Labor Departmet appoints Brooks Hamilton independent fiduciary of
Mid-Continent Holding Company 401(k) Plan
U.S. Department of Labor obtained a consent judgment on April 18
requiring the former 401(k) trustee and corporate officer of three
defunct Fenton, Missouri Corporations to repay $27,656.64 to the
Mid-Continent Holding Company 401(k) plan.
goal is to protect the hard-earned benefits promised to employees,"
said Gregory Egan, regional director of the Kansas City office of
the Labor Department's Pension and Welfare Benefits Administration
(PWBA). The judgment permanently bars James F. Kistner from serving
any employees benefit plan covered by the Employee Retirement Income
Security Act (ERISA) and appoints Brooks Hamilton of Brooks Hamilton
& Partners Professional Employee Benefit Services of Dallas,
Texas as the independent fiduciary to the plan.
Hamilton Speaks to Congressional Aides
On January 31, 2002 Brooks Hamilton, President of Brooks Hamilton
& Partners, joined other members of the National Center for
Policy Analysis (NCPA) to present "What Should Congress Do
About 401(k)s?"at a Briefing Conference for Congressional Aides
in Washington, D.C. Hamilton is a benefits consultant and Senior
Fellow with the NCPA.
BH&A Launches "Investment Strategy" 401(k) Plan
Always riding the crest of meaningful 401(k) innovation, BH&P
has installed its first 401(k) Plan featuring one professionally
directed investment option and five pre-mixed investment portfolios.
This Plan pulls together ideas from the best and brightest in the
retirement planning business, ideas which have been heralded as
the future of the 401(k) and the solution to the startling and on-going
lack of investor knowledge.
Brooks Hamilton, Scott Burns co-author NCPA's Reinventing Retirement
Income in America
This study reveals that firms who want to invest your money for
retirement or educate your employees about investing for retirement
don't do a good job of investing for retirement themselves. These
findings are consistent with other studies showing that 401(k) plans
generally perform less well than the market as a whole. The authors
propose a package of solutions to these problems, and suggest a
"safe harbor" from future liability for Plans who implement
$uper$aver Program Announced!
Brooks Hamilton & Partners announces another 401(k) innovation,
This program takes direct aim at the problem of low contribution
rates that plagues most 401(k) Plans. Employees need to contribute
at least 4-6% of their pay to a 401(k) Plan to make it an effective
retirement benefit tool, but many employees contribute far less
than that. $uper$aver automatically increases an employee's contribution
to the Plan by 1% each year until "turned off" by the
employee. "This program is one of our most meaningful innovations
and should have a tremendously beneficial impact on the retirement
savings of everyone who is a member" says Bill Thorogood, Senior
Benefits Manager at BH&A.
BH&A Opens Office in Tennessee
Brooks Hamilton & Partners announced today that it now has an
office in Nashville, Tennessee. Says Hamilton, "This office
will give us even greater back-up and redundancy for all our systems
and processes, and will put us physically closer to some of our
clients. Terry Williamson will manage the Nashville office, and
will divide her time between Nashville and Dallas."
Hamilton Flies Auto-Pilot at PSCA Conference
Brooks Hamilton, President of Brooks Hamilton & Partners, spoke
at the Profit Sharing/401(k) Council of America Midwest Regional
Conference in Chicago earlier this month,on" Putting Your 401(k)
Plan On Auto-Pilot". The presentation included Solutions
for automating enrollment, getting employees to contribute enough,
having the money invested properly, and handling benefit distributions.
Labor Department Obtains Final Judgment Over Misuse of Houston-Based
Pension Plan Assets
U.S. Department of Labor has obtained a consent order and judgment
requiring the trustees and administrator of the Houston-based Superior
Engine Rebuilding Co. Profit Sharing Plant to repay $222,578 to
the plan. The court order also appointed an independent manager
to oversee the plan. Under the court order, Brooks Hamilton, of
the Dallas-based firm Brooks Hamilton & Partners, was appointed
as the independent fiduciary. The independent fiduciary has authority
to collect all money owed to the plan, to distribute all plan assets
to eligible plan participants and to terminate the plan after distributing
all of its assets.