AllianceBernstein Hosts a Conference Call about Evolving Fiduciary Responsibilities, along with a 401K Class Action Litigation Update.Conference Call to Discuss Findings on Wednesday, June 27 at 2:00 PM EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT Will Feature AllianceBernstein General Counsel Laurence Cranch, Senior ERISA See Employee Retirement Income Security Act. ERISA See Employee Retirement Income Security Act (ERISA). Counsel Daniel Notto and Sean Murphy, Partner, Milbank Tweed Hadley & McCloy LLP LLP - Lower Layer Protocol NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- The seventh graf includes corrected URL URL in full Uniform Resource Locator Address of a resource on the Internet. The resource can be any type of file stored on a server, such as a Web page, a text file, a graphics file, or an application program. information. The corrected release reads as follows: AllianceBernstein Hosts a Conference Call about Evolving Fiduciary Responsibilities, along with a 401K Class Action Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Update Conference Call to Discuss Findings on Wednesday, June 27 at 2:00 PM EDT Will Feature AllianceBernstein General Counsel Laurence Cranch, Senior ERISA Counsel Daniel Notto and Sean Murphy, Partner, Milbank Tweed Hadley & McCloy LLP AllianceBernstein (NYSE NYSE See: New York Stock Exchange : AB), a leading global investment management firm, will host a conference call and webcast on Wednesday, June 27 at 2:00 PM to present the findings of a new whitepaper authored by General Counsel Laurence E. Cranch and Senior ERISA Counsel Daniel Notto, which argues that plan sponsors must consider and adapt to the rapid evolution in fiduciary duty standards in defined contribution plans. During the call, Mr. Cranch and Mr. Notto will discuss the likely impact of evolving fiduciary duty standards on defined contribution plan sponsors. In addition, Sean Murphy, a partner in the Securities Litigation Group at Milbank Tweed Hadley & McCloy LLP, will share his perspective on the impact of current fee litigation on large plan sponsors. "New thinking and information regarding optimal methods for encouraging employees to invest and maximize their returns, coupled with legislative and regulatory changes, are providing plan sponsors with a historic opportunity to dramatically improve the chances that their employees will save adequately for retirement," said Mr. Cranch. "Plan sponsors should use this opportunity to make changes in their plan designs not only because it is in the best interest of their employees, but because they have a fiduciary responsibility to do so. There can be no doubt that fiduciary liability standards in this area are poised to evolve rapidly as a result of these changes." Under the Employee Retirement Income Security Act The Employee Retirement Income Security Act of 1974 (ERISA), 29 U.S.C.A. § 1001 et seq. (1974), is a federal law that sets minimum standards for most voluntarily established Pension and health plans in private industry to provide protection for individuals enrolled in these plans. of 1974 (ERISA), defined contribution plan sponsors must act with prudence and look out for the best interests of their plan participants Plan participants Employees or other beneficiaries who are eligible to receive benefits from a company's employee benefit plan. . As knowledge regarding investment management and its delivery improves, and better techniques and practices become widely accepted, AllianceBernstein argues that fiduciary responsibilities must constantly evolve as well. In addition, ongoing litigation has put plan sponsors on notice that participants and their legal advisors expect plans to carefully consider investment options and management fees. Conference Call Information In order to participate in the call, U.S. participants should dial (866) 397-2265; International participants dial +1 (973) 935-8567. Enter the participant code 8901045. Webcast information will be available starting June 21 here: www.alliancebernstein.com/institutional/CranchNotto About AllianceBernstein AllianceBernstein L.P. ("AllianceBernstein") is a leading global investment management firm providing investment management services for many of the largest U.S. public and private employee benefit plans, foundations, public employee retirement funds, pension funds, endowments, banks, insurance companies and high-net-worth individuals worldwide. AllianceBernstein is also one of the largest mutual fund sponsors, with a diverse family of globally distributed mutual fund portfolios. Through its subsidiary, Sanford C. Bernstein & Co., LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , AllianceBernstein provides in-depth research, portfolio strategy and trade execution to the institutional investment community. As of March 31, 2007, AllianceBernstein Holding L.P. ("Holding") owned approximately 33.2% of the issued and outstanding AllianceBernstein Units. AXA AXA Anguilla, Anguilla (Airport Code) AXA Alpha Chi Alpha AXA Animal Crossing Ahead (online forum community/guide to the game Animal Crossing) AXA Auxiliary Artery Financial was the beneficial owner Beneficial Owner A person who enjoys the benefits of ownership even though title is in another name. Notes: For example, when shares of a mutual fund are held by a custodian bank or when securities are held by a broker in street name, the true owner is the beneficial of approximately 62.9% of the AllianceBernstein Units as of March 31, 2007 (including those held indirectly through its ownership of approximately 1.7% of the issued and outstanding Holding Units) which, including the general partnership interests in AllianceBernstein and Holding, represent an approximate 63.3% economic interest in AllianceBernstein. AXA Financial is a wholly-owned subsidiary of AXA, one of the largest global financial services organizations. |
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