Experienced retirement plan professionals have been named to two new positions in Northern Trust's Defined Contribution Solutions practice. Carolyn Bracks has joined as Director of Participant Communications and 22-year Northern Trust veteran Thomas Lauer has been named Defined Contribution Asset Servicing Consultant.
"These new positions strengthen our ability to offer multi-faceted investment and operational solutions for our growing base of defined contribution plan clients," said Bill Morrison, President and Chief Operating Officer of Northern Trust. "Carolyn and Tom bring extraordinary depth of experience to their roles, and their expertise will be valuable to plan sponsors in designing and implementing programs that lead to successful retirement outcomes."
As Director of Participant Communications, Bracks will work with plan sponsors and employers to develop and deliver communication strategies that engage, educate and empower plan participants. Carolyn previously worked as a consultant with Towers Watson and Mercer in Chicago and Sydney, Australia. She focused on research, strategy development and communications to drive employee engagement at many large public and private corporations across the globe. She holds a Bachelor of Arts with honors from the University of Sydney, Australia, with majors in linguistics and education. She is a member of the International Association of Business Communicators and has won several awards for employee communication work.
Lauer's new position will leverage his expertise in the design, construction and servicing of defined contribution plans as an operations consultant at Northern Trust and as a plan administrator for a large corporation in Chicago. In his role as Defined Contribution Asset Servicing Consultant, Lauer will work with plan sponsors, recordkeepers and industry consultants to create customized and efficient solutions by combining Northern Trust's asset services with best-of-breed recordkeeping and investment options.
"We are excited by the growth of our team and the value that Tom and Carolyn can bring to clients," said Jim Danaher, managing director of Defined Contribution Solutions at Northern Trust. "Carolyn Bracks is passionate about helping employees make the most of their employer-sponsored retirement plans, and Tom Lauer enjoys partnering with plan sponsors to deliver effective and efficient retirement plans. Their contributions will be important to the success of Northern Trust and our clients as we continue to grow in this market."
Defined Contribution Solutions at Northern Trust includes a team of investment, plan design and operations experts guided by a strategic vision that considers the perspectives of both plan sponsors and the ultimate beneficiaries, plan participants. Defined contribution assets under management have grown rapidly, more than doubling to over $90 billion as of June 30, 2013. The asset management team works closely with Northern Trust's global custody unit to provide comprehensive integrated solutions including daily valuation, multi-manager unitization, integration of DB and DC plan operations, performance measurement and cross-border pooling. Northern Trust has approximately $222 billion in defined contribution assets under administration as of June 30, 2013. More information can be found at www.northerntrust.com/dcsolutions.
As an industry stakeholder, Northern Trust publishes a research series, The Path Forward, dedicated to helping plan sponsors perfect and refine defined contribution plan design. The fourth annual Path Forward study will be issued later in 2013. Previous studies included surveys of plan sponsors and consultants on the attributes of an ideal defined contribution plan structure, the challenges of engaging younger employees and the potential for defined contribution plans to adopt best practices developed over decades by defined benefit plans and other institutional investors.
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of investment management, asset and fund administration, banking solutions and fiduciary services for corporations, institutions and affluent individuals worldwide. Northern Trust, a financial holding company based in Chicago, has offices in 18 U.S. states and Washington, D.C., and 17 international locations in North America, Europe, the Middle East and the Asia-Pacific region. As of June 30, 2013, Northern Trust had assets under custody of US$5.0 trillion, and assets under investment management of US$803.0 billion. For more than 120 years, Northern Trust has earned distinction as an industry leader in combining exceptional service and expertise with innovative products and technology. For more information, visit www.northerntrust.com or follow us on Twitter @NorthernTrust.
Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at http://www.northerntrust.com/disclosures