RIJ Reaches a Milestone
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House Passes Historic Health Reform Bill
The so-called “public option,” declared dead last summer, is very much alive in H.R. 3962.
To Prevent Inflation, Australia Hikes Baseline Interest Rate
If the Australian economy continues to expand as expected, rates could return to “a more normal 5%” in the next year or two, one analyst said.
MassMutual Retirement Services Posts Record Sales
“A lot of plan consolidation is taking place and those plans that are changing providers want a seamless transition,” a MassMutual executive said.
Genworth Financial Announces Profitable Third Quarter
After losing $258 million in the third quarter of 2008, Genworth reported net income of $45 million in the same period this year, before provision for non-controlling interests.
Record Retail Sales at Jackson National
During the first nine months of 2009, Jackson, a subsidiary of the UK's Prudential plc, generated $6.7 billion in VA sales, a 32% increase over the same period of...
Urban Myth: Retirees Need $300,000 for Health Care
The $300,000 figure is one of 10 “myths” that the FRC dispels in a new report, “Making Sense of Investor Needs in the Retirement Income Market.”
An Income Feather in BoA’s Hat
Bank of America’s new service, My Retirement Income, is a revival of a program created at Merrill Lynch in 2006.
One-Third of Health Care Spending Wasted
“By attacking waste, health care costs can be reduced without adversely affecting the quality of care or access to care,” said Robert Kelley of Thomson Reuters.
Neapolitan Annuity
Hartford Life’s new Personal Retirement Manager is three products in one. It bundles a deferred income annuity with a variable investment and a fixed return account.
It’s the Year of the Un-COLA for Social Security
Last year, by contrast, beneficiaries received a 5.8% COLA, as spiking gas prices triggered the largest increase since 1982.
Life Insurance and Annuities Excluded from CFPA Jurisdiction
The Insured Retirement Institute testified that given the current regulatory protections, adding another layer of regulation to the insurance industry is unnecessary.
Labor Secretary Links Health Care Reform, Retirement Security
“My own father, who had a stroke last year, has seen his prescription drug costs skyrocket," said U.S. Secretary of Labor Hilda Solis.
Fed To Review Compensation at Banks—Confidentially
The Fed intends to cut executive pay at bailout recipients Citigroup, Bank of America, the American International Group, General Motors and Chrysler.
Bank Holding Company Annuity Index Drops 15% in 2nd Quarter
Aggregate annuity revenue at the 10 bank companies covered declined 11%—from $331 million to $293 million.
No Health Insurance? You Court Financial Catastrophe
The assets of uninsured households declined between 30 and 50 percent among those ages 51 to 64 who experienced a major illness.
From Down Under, A Novel Income Product
The Challenger Guaranteed Income Fund (GIF) aims to provide a monthly income stream and a return on capital after three, five or seven years.
