According to the announcement, ProManage will offer its managed accounts to qualified retirement and 403(b) plans sponsored by non-profit organizations and governed under the Employee Retirement Income Security Act (ERISA) for which MetLife Resources provides administrative services.
ProManage will ease participant asset allocation decisions by utilizing demographic information to allocate participant funds automatically and factoring in projected defined benefit and social security payments to build more appropriate portfolios, Thomas G. Hogan, Jr., senior vice president and head of MetLife Resources, said in the announcement.
In addition, ProManage assists plan sponsors with their fiduciary responsibility by taking on co-fiduciary responsibility for making allocation decisions for those participants who do not choose to do their own investing. The firm has designed its service to meet the Qualified Default Investment Alternative standards contained in the Department of Labor proposed regulations issued following passage of the Pension Protection Act of 2006 (See DoL Releases Default Investment Option Safe Harbor ).
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