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December 23, 2008
A Message From the President
The market turbulence and economic uncertainty of recent months has been unsettling for us all. While we recognize the challenges that lie ahead for our nation during these difficult times, we remain confident in our economy and want to assure you of the strength and stability of the Pentegra organization and of our continued commitment to you as a Pentegra customer.
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December 18, 2008
Exposure to Madoff Funds
There has been a keen level of interest and concern expressed in recent days over the exposure of many pension funds to losses from funds invested with Madoff. We are pleased to advise that Pentegra has neither direct exposure to Madoff nor have we found any indirect exposure to Madoff through our fund of fund managers.
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October 17, 2008
IRS ANNOUNCES 2009 LIMITS
The following is a schedule of the annual limitations for 2009 announced by the Internal Revenue Service.
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October 7, 2008
Pentegra's Sales, Marketing and Consulting Departments relocate to Shelton, CT
Effective October 6, 2008, Pentegra’s Sales, Marketing and Consulting departments will be relocating to a new office in Shelton, CT. While our phone numbers and email addresses will remain the same, please direct any mail and hard copy correspondence to our Sales, Marketing and Consulting personnel to our new office at:
3 Enterprise Drive, Suite 105
Shelton, CT 06484-4694
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September 30, 2008
IMPACT OF WASHINGTON MUTUAL FAILURE ON PENTEGRA DEFINED CONTRIBUTION PLANS
News headlines last week focused on the continuing crisis in financial markets, and the failure of Washington Mutual (WaMu). In the biggest bank failure in U.S. history, the Federal Deposit Insurance Co. seized Washington Mutual's assets Thursday. The FDIC then sold most of WaMu assets and liabilities to JPMorgan Chase.
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September 25, 2008
July 1, 2008 Actuarial Valuation Update
The Pension Protection Act of 2006 (“PPA”) is here. Below is Pentegra’s timetable for the July 1, 2008 actuarial valuation and a summary of the key provisions of the PPA that take effect beginning with the 2008-2009 plan year.
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September 18, 2008
Market Impact on Pentegra Defined Benefit Plan for Financial Institutions
News headlines this week focused on the crisis in financial markets. Federal government interventions with Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac), and the struggles of Lehman Brothers, Merrill Lynch and AIG have been significant contributors to the uncertainty in the markets. Your exposure to these holdings in the Pentegra Defined Benefit Plan for Financial Institutions is minimal.
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September 18, 2008
Market Impact on Pentegra Defined Contribution Plans
News headlines this week focused on the crisis in financial markets. Federal government interventions with Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac), and the struggles of Lehman Brothers, Merrill Lynch and AIG have been significant contributors to the uncertainty in the markets. The exposure to these holdings in your Pentegra defined contribution plan is minimal.
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February 14, 2008
Important Information about Lumpsum Payments
How Will The Pension Protection Act Affect Lump Sum Distributions from the Pentegra Defined Benefit Pension Plan?
The Pension Protection Act of 2006 (PPA) changes the way that pension plan lump sum benefits are paid from all defined benefit pension plans, including the Pentegra Defined Benefit Pension Plan. The change in methodology is effective for all lump sum benefit payments made on or after July 1, 2008.
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August 20, 2007
Pentegra Retirement Services to Offer State Street Target Retirement Strategies
Adding to its family of State Street Global Advisors (SSgA) index funds, Pentegra Retirement Services is to begin offering State Street’s Target Retirement Strategies to its defined contribution plan participants. Unlike most target-date strategies, SSgA’s index-based strategies carry lower charges than many other target-date strategies.
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July 2, 2007
Robert C. Albanese Named CEO of Pentegra Retirement Services
Robert C. Albanese has been appointed Chief Executive Officer of Pentegra Retirement Services, which manages over $4 billion in retirement plan assets for financial institutions and small to medium size businesses, effective
July 16, 2007. Mr. Albanese is well acquainted with Pentegra, having served on its Board of Directors for ten years, most recently as Vice Chairman.
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March 14, 2007
More Transparency Required in 401(k) Fee Disclosure
(401kWire.com) — In recent weeks, there has been a great deal of legal and regulatory activity around the issue of whether fees charged by plan providers to 401(k) plan sponsors and participants are too high and too confusing. Congress has just held hearings on 401(k) fees and is planning legislation. The Department of Labor is drafting new regulations around plan fee disclosure. Since September 2006, more than a dozen lawsuits have been filed alleging that 401(k) plans are overcharging participants.
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August 21, 2006
Pension Reform Becomes Law
On August 17, 2006 the Pension Protection Act of 2006 was signed into law by President Bush. The Act provides for significant changes to pension plan funding and administration.
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