Financial Planning

News

• FASB Formally Defers FIN 48, Provides Retirement Plan Disclosure Guidance

  The Financial Accounting Standards Board has released a staff position officially deferring the effective date of FASB Interpretation 48 for nonpublic pass-through entities and nonprofit organizations.

• A Third of Canadians Are Expecting to Delay Their Retirement

  A third of Canadian workers say they don't expect to retire from work until after the age of 65 while less than half believe they will have sufficient savings to retire comfortably.

• Prudential Offers Investment Trusts to Retirement Plans

  Prudential Financial's Fixed Income Management unit has made its nine fixed income collective trust funds available to defined contribution plans, providing individual plan participants access to institutional products through their company retirement plans.

• Fidelity Launches Credit Card With IRA Points

  Fidelity Investments has created a credit card in partnership with American Express that allows customers to transfer rewards from retail purchases to their individual retirement accounts.

• ING Announces Retirement Business Reorganization

  ING Group NV has realigned its U.S. wealth management business. The new structure simplifies the business model by separating annuities from retirement services, the Dutch company announced.

• Led by New York Life Products, Fixed Annuity Sales Rise 54% in Third Quarter

  Buttressed by favorable interest rates and sought by investors looking for shelter from falling equity prices, U.S. fixed annuity sales set a new quarterly record.

• Boomers' Golden Years Don't Glitter As Brightly

  Rather than looking forward to globe-trotting or golf, pre-retirees ages 45 and older are now worrying about saving enough money to afford daily expenses during retirement.

• Durbin Tapped as New President of Fidelity Institutional Wealth Services

  Morgan Stanley's Michael Durbin will take the reigns of Fidelity Institutional Wealth Services; current president John W. "Jack" Callahan will head a new functional sales organization at the firm.

• Matches Made in...D.C.

  In a matter of hours Friday, four large insurance companies announced marriages with troubled thrift companies, and the Office of Thrift Supervision played the role of matchmaker.

• SEC Reviewing 4,000 Comments on Indexed Annuity Rule, Official Says

  Traditional fixed annuities and so-called synthetic annuities will not be affected by proposed Rule 151, a senior SEC official told attendees of a legal conference.

• Schwab Proposes Eight-Step Savings Plan

  Charles Schwab on Wednesday unveiled an eight-step plan to help people prioritize both their short-term and long-term savings objectives.

• Protective Offers L-Share Variable Annuity

  Protective Life Insurance Company has launched ProtectiveRewards Elite variable annuity, an L-share contract designed for people who want "a balance of innovative product features along with competitive fee structures."

• Securian: Target Date Funds Get Too Conservative Too Soon

  A new white paper sponsored by Securian Financial Group warns Americans that the popular target date funds in many retirement plans may noth generate enough retirement savings.

• Nationwide Loses $346.4 Million in Third Quarter

  Nationwide Financial Services reported a third-quarter loss on large investment losses related to the recent financial crisis.

• Don't Panic About AIG Annuities, Pennsylvania Regulators Say

  Pennsylvania's insurance regulators are warning annuity owners to fend off agents or brokers who try to panic them into a 1035 exchange by telling them that the issuers are insolvent.

• AIG Responds to Misleading News Reports

  American International Group Inc. defended itself today against media reports of a sales meeting held at a luxury resort in Phoenix last week.

• Hartford to Lower Estimate of Capital Position

  The drop in the S&P 500 Index during October has forced Hartford Financial Services Group, Inc., to lower an earlier estimate of its projected year-end capital margin, the company reported.

• The Hartford Will Cut Jobs, Adjust VA Pricing

  To shore up a $2.63 billion third quarter loss, The Hartford Financial Services Group plans to reduce its workforce and adjust the prices and terms of its variable annuities.

• Morgan Stanley to Distribute John Hancock Retirement Plans

  Under the agreement, 8,500 Morgan Stanley financial advisors will be able to offer John Hancock 401(k) plans.

• AIG to Freeze Payments to Execs

  AIG agreed to freeze $19 million due to its former chief, and $600 million for other executives amid criticism of such payments in light of the collapsed insurer's U.S. bailout.

• AIG Agrees to Trim Bonuses, Cancel Junkets

  A day after New York's attorney general criticized bonuses and other payments at AIG as "unwarranted and outrageous," the insurance giant agreed to allow a review of its spending habits.