Jonathan A. Schein - President & CEO - Real Estate Media - GlobeSt.com

1/10/06: IBM recently announced that it will convert its long-standing pension plan over to a 401K program in 2008. This move is expected to save IBM more than $450 million in 2006 alone. Traditional pensions, which were once a dependable asset in attracting and maintaining a dedicated and loyal work force, have now, in many ways, become an unaffordable albatross around many of the nation's largest corporations. For example, GM can no longer afford to keep its current pension program running and some analysts believe that its precarious financial status is a result of such a generous program. Any company that moves over to a more contributory retirement plan such as the 401K understands that it is the modern way of attracting talent. This also shows that those entering the work force today understand that, in the long run, it is one of the few ways available to take responsibility for one's retirement.

The views expressed in this article are the author's own.

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	THE APARTMENT GROUP (DALLAS) David Fersing moves into a brokerage role marketing multifamily properties at TAG. He previously directed the firm's brokerage services department.
	COSTA PACIFIC COMMUNITIES (WILSONVILLE, OR) Skip Rotticci moves to senior vice president of the firm. He was previously director of acquisitions and research.

	PACIFIC SECURITY CAPITAL (BEAVERTON, OR) Gene Bentley joins as director of the global investment sales practice. He will focus on larger capital asset transactions and key dispositions worldwide. Bentley was most recently was with NAI Norris, Beggs and Simpson.
	CRESA PARTNERS (SAN FRANCISCO) Mark Terzian and John Casey assume senior vice president titles with the move to the firm. Terzian recently managed and directed the commercial leasing group for Transwestern Commercial Services. Casey operated his own shop, Triton Commercial Real Estate Inc., for the past decade.
	HAHN & HESSEN LP (NEW YORK CITY) Rhona J. Kisch is named a partner, specializing in real estate, communications and corporate law. She previously was a partner at Reed Smith LP.
	LEGACY PARTNERS BUILDERS (DALLAS) Mark Williams joins as senior vice president of construction for the firm's Texas office to oversee upcoming developments in Irving, Plano, Richardson and Austin. He was most recently president of Vision Residential LLC in Dallas.
	GVA OXFORD (PITTSBURGH) Former Steeler Michael R. Wagner is named vice president for the corporate advisory team. Since leaving the Steelers in 1980, he has worked in sales, financing, merchant banking and consulting.

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The relationship underwriter will be responsible for underwriting construction, acquisition and bridge loans on properties. He or she will evaluate the adequacy of funds for construction and the project's capacity to achieve permanent financing.

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