By Cyril Tuohy
Transamerica Retirement Solutions (TRS) has announced the hiring of two industry veterans, one with expertise in the defined contribution retirement plan business, and the other with deep knowledge of defined benefit retirement plan structure.
Ty Minnich, former national executive director of MetLife, was named vice president for nonprofit institutional markets, and Cathy Berg was named vice president of defined benefit business development, TRS said.
Minnich will be responsible for working with consultants and advisors to develop new clients in the nonprofit and higher education sectors. Retirement plans for employees in those industries require special expertise due to certain tax exemptions available to nonprofits and schools.
“Ty brings a wealth of experience in working with and understanding the culture of business imperatives for the nonprofit market,” said Stig Nybo, president of sales and distribution for TRS, in a news release. “We expect that he will be a tremendous resource to our sales organization and growing client base.”
Minnich, a member of several professional retirement, actuarial and human resources organizations, has more than 20 years of experience managing retirement plans.
Nonprofit, defined contribution retirement plan sponsors have traditionally offered 403(b) and 457 plans. But nonprofits in recent years have favored the 401(k) defined contribution plans popular with private-sector employees because 401(k)s are simpler to manage.
Minnich, who received his bachelor’s degree in mathematics, will report to Brodie Wood, vice president and national practice leader for nonprofit markets for TRS, the company also said.
Berg will work with plan sponsors and advisors to “improve and streamline” defined benefit options, the company said. She will report to Patrick Kendall, vice president and defined benefit practice leader for TRS.
Nybo said Berg, an Accredited Retirement Plan Consultant, would play a “central role” in the expansion of the administrative services TRS offers to clients. “Cathy has an outstanding reputation with retirement plan consultants and advisors,” Nybo also said in a statement.
Defined benefit plans include traditional pension plans, cash balance plans and nonqualified deferred compensation plans.
Advisors for TRS and other retirement plans require managerial expertise to guide companies in their move away from the defined benefit to defined contribution retirement plan modes. By moving to a defined contribution model, employers transfer the responsibility for funding retirements onto employees.
Cyril Tuohy is a writer based in Pennsylvania. He has covered the financial services industry for more than 15 years. He can be reached at [email protected].
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