Retirement planning

Automatic Data Processing of Roseland, N.J., has formed a new division to provide an array of retirement plan programs for mutual fund companies. The new division, ADP Retirement Services, will provide record-keeping and administration services to investment companies of all sizes, said Russ Fradin, president of ADP Employer Services for North America.

TIAA-CREF of New York, the $255 billion money manager, is taking steps to expand its new mutual fund business.

Nvest has begun providing its defined contribution wholesale customers with quarterly updates of fund holdings and returns for its 15 affiliates, data which up until now has not been available to plan sponsors, according to the company.

The Mutual Fund Education Alliance has expanded its website to educate investors about investing in mutual funds for retirement. Located at the alliance's Investor's Center web page (www.mfea.com), the new section is called Retirement Center.

Aggressive campaigns to capture new investor retirement accounts, especially in Roth IRAs, appear to have produced strong results for mutual fund companies.

The Investment Funds Institute of Canada (IFIC) has stepped up its campaign against the Canadian government's 20 percent limit on foreign content in registered (retirement) plans, with the goal of getting the restrictions eased by next year. In the meantime, industry players continue to find creative ways around the content quota.