Payden & Rygel Targets Retirement Plans with New Fund
News summary by MFWire's editors
Payden & Rygel just launched together a new type of fund. The Payden/Kravitz Cash Balance Plan Fund is designed to fit specifically in cash balance pension plans. The fund company partnered with Kravitz, an Encino, California-based TPA that designs and administers cash balance plans.
Company Press Release
ENCINO, Calif. - (Business Wire) Kravitz, the nation’s leading expert in the design and administration of Cash Balance Pension Plans along with Payden & Rygel announced today the launch of the Payden/Kravitz Cash Balance Plan Fund (PKCBX).
The new fund is the first and only mutual fund designed exclusively for Cash Balance Pension Plans. The Payden/Kravitz Cash Balance Plan Fund is designed to offer Cash Balance retirement plan sponsors and their advisors access to a strategic investment solution.
The Fund goes one step beyond current solutions by offering an institutionally diversified and risk managed portfolio solution. For retirement plan intermediaries and Cash Balance Plan sponsors, the new fund offers an opportunity to minimize their administrative burden and simplify performance monitoring.
The Payden/Kravitz Cash Balance Plan Fund seeks to earn a net rate of return, after fees and expenses, which is equivalent to the yield on 30-year Treasury Securities Interest Rate, as defined annually by the IRS. This rate is used by many Cash Balance Plans for crediting interest to participant accounts. The fund seeks to earn this rate each year, net of fees.
Kravitz is nationally known and recognized as a pioneer and leader in Cash Balance Plan design. Kravitz is the largest independent firm of its kind in California with over 75 employees, including 10 actuaries. The company administers over 1,000 plans with over $4.5 billion* in assets and advises on the investments for 187 plans with $1.3 billion* in retirement plan assets.
"Our goal is to provide a turn-key, value-added approach to investing exclusively for Cash Balance Retirement Plans," said Dan Kravitz, president of Kravitz. “The Payden/Kravitz Cash Balance Plan Fund is a unique investment solution that leverages our capabilities and helps plan advisors offer Cash Balance Plans to their clients."
Payden & Rygel is one of the largest privately owned investment managers in the nation. The company manages more than $50 billion** in institutional assets including twenty-three other mutual funds. The company has experience in managing wide varieties of asset classes, all of which may be utilized in this fund.
"The Payden/Kravitz Cash Balance Plan Fund is an ideal solution for plan sponsors that aligns with our goal of providing 401(k) providers, advisors, TPA’s and other institutional intermediaries with innovative solutions that can help them reach their goals," said Brian Matthews, Managing Principal, Payden & Rygel.
The Payden/Kravitz Cash Balance Fund will be distributed through intermediaries including 401(k) providers, financial advisors and TPAs by Payden & Rygel Distributors, member FINRA.
For more information and to obtain a prospectus, call David Hilton, at Payden & Rygel at 213-830-4278.
Before investing, investors should carefully read and consider investment objectives, risks, charges, expenses and other important information about the fund, which is contained in the prospectus. Fund performance is not guaranteed.
Kravitz is the marketing name for the businesses of Louis Kravitz & Associates, Inc. and Kravitz Davis Sansone Inc. Louis Kravitz & Associates, Inc. provides actuarial and consulting advice on the design and administration of retirement plans. Kravitz Davis Sansone Inc. is a registered investment advisory firm that provides investment advice and asset management.
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