Medicaid members across New York, most recently as vice president of payer strategy and contracting at the Hospital for Special Surgery (HSS) in New York City. Prior to HSS, Stephenson spent over 10 years in various roles at health insurance provider Anthem, where he was president of New York Medicaid plan Empire BCBS HealthPlus.

Lockton and Creative Planning announced that the two privately held Kansas City-based companies are partnering to create an advisory offering. Looked at more closely, it’s a purchase, according to CityWireRIA, which notes, ”Creative Planning has vaulted into the retirement plan market with the purchase of Lockton’s 401(k) business.” The business will be named “Lockton Retirement Services, an Offering of Creative Planning,” and Lockton will take an equity position in Creative Planning. With this partnership, Creative Planning will advise on over $210 billion in assets this year.

Lincoln Financial Network, the retail wealth management affiliate of Lincoln Financial Group, announced the appointment of Jerry Lezynski as Vice President, LFN Marketing. Lezynski is joining Lincoln after nearly three decades at SEI Investments Company. He brings extensive experience in product marketing, including digital-first marketing for innovative products, services and SEI’s managed accounts business.

Integrated Partners’ retirement planning and pension services arm Integrated Pension Services has hired Jason Grantz as Managing Director of Institutional Retirement Sales and Marketing. Grantz is the co-creator and primary author of The 401(k) Plan Blog. Grantz was the Director of Institutional Retirement Consulting at Unified Trust Company for more than a dozen years. Before that, he was Assistant Vice President of retirement plans at AllianceBernstein.

The FAIR Health Board of Directors has elected Phyllis C. Borzi, JD, MA, the former US Assistant Secretary of Labor for the Employee Benefits Security Administration (EBSA), to its Board. Previously, Ms. Borzi was a research professor in the Department of Health Policy at George Washington University Medical Center’s School of Public Health and Health Services. In addition, she was Of Counsel with the Washington, DC, law firm of O’Donoghue & O’Donoghue LLP, specializing in ERISA.

Ascensus announced that it has entered into a definitive agreement under which it will merge with Newport Group. David Musto, president and CEO of Ascensus, will serve as CEO of the combined company. To ensure continuity of leadership, operations, and client service through closing, Laura Ramanis—who has served as Newport’s chief operating officer since 2014—has been named interim CEO. She will be supported by Kurt Laning, executive vice president, Non-Qualified and Insurance Solutions, along with Newport’s senior management team. Ramanis and Laning will join the Ascensus executive leadership team and remain with the unified company post-closing.

READ MORE:

• Benefits industry newsmakers: Buck, MedEncentive, CareFirst, MedStar Health, Cigna, Evernorth, Definiti, andros, CloudPay
• Benefits industry newsmakers: ARA, CFP Board, DPL Financial Partners, Employee Navigator
• Benefits & retirement newsmakers: ARA, Cigna, HUB, Lockton Dunning Benefits, Mercer Global Advisors, Sun Life Financial