Retirement Industry People Moves

Derrin Watson fielding questions for ERISApedia Ask the Author service; Prime Capital Investment Advisors launches Fiduciary Investment Trust; StayWell acquires Provata Health; and more.

DCIAA Adds Senior-Level Positions for Retirement Research Center

The Defined Contribution Institutional Investment Association (DCIIA) has added two senior-level positions to its full-time staff:

  • Peg Knox, chief operating officer (COO), DCIIA, who joined as of February 20
  • Warren Cormier, executive director, DCIIA Retirement Research Center (RRC), who joined as of January 2

“We are pleased and excited to have Warren and Peg join the DCIIA team in these important roles,” says Lew Minsky, DCIIA president and CEO. “The newly launched RRC represents the next phase in DCIIA’s evolution as we continue to work to enhance retirement security. Warren’s deep research expertise and industry experience are an ideal match. Having Peg’s perspective as a plan sponsor veteran as well as her numerous managerial and operational skills will also play a crucial role in our continued growth.” 

Prior to joining DCIIA, Knox was the global retirement plans manager at Bechtel Global Corporation, where she worked to generate and implement new ideas for Bechtel retirement plans to enhance retirement security for its employees. Previously she had served as Bechtel’s treasurer, where she ensured efficient global treasury operations including cash management and investments, debt and credit lines, foreign exchange services and other treasury functions to support the company’s business lines. Knox has an MBA from Saint Mary’s College and is based in San Francisco.

Cormier has previously served as CEO and co-founder of Boston Research Technologies and as president and founder of Boston Research Group. Cormier is a veteran in the financial services industry with more than 25 years of experience in research for investment companies, banks and insurance companies. He is also recognized as a market research leader in the defined contribution industry. He is the cofounder of the Behavioral Finance Forum with Shlomo Benartzi and is based in Charlotte, North Carolina.

Derrin Watson Fielding Questions for ERISApedia Ask the Author Service announced that S. Derrin Watson, JD, APM, attorney, author and speaker, is currently answering questions submitted through the “ASK the Author” service. The service allows subscribers to submit questions and receive responses from Watson within four business hours.

The “ASK the Author” (ASK) is a service available to subscribers of ERISA [Employee Retirement Income Security Act] compliance products via an online library including several titles such as “The Qualified Plan eSource,” by Ilene H. Ferenczy; “Who’s the Employer,” by S. Derrin Watson; “The Form 5500 eSource,” by Timothy M. McCutcheon, “The Fiduciary Responsibility eSource,” by Charles G. Humphrey, among others. 

“I really enjoy fielding questions from ASK subscribers.” says Watson. “So much of my career has involved assisting pension professionals. This allows me to provide that help on a quick, personal level. The ASK service is a great idea. Subscribers pay a very affordable fee to have rapid responses from a recognized professional. I’m delighted to have the opportunity to use my experience to assist the pension community in this way.” 

Prime Capital Investment Advisors Launches Fiduciary Investment Trust

Prime Capital Investment Advisors announces the launch of Fiduciary Investment Trust, LLC (FIT) as a separate enterprise. FIT provides comprehensive solutions that address a number of critical challenges facing employer-sponsored retirement plans.   

At the highest level, FIT is focused on retirement plan health, which starts with “participant outcomes” – getting plan participants financially on track for retirement. “Increased savings is key for the vast majority of Americans and the only way we know to motivate people to save more is through robust education,” says Glenn Spencer, CEO of Prime Capital. In addition to participant education, FIT provides unbiased investment products with a strong track record of performance, plan health analytics and fiduciary risk management.

The launch of FIT comes with the appointment of Robert J. Cruz, executive vice president. Cruz joins FIT from AllianzGI and previously BlackRock. Cruz brings over two decades of leadership in defined contribution (DC) and institutional investments to FIT. 

“We are incredibly fortunate to have attracted Robert to lead FIT,” says Scott Colangelo, executive chairman of Prime Capital. “His track record of leadership and success is unparalleled.”  

StayWell Acquires Provata Health

StayWell, a health empowerment company, has acquired Provata Health, a Portland, Oregon-based digital health company that delivers scientifically proven population health programs to employers, health plans, and hospital systems. Provata Health’s native iOS and Android mobile apps, cutting-edge technology and innovative platform will be integrated with StayWell features to streamline the user experience and help deliver even greater physical and mental health benefits.

“Provata Health offers an impressive platform and innovative design that, like StayWell’s offerings, is grounded in scientific research with peer-reviewed, published studies that demonstrate its success in helping people become happier and healthier. The Provata platform is a great complement to StayWell’s existing product portfolio, enhancing our competitive market position and further empowering individuals to take active roles in their own health and achieve the best possible outcomes,” says StayWell CEO Nicole Latimer. “From home, to work, to their health care providers, this acquisition directly supports our mission to help consumers throughout their entire well-being lifecycle.”

With Provata Health, StayWell will extend the capabilities of its solution with features 
such as:

  • Enhanced digital health coaching
  • Real-time data analytics and dashboards to measure and support participant engagement and client reporting
  • Advanced activity tracking
  • Pioneering use of virtual reality (VR) to support meditation and stress management
  • Access to a network of more than 80,000 U.S. licensed physicians
  • Integration with electronic medical records (EMRs) to capture participants’ lab values and other data
  • Digital health games

Provata Health currently serves 500,000 members across 1,000 worksites, with a roster of clients including leading health systems, health plans, municipalities, and employers. Under terms of the agreement, all Provata Health employees will join StayWell, giving the company a new presence in Portland, Oregon. Provata Health CEO Alex Goldberg will assume the role of vice president of innovation for StayWell, while head of Business Strategy and General Counsel Aaron Goldberg will serve as vice president of StayWell client solutions.

“We are excited to join forces with StayWell to bring even more robust digital well-being solutions to the market,” says Goldberg. “The combination of our offerings provides individuals with powerful, engaging tools that will enable lasting improvements to their physical and mental health.”