Tuesday, January 31, 2006

 

Expected Changes in Pension Accounting Finds Dramatic Impact Likely on Companies' Financial Statements

Based on an analysis of changes in the accounting rules for pensions and other postretirement benefits expected to be proposed by the Financial Accounting Standards Board (FASB) in March, Towers Perrin found that the Fortune 100 companies that sponsor defined benefit plans would have been required to recognize an additional liability of $331 billion on their balance sheets at year-end 2004, instead of the $62 billion that was on the balance sheet at that time.

Expected Changes in Pension Accounting Finds Dramatic Impact Likely on Companies' Financial Statements
Source: Towers Perrin

 

Congress Is Split On 401(k) Advisers

Congress wants to make it easier for financial professionals to advise employees on their investment choices in 401(k) plans -- but can't yet agree on how.

With employers moving away from fixed-benefit pensions that give employees no investment choices toward fixed-contribution 401(k)s that sometimes give them dozens of choices -- usually mutual funds -- the fund industry has long argued that employees need help to make sound decisions.

Congress Is Split On 401(k) Advisers  
Source: Wall Street Journal (subscription required)

 

John Hancock Introduces New Accumulation Variable Universal Life Product

John Hancock has launched Accumulation VUL, a variable universal life policy that offers superior cash values and retirement income potential to pre-retirees, especially those who are maximizing contributions to their qualified retirement plans, but still face a retirement income shortfall. Policyholders can choose from a broad array of underlying investment accounts that represent nearly every major asset class and investment style, or opt for the simplicity and automatic diversification offered by John Hancock Lifestyle Portfolios. Accumulation VUL offers tax-deferred growth of policy values and tax-favored treatment of policy withdrawals.(1) The policy also offers a 20-year no lapse guarantee (through issue age 55) and zero net cost loans, and an optional rider that protects clients who access their policy cash values for retirement income, if they inadvertently incur policy debt greater than the policy's total face amount.(2)

John Hancock Introduces New Accumulation Variable Universal Life Product
Source: PR Newswire

 

Baby Boomers' 401(k) Balances Surpass $100,000

Baby Boomers turning 60 this year who plan to cash in on their retirement account savings can look forward to walking away with an average of $112,000, according to a report released by Boston-based Fidelity. "The 401(k) will be a vital source of income for older boomers," says Jack Callahan, president of Fidelity Institutional Retirement Services. And although 401(k) balances other savings among those between 50 and 59 years of age is at the highest of any demographic group, they still have not saved enough, according to Callahan.

Baby Boomers' 401(k) Balances Surpass $100,000
Source: Financial-Planning.com

 

Baby Boomers and Generation X Workers Agree When it Comes to Voluntary Benefits

While workplace differences abound between Baby Boom and Generation X employees, there are at least two similarities, according to Aon Consulting, a leading global human capital consulting firm.

Aon Consulting surveyed employers nationwide and found that Baby Boomers (ages 45-60) and Generation Xers (ages 25-40) both purchase disability coverage more than any other employer-offered voluntary benefit*. Specifically, 45 percent of those surveyed say Baby Boomers purchase disability coverage, while 37 percent say Generation X workers do the same. In addition, life insurance (individual whole life, universal life and variable life) ranks second for both groups (23 percent for Baby Boomers and 24 percent for Generation Xers). However, the similarities end there, as companies rank long-term care insurance as the third most popular voluntary benefit for Baby Boomers (11 percent), while individual home/auto/liability insurance is third among Generation X workers (14 percent).

Baby Boomers and Generation X Workers Agree When it Comes to Voluntary Benefits
Source: Insurance News Net

Monday, January 30, 2006

 

Is an economic upturn on the way?

The economy lagged during its last lap of 2005 but still managed to finish the race —for the whole year — with a respectable showing.

Gross domestic product clocked in at an annual rate of just 1.1 percent from October through December, the Commerce Department said in its official scorecard on the economy released Friday.

That was the slowest pace in three years and seemed like a crawl next to the third quarter's brisk 4.1 percent growth rate. Belt-tightening by consumers, businesses and the government figured into the fourth quarter's slowdown.

GDP, which measures the value of all goods and services produced in the United States, is the best barometer of the economy's fitness.

Is an economic upturn on the way?
Source: Seattle Times

 

Survey: Americans Save Plenty

U.S. workers may be doing a better job of preparing for retirement than workers in many other developed countries.

Researchers at AXA Equitable, New York, a unit of AXA S.A., Paris, have published figures supporting that conclusion in a study based on a survey of 6,900 retirees and workers aged 25 and older in 11 developed markets.

Survey: Americans Save Plenty
Source: National Underwriter (subscription required)

 

Senior Retirement Service Offers Tips On How To Avoid Common IRA Mistakes

Have you reviewed the designated beneficiaries for your IRA lately? Are you sure the annual distribution you take from your IRA is the correct amount? Joseph Pezzillo, president and founder of Senior Retirement Services in Troy, says that with a little education, most people can avoid the common mistakes he sees on a daily basis.

Senior Retirement Service Offers Tips On How To Avoid Common IRA Mistakes
Source: PR Newswire

 

Life/Health Rating Upgrades Outpace Downgrades For 2005

In 2005, the life/health insurance industry enjoyed another strong year of operating earnings, which along with benign credit markets led to historically high capital levels for the industry. With continued improvement in balance sheet strength for the industry, A.M. Best Co.'s rating outlook for the industry was stable, and a larger share of companies now enjoy "Secure" ratings.

Life/Health Rating Upgrades Outpace Downgrades For 2005
Source: A.M. Best

 

Trust Owned Life Insurance: Is It An Accident Waiting To Happen?

Trust owned life insurance is often central to many client plans, enabling clients to provide for survivors, cover estate tax liability planning, balance inheritances among heirs and meet charitable objectives. Trusts can offer clients professional management, the peace of mind that their concerns will be addressed after their death and a level of privacy not offered with other planning devices.

Deciding on a trustee is a critical and personal decision and choosing a family member, a family friend or a professional trustee all offer certain benefits. In many cases, however, trustees may not be managing the life insurance as actively as they may manage other assets. In such cases, this could put a client's goals and the care of beneficiaries at risk-setting up the possibility of a lawsuit.

This article will explore the standards increasingly applicable to trustees and trends in recent court cases that should be of concern to all trustees. It also will examine how trustees may or may not be handling TOLI. But the best place to begin is to consider the many changes the life insurance industry has seen in recent years which might affect trust owned life insurance.

Trust Owned Life Insurance: Is It An Accident Waiting To Happen?
Source: EFMoody.com

Friday, January 27, 2006

 

AHIP: 3 Million Americans Have HSAs

Enrollment in the new health savings account programs has nearly tripled since March.

The number of HSAs purchased has climbed to 3 million, up from about 1 million, according to preliminary results of a survey sponsored by America’s Health Insurance Plans, Washington.

AHIP: 3 Million Americans Have HSAs
Source: National Underwriter (subscription required)

 

When The Spinning Stops - Actuaries And The Pension Crunch

False precision and reckless approximation have defined the actuarial profession's role in the crisis that has enveloped corporate pensions on both sides of the Atlantic. Although actuaries have not been the only cause-companies, trustee boards, governments and accounting rules have all played their part-they have been surprisingly hapless at their main task: forecasting funds' future liabilities and assessing how many assets will be required to meet them.

When The Spinning Stops - Actuaries And The Pension Crunch
Source: Insurance News Net

 

December's North American Life Insurance Activity Off 5.5%; 2005 Yearly Applications Decline 3.3%

Applications for individually underwritten life insurance in North America were off -5.5% in December, year- over-year, according to the MIB Life Index(TM). This marks the eleventh consecutive month of year-over-year decline in 2005. In total for all of 2005, North American applications were off -3.3%, all ages combined compared to 2004. When coupled with declining activity 2004/2003 (-2.3%) and 2003/2002 (-3.0%), the industry is experiencing a 3-year decline in applications in excess of 8%.

December's North American Life Insurance Activity Off 5.5%; 2005 Yearly Applications Decline 3.3%
Source: PR Newswire

 

Mind The Gap: Income Inequality, State By State

You don't need to be a statistician to realize that economic growth in the past 20 years hasn't lifted everyone's boat equally.

The good news is that incomes across the board are up. But so is the income gap. That is, incomes for high-income families have risen faster than for everyone else.

Mind The Gap: Income Inequality, State By State
Source: CNN Money

Thursday, January 26, 2006

 

NAIC Praises Life Insurers Group in Backing More Consumer Protections

The National Association of Insurance Commissioners commended the American Council of Life Insurers this week for agreeing to support a measure to extend consumer protections in the sale of life insurance and annuities.

At a recent ACLI meeting, Jim Poolman, chair of the NAIC Life Insurance and Annuities (A) Committee, called for an expansion of suitability protections to consumers of all ages. Currently, protections are limited to persons over the age of 65.

NAIC Praises Life Insurers Group in Backing More Consumer Protections
Source: Insurance Journal

 

Analyst Expects To See Sluggish Earnings

A number of U.S. life insurers may report soft profits for the fourth quarter of 2005.

Andrew Kligerman, an analyst at UBS Securities L.L.C., New York, makes that prediction in an earnings preview.

For one thing, mortality was higher than expected, Kligerman notes. He points to a survey by the Centers for Disease Control and Prevention, Atlanta, showing that average deaths for the quarter were up about 7% compared with the total for the fourth quarter of 2004.

Analyst Expects To See Sluggish Earnings
Source: National Underwriter (subscription required)

 

Retirement math -- when to walk away

If the mid-winter blahs have you recalculating your retirement benefits on an hourly basis, you're not alone.

The calculators posted on the Social Security Administration's Web site (www.ssa.gov) have become a popular online destination, drawing 1.3 million visitors in the last quarter of 2005. Now quicker and easier to use, they lay your expected benefit right out in front of you.

But the numbers are just a piece of the retirement decision. A vast array of books and articles urging elders to redefine retirement to include part-time work or a second career, coupled with the January 2000 elimination of the earnings test for most retirees, has led to a blurring of that decision.

The best way to approach it is to de-couple these two retirement questions: When do you want to quit work? And, when do you want to start taking your Social Security benefits? The answer may not be the same.

Retirement math -- when to walk away
Source: InsuranceBroadcasting.com

 

Nationwide Financial Launches Wealth Guard

Consumers who want the protection of variable life insurance and the peace of mind knowing that their premiums are at least partially protected against market loss now can have both. Nationwide Financial Services, Inc. today launched Wealth Guard(SM), a patent-pending Guaranteed Minimum Accumulation Benefit rider, available for an additional charge, with its flagship variable universal life product.

Nationwide Financial Launches Wealth Guard
Source: Yahoo! Finance

Wednesday, January 25, 2006

 

Roth 401(k) A Good Option For Some

Many American workers will find something new among the offerings in their company-sponsored retirement savings plans this year - a Roth 401(k) account.

The Roth 401(k) is a cross between traditional 401(k) accounts and Roth Individual Retirement Accounts, or Roth IRAs. For some savers, the new accounts will be a good choice because the money they invest won't be taxed in retirement.

Roth 401(k) A Good Option For Some
Source: Hartford Courant

 

NYLIAC UL Policy Can Pay for LTC

A unit of New York Life Insurance Company has introduced a single-premium universal life insurance policy designed for New York state residents who are worried about long term care costs.

NYLIAC UL Policy Can Pay for LTC
Source: National Underwriter (subscription required)

 

Manulife Mutual Funds Ranks First In Customer Service For Five Consecutive Years

For the fifth consecutive year, Manulife Mutual Funds, a division of Elliott & Page Limited, has been named the best in Canada for customer service among its competitors, according to an ongoing study by Environics Research Group.

Manulife Mutual Funds Ranks First In Customer Service For Five Consecutive Years
Source: Yahoo! Finance

 

The Hartford Offers New Online Will Preparation Service

The Hartford Financial Services Group, Inc., through its portfolio of life insurance products, helps millions of Americans protect their family finances. Now, the company is helping to ensure Americans are equipped with another key financial planning tool they need, but many don't have -- a will.

The Hartford Offers New Online Will Preparation Service
Source: PR Newswire

 

Americans: World's Worst Savers

Americans are among the world's most cash-strapped people, according to the latest semi-annual survey from ACNielsen released Tuesday.

Nearly a quarter (22 percent) of Americans have no money left once they've paid for their essential living expenses and spent their discretionary dollars. That puts the United States at the top of a list of 42 countries for saving futility. The Unites States is neck and neck with Portugal.

Americans: World's Worst Savers
Source: CNN Money

 

Income That Lasts as Long as You Need It

By Ben Stein

For people near or in retirement, the time for financial preparations may not have run out. Annuities are an option that can offer a guaranteed income stream lasting at least as long as your golden years...

Yahoo Finance: Income That Lasts as Long as You Need It

Tuesday, January 24, 2006

 

Employer Commitment May Boost Wellness Program ROI

Employer enthusiasm really may increase the effectiveness of efforts to improve employees' health.

Survey results compiled by the International Foundation of Employee Benefit Plans, Brookfield, Wis., hint at that possibility in a new IFEBP wellness program report.

IFEBP researchers based the report on 464 completed questionnaires from IFEBP members in the United States and Canada.

Employer Commitment May Boost Wellness Program ROI
Source: National Underwriter (subscription required)

 

NASD Urges Summit With States, Industry On Annuity Regulations

NASD officials are setting their sights on fixed annuities, and they want a "summit" meeting with state insurance regulators, and insurance and securities industry officials, to discuss common sales-practice rules for all annuity products.

NASD Urges Summit With States, Industry On Annuity Regulations
Source: Investment News (subscription required)

 

Baby Boomers Are Learning For Life: As The Oldest Baby Boomers Hit 60, They're Changing Our Image Of Age

With these workshops and courses, CPCC joins a growing number of U.S. colleges reaching out to boomers as they hit midlife and approach retirement.

Typically, education programs for older adults have targeted people 65 and older and focused on enrichment and practical courses -- history lectures, painting classes, instruction for novice computer users.

But some programs, including CPCC's, have begun taking a different path. The Lifetime Learning Institute targets adults 45 to 60, not retired seniors. Many workshops encourage introspection and help participants steer careers and lives in new directions.

Baby Boomers Are Learning For Life: As The Oldest Baby Boomers Hit 60, They're Changing Our Image Of Age
Source: Insurance News Net

 

A.M. Best Special Report: Variable-Annuities Changing The Industry's Risk Dynamics

Life insurers' array of individual annuity product offerings is expanding rapidly as the industry develops solutions for the baby boom generation, which is about to reach retirement age. A plethora of sophisticated guaranteed benefit riders has hit the variable annuity market in recent years, developed to satisfy the boomers' complex array of emerging needs:

To live off the assets they have accumulated

While also participating in continued asset accumulation

With protection from downside risk.

A.M. Best Special Report: Variable-Annuities Changing The Industry's Risk Dynamics
Source: dBusiness News

 

Claritas Insurance Audit Shows Baby Boomers Are Embracing Health Savings Accounts; Overall, Enrollment In HSAS Is Also Growing, But At A Measured Pace

While less than five percent of U.S. consumers have a health savings account (HSA), Baby Boomers, by contrast, are embracing the product in comparatively high numbers. In fact, according to recent findings from the 2005 Insurance Audit(TM), 56 percent of householders with an HSA are between the ages of 40-60 years old.

By comparison, just under 35 percent of the respondent households with an HSA are under 40 years old. Overall, 4.4 percent of the entire survey household sample of 35,000 said they had a group HSA, but the numbers are expected to continue moving upward as HSAs are increasingly offered on a broader scale through corporate group plans.

Claritas Insurance Audit Shows Baby Boomers Are Embracing Health Savings Accounts; Overall, Enrollment In HSAS Is Also Growing, But At A Measured Pace
Source: Insurance News Net

 

U.S. Workers Confident - But Not Well-Informed - About Retirement Income, According to Axa's Global Retirement Survey

Did you know that more than 7,900 Baby Boomers are turning 60 years old every day -- more than 330 an hour? Yet with record numbers of Americans entering retirement, only one in five workers actually knows what his or her specific retirement income will be. And although Social Security is a significant income element for retirees, more than 90 percent of current workers view Social Security as "troubled" or "in crisis."

U.S. Workers Confident - But Not Well-Informed - About Retirement Income, According to Axa's Global Retirement Survey
Source: Yahoo! Finance

Monday, January 23, 2006

 

AXA Equitable's Condron Fights Back Against Negative Press About Variable Annuity Products

Variable annuities, with new features such as guaranteed withdrawals for life, can be legitimate risk-management tools for people nearing retirement. But from stories that have run in many major publications, readers may not know.

AXA Equitable's Condron Fights Back Against Negative Press About Variable Annuity Products
Source: A.M. Best (subscription required)

 

Retirement Planning Seen Harder Than Parenting

Planning for retirement is harder than raising a child, according to participants in a recent survey.

That was among the findings of a study of 1,004 U.S. adults by ING U.S. Financial Services in Atlanta.

About 43% of those surveyed said planning was harder, and 38% said raising a child was harder. The remaining 19% expressed no opinion or cited other hardships.

Retirement Planning Seen Harder Than Parenting
Source: Investment News (subscription required)

 

Financial Planning For Your Life

If the term "financial planners" evokes visions of equities and equity mutual funds —selected to implement financial plans they developed for clients in accordance with their investment goals and tolerance for investment risk — it should not be surprising.Equity Ownership in America, 2005, a study recently released by the Investment Company Institute and the Securities Industry Association, found that more than 75 percent of the millions who own equities and equity funds outside employer plans bought them through financial planners and other professional financial advisers.

Financial Planning For Your Life
Source: Insurance News Net

 

West Coast Life Introduces a New Income Annuity with Liquidity, Medical Underwriting Options and Inflation Protection

West Coast Life Insurance Company announces the release of its latest immediate annuity, the West Coast Life Income Advantage Plus Annuity. The Income Advantage Plus Annuity provides traditional immediate annuity benefits of potential lifetime income and tax advantages for non-qualified contracts, while adding three new options that offer retirees more choices as well as competitive inflation protection.

West Coast Life Introduces a New Income Annuity with Liquidity, Medical Underwriting Options and Inflation Protection
Source: Business Wire

 

Variable Annuity Companies Evolve to Virtual Companies Through Outsourcing

The variable annuity insurer has been shifting from vertical integration toward a virtual company structure over the past few years, according to a new study by Conning Research and Consulting. The structural shift has been driven in part by changing contract owner needs, and in part by competitive forces and demands from the
distribution system as the variable annuity product has evolved.

Variable Annuity Companies Evolve to Virtual Companies Through Outsourcing
Source: PR Newswire

Friday, January 20, 2006

 

MetLife Chosen as Annuity Provider for Federal Employees

The Federal Retirement Thrift Investment Board has tapped Metropolitan Life Insurance Co. to provide annuities to more than 3 million federal employees through the federal Thrift Savings Plan program.

The board selected MetLife (NYSE:MET), the plan's current annuity provider, through a competitive bidding process initiated in September 2005. Further details of the agreement are expected to be made available once the board formalizes a master annuity agreement with the company over the next few weeks, the board said. MetLife's current agreement with the board ends Jan. 31.

MetLife Chosen as Annuity Provider for Federal Employees
Source: A.M. Best (subscription required)

 

Broker-Dealers And Insurers Ask Feds For More Time

Large financial services groups want the U.S. Securities and Exchange Commission to give them 2 extra months to comply with a new rule dealing with the sale of variable life and variable annuity products through financial planners.

Broker-Dealers And Insurers Ask Feds For More Time
Source: National Underwriter (subscription required)

 

Genworth Financial Acquires Continental, A Medicare Supplement Insurance Provider

Genworth Financial today announced that it has entered into an agreement to acquire Continental Life Insurance Company of Brentwood, TN, a provider of Medicare supplement insurance for the past 22 years. Genworth will combine its existing Medicare supplement business with Continental Life and the consolidated operations will report to Genworth's long term care insurance business.

Genworth Financial Acquires Continental, A Medicare Supplement Insurance Provider
Source: PR Newswire

 

Complying With New Patriot Act Rules

The Financial Crimes Enforcement Network (FinCEN) of the Treasury Department recently issued long-awaited rules requiring life insurance companies to come into compliance with the anti-money laundering (AML) requirements of the USA Patriot Act.

Complying With New Patriot Act Rules
Source: Insurance News Net

 

Do Boomers Need Long-Term Care Insurance?

If you think persuading people to save for retirement is a hard sell, try getting 40-to 60-year-olds to think about how they plan to pay for their future long-term care. Yet, that is the challenge being taken up by two new "Long Term Care Insurance Resource Centers" in Ithaca recently opened at the Tompkins County Office for the Aging and at Lifelong with funding provided by New York State.

Do Boomers Need Long-Term Care Insurance?
Source: Ithacajournal.com

 

Prudential Annuities Enhances Distribution Strategy

Prudential Annuities, the domestic annuity business for Prudential Financial, Inc., announced today the creation of two new national sales positions that enhance the company's distribution focus on the Independent Broker Dealer channel, and Wirehouse and Bank channels. Rick Singmaster, currently national sales manager with Prudential Annuities, will assume the role of national sales director for the Independent Broker Dealer channel, and Alex MacGillivrary, who is newly appointed, will assume the role of national sales director for the Wirehouse and Bank channels. In their new positions, Singmaster and MacGillivrary will manage both the external and internal sales teams for their specific channels and will report directly to Matthew Schiffman, executive vice president and head of sales for Prudential Annuities.

Prudential Annuities Enhances Distribution Strategy
Source: Yahoo! Finance

Thursday, January 19, 2006

 

Finishing Rich

Wanna get rich? Start with coffee. But that doesn't mean importing beans from Brazil or launching a premium roasting company. It simply means being aware of just how much that morning cappuccino habit costs you.

David Bach calls it "The Latte Factor," and it's one of the keys to improving your financial health.

That $5 a day, the average cost of coffee and a muffin, doesn't seem like a lot, but it adds up quickly.

How quickly?

Try $35 a week. Try $1,885 a year. Over the next 40 years, $948,611. And that assumes Starbucks doesn't raise its prices in the next few decades.

Finishing Rich
Source: Monterey Herald

 

NAIC May Expand Scope of Suitability Rules

Life insurers are wary of state insurance regulators’ plans to rewrite provisions of a key annuity sales model regulation.

The Senior Protection in Annuity Transaction model regulation, adopted in 2003 by the National Association of Insurance Commissioners, Kansas City, Mo., currently covers the suitability of sales of annuities only to persons age 65 and older.

NAIC May Expand Scope of Suitability Rules
Source: National Underwriter (subscription required)

 

ING Adds 10 Annuity Wholesalers to Financial Institution Distribution Channel

Attracted by the growth potential for variable, fixed, and index annuities sales in banks and other financial institutions, ING USA Annuity and Life Insurance Company (ING Annuities), part of ING U.S. Financial Services, today announced the addition of 10 wholesalers dedicated exclusively to the financial institution distribution channel.

ING Adds 10 Annuity Wholesalers to Financial Institution Distribution Channel
Source: PR Newswire

 

It Took A While For Managed Accounts To Appear In Retirement Plans, But Now They're Everywhere -- And Fees Are Under Pressure

Fees have been falling throughout most of the money management industry (glaring exception: hedge funds), but nowhere has the decline been more dramatic than in managed accounts for defined contribution plans.

In roughly the past three years, average fees have dropped as muchas 50 percent, to 30 to 60 basis points; fees on retail managed accounts outside defined contribution plans, by contrast, have fallen 5 to 10 percent, to 100 to 200 basis points. Plan participants and retail customers pay the managed-account tariffs on top of fund management fees.

It Took A While For Managed Accounts To Appear In Retirement Plans, But Now They're Everywhere -- And Fees Are Under Pressure
Source: Insurance News Net

 

Focusing on Finances in 2006?

If improving your savings and investing habits are high on your list of New Year's resolutions, you're not alone. According to a recent MetLife study, more than half of U.S. workers with children under the age of 18 manage their finances by living paycheck-to-paycheck - leaving little room for college savings or planning for retirement. To help you act on your resolve, MetLife is offering a series of free brochures on savings and investing basics. The brochures are available by calling 1-800-MET-LIFE (1-800-638-5433) or by visiting www.metlife.com.

Focusing on Finances in 2006?
Source: Yahoo! Finance

Wednesday, January 18, 2006

 

Minn. Life and American Bar Insurance Offers Group Life to Law Firms

A new product designed to meet the needs of attorneys and their families has been introduced by Minnesota Life Insurance Company. The new products are provided to law firms nationwide through the American Bar Insurance Plans Consultants, Inc.

Deemed, "Unique Group Life Solutions," the ABI-sponsored program will provide a range of customized group life plans for American Bar Association (ABA) member law firms.

Minn. Life and American Bar Insurance Offers Group Life to Law Firms
Source: Insurance Journal

 

Unique Variable Annuity is Worth Considering

From time to time -- not often enough for me -- financial products come out that actually fill a need.

I'll discuss a couple today and more in future columns.

While I find these products newsworthy, I am not "recommending" them (in fact, neither fits my needs now). I will simply discuss the pros and cons.

I'll start with a variable annuity called "Monument Advisor" issued by Jefferson National Life Insurance Co., the only variable annuity I know without any mortality and expense risk charges. There are no sales or surrender charges, either.

Unique Variable Annuity is Worth Considering
Source: Sun-Sentinel.com

 

MetLife Offers Redesigned Policies for New York State Partnership for Long-Term Care

MetLife is the first carrier to offer redesigned New York State Partnership for Long-Term-Care (NYSPLTC) insurance policies to individuals in the state of New York. These policies were designed to provide more long-term care options to a wide range of New Yorkers.

The goal of NYSPLTC-certified policies is to help protect the financial independence of New Yorkers who may need long-term care services. These are the only policies sold in New York that can provide a special "asset protection" feature. This feature assures that New Yorkers will not be forced to spend down all of their assets to become eligible for lifetime Medicaid coverage for long-term care services should they require them beyond the policy's benefit duration. Without a Partnership-certified policy, New Yorkers can only achieve similar protection against the costs of long-term care by purchasing lifetime or unlimited long-term care insurance coverage, something many New Yorkers may not be able to afford.

MetLife Offers Redesigned Policies for New York State Partnership for Long-Term Care
Source: Yahoo! Finance

 

Jackson National Enhances Variable Annuity Features

Jackson National Life Insurance Company® (JNL®) today announced several enhancements to its successful Perspective(SM) family of variable annuities. The company has added four new Target Date portfolios, subadvised by Standard and Poor's Investment Advisory Services LLC® (SPIAS), and one Target portfolio, subadvised by Mellon Capital Management, to the fund lineup within its variable annuity products. Additionally, JNL has added a 5% annual benefit increase option to its popular lifetime guaranteed minimum withdrawal benefits (GMWBs), LifeGuard 4(SM) and LifeGuard 5(SM)(1).

Jackson National Enhances Variable Annuity Features
Source: Yahoo! Finance

Tuesday, January 17, 2006

 

SunLife Financial Receives DALBAR Service Award

In recognition of the company's excellence in customer service, Sun Life Financial was recently awarded the 2005 Financial Intermediary Post-Sale Service Award by DALBAR, Inc. The award is presented to those providers that have consistently exhibited above average levels of service in post-sale support for financial advisors.

SunLife Financial Receives DALBAR Service Award
Source: Yahoo! Finance

 

Financial Makeover

The much maligned variable annuity is starting to get a makeover that will benefit investors.

In recent years, variable annuities have drawn a growing number of investors who see them as an attractive investment for retirement. With a so-called deferred variable annuity, investors can save for retirement without paying taxes as their money grows.

Financial Makeover
Source: Wall Street Journal (subscription required)

 

Could You Please Die Sometime in 2010?; And Other Frequently Asked Questions Under Today's Crazy Estate-Tax Law

Death and taxes are supposed to be life's only certainties, but the so-called death tax is about as certain as next year's weather. "The 2001 Tax Reform Act took a complex system and made it unpredictable as well," says Helen Modly, a financial planner with Focus Wealth Management in Middleburg, Va. "There are still great opportunities to pass on wealth without taxation, but it can take some serious juggling."

Could You Please Die Sometime in 2010?; And Other Frequently Asked Questions Under Today's Crazy Estate-Tax Law
Source: Insurance News Net

 

Indexed Life Market to Double by 2007

"The Indexed Universal Life market is about to become much more crowded," says Sheryl Moore, president of Advantage Group Associates, Inc. "Based on our research, relationships, and consulting, we believe there will be at least 25 carriers in the Indexed Universal Life market by the first quarter of 2007. This is amazing, considering that the market had scarcely 10 players a little over a year ago."

Indexed Life Market to Double by 2007
Source: Insurance News Net

Monday, January 16, 2006

 

AIG Near Settlement with SEC, Source Says

American International Group Inc. is close to settling state and federal investigations for more than $1 billion, a person familiar with the negotiations said.

A deal with the Securities and Exchange Commission and New York state Attorney General Eliot L. Spitzer would settle allegations that the insurance giant manipulated its books to fool investors and violated state insurance laws.

AIG Near Settlement with SEC, Source Says
Source: Washington Post

 

3 Rules for a Happy Retirement

What can you do to ensure you'll be happy after you retire? The answer might seem obvious: Just sock away as much as you can in your 401(k). The bigger your nest egg, the happier your retirement will be, right?

Not quite. Having a bundle of money certainly helps, but not nearly as much as you might think, according to a growing body of research on retirement satisfaction.

3 Rules for a Happy Retirement
Source: CNN Money

 

NAIC: Standards for Sale of Life and Annuities Should Protect "All Ages"

North Dakota Insurance Commissioner Jim Poolman has called for the National Association of Insurance Commissioners to review and develop new standards for the sale of life insurance and annuities that would protect consumers of all ages.

Poolman, chairman of the NAIC's Life Insurance and Annuities (A) Committee, addressed the American Council of Life Insurers (ACLI), at their recent meeting suggesting that age should not be a discrimintating factor when consumers purchase life or annuity products. He called for the NAIC to develop "standards for suitability" for all sales of life insurance and annuities.

NAIC: Standards for Sale of Life and Annuities Should Protect "All Ages"
Source: Insurance Journal

 

Americans Still in the Dark About Retirement Planning

As the critical mass of baby boomers approaches retirement age, the public is hearing, as never before, about the changing face of retirement. Company pensions are shrinking or disappearing and, the experts all say, the average American must think in very real terms about net worth as retirement livelihood. Save and plan carefully, the new rules read, or age at your own risk.

Americans Still in the Dark About Retirement Planning
Source: Financial-Planning.com

Friday, January 13, 2006

 

Fingerprint Battle Continues

A life insurance producer group is supporting a proposed fingerprint collection program, but groups representing life insurers, property-casualty insurers and property-casualty producers are demanding changes.

Fingerprint Battle Continues
Source: National Underwriter (subscription required)

 

Fidelity's Fortunes Flagging

Fidelity Investments is turning 60 this year, but the more important milestone might be the changes the nation's largest mutual fund company is making to restore investor confidence in some of its big-name funds after lagging returns and a stormy 2005.

Mediocre performances by Fidelity's once stellar Magellan Fund and others have enabled rivals to surpass the company in attracting new investors. Fidelity also found itself the subject of an influence-peddling investigation involving its traders.

Fidelity's Fortunes Flagging
Source: Hartford Courant

 

AIG to pay over $1 bln to settle probe: report

American International Group Inc. is expected to pay more than $1 billion to settle civil investigations by state and federal authorities into an accounting scandal, the Wall Street Journal said on Friday, citing people familiar with the matter.

New York Attorney General Eliot Spitzer and the New York State Insurance Department last year filed a civil suit against the insurance company and former Chief Executive Maurice "Hank" Greenberg, charging it with misleading investors by using improper accounting.

AIG to pay over $1 bln to settle probe: report
Source: Metronews.ca

 

How Americans View Personal Wealth vs. How Financial Planners View This Wealth

Two recent surveys, released today by the Consumer Federation of America (CFA) and the Financial Planning Association® (FPA®), reveal that financial planners believe it is easier for Americans to accumulate personal wealth than do Americans themselves. The surveys also found that more than one-fifth of Americans (21 percent) -- 38 percent of those with incomes below $25,000 -- think that winning the lottery represents the most practical way for them to accumulate several hundred thousand dollars.

How Americans View Personal Wealth vs. How Financial Planners View This Wealth
Source: Insurance News Net

Thursday, January 12, 2006

 

AmerUs Group Named to Forbes 400 Platinum List

AmerUs Group Co., a leading producer of life insurance and annuity products, today announced it has been named to the Forbes Platinum List in the magazine's 56th annual listing of the 400 Best Big Companies in America.

To be named to the list, AmerUs Group ranked in the upper half of the insurance industry group in return on capital, sales growth and earnings growth over the past 12-month and 5-year return periods.

AmerUs Group Named to Forbes 400 Platinum List
Source: Yahoo! Finance

 

Annuity Anxiety

With Sarbanes-Oxley and the Financial Accounting Oversight Board firmly in place, U.S. regulators are zeroing in ever more closely on other issues they see as the next big threat to investors' wallets. One is executive pay. The other, not yet garnering the same headlines, is the selling to retirees of variable annuities, the long-term, tax-deferred investment plans that have stirred controversy over alleged dubious sales practices across the insurance industry.

Annuity Anxiety
Source: Forbes.com

 

ING Survey: Consumers Say Financial Services Should Be Easier

Frustrated by the complexity of financial planning, most consumers would switch their accounts to a financial services company that makes managing their money easier, according to a national consumer survey released today.

The ING Financial Planning and Investing Study -- a survey of more than
1,000 American consumers conducted by Roper GfK -- shows that consumers wish financial services firms were easier to deal with. The majority -- 73 percent -- said they would switch to a financial services firm with a reputation for making the financial planning process easier.

ING Survey: Consumers Say Financial Services Should Be Easier
Source: PR Newswire

 

The life settlements market continues to expand rapidly despite some continuing obstacles, according to a new study by Conning Research and Consulting

The life settlements market continues to expand rapidly despite some continuing obstacles, according to a new study by Conning Research and Consulting, Inc. Life settlements provide a secondary market alternative to seniors who hold policies they think they no longer want or need. As this market grows, it can provide an attractive alternative to surrender, assuming that the current trend towards increased transparency and disclosure continues.

The life settlements market continues to expand rapidly despite some continuing obstacles, according to a new study by Conning Research and Consulting
Source: PR Newswire

 

ING Launches New Brand Promise: 'Your future. Made easier.'

After creating a name for itself in the U.S. financial services marketplace in a remarkably short period, ING today introduced its new brand promise -- "Your future. Made easier."

"In listening to our customers and through extensive consumer research, we've heard one message loud and clear: Americans want the process of managing their money to be easier," said Toby Hoden, Chief Marketing Officer of ING U.S. Financial Services. "The concept of 'Your future. Made easier.' defines the next phase of ING's brand development in the U.S., and is a direct outgrowth of consumers' needs."

ING Launches New Brand Promise: 'Your future. Made easier.'
Source: PR Newswire

Wednesday, January 11, 2006

 

Analyst: Riders Help Beat EIAs

Regulatory concerns and competition from manufacturers of other products could hurt equity-indexed annuity sales this year.

The insurance research analysts at Fox-Pitt, Kelton, New York, present that argument in a research note discussing near-term prospects for a life insurer in the EIA market.

Analyst: Riders Help Beat EIAs
Source: National Underwriter (subscription required)

 

InsureMe Announces Rollout of New Affiliate Blog

InsureMe, the leading consumer-agent link for buying insurance online, announced today the creation of a blog to help online marketers succeed in the affiliate marketing industry by sharing tips, tools and news.

A Weblog, or "blog," is a self-published journal, made accessible to the public via the Internet. Unlike a corporate Web site, blogs are generally less formal and more interactive: the author posts an article and readers can respond or ask questions.

InsureMe Announces Rollout of New Affiliate Blog
Source: eMediaWire.com

 

LOMA's Resource Survey: Flat to Modest Growth Expected for Life Insurance Industry in 2006

The outlook for the life insurance industry for 2006 is for flat to modest growth, according to the annual forecast by the LOMA Board of Directors. The LOMA Board of Directors is composed of chairmen, presidents, CEOs and other top executives of leading insurance and financial services companies in the U.S., Canada and internationally.

LOMA's Resource Survey: Flat to Modest Growth Expected for Life Insurance Industry in 2006
Source: Insurance News Net

 

The New Retirement Mindscape(SM) Ameriprise Financial Goes 'Beyond the Numbers' to Map the Emotional Stages of Retirement

Ameriprise Financial today released the findings of the The New Retirement Mindscape(SM), the first study to explore people's attitudes, worries, behaviors, ambitions and needs before and after retirement. Working with Age Wave and Ken Dychtwald, Ph.D., a leading authority on baby boomers, the study uncovered five distinct and predictable stages of retirement: 1) Imagination, 2) Anticipation, 3) Liberation, 4) Reorientation and 5) Reconciliation.

The New Retirement Mindscape(SM) Ameriprise Financial Goes 'Beyond the Numbers' to Map the Emotional Stages of Retirement
Source: PR Newswire

Tuesday, January 10, 2006

 

Conning Research: Exit Imminent for Personal Lines Insurance 'Also Rans'

The dominant position of large market leaders combined with new marketplace developments will cause dozens of insurers to exit the personal property-casualty industry over the next few years, according to a new study by Conning Research and Consulting, Inc.

"We have analyzed industry results for the period 2002 to 2004, and some
of the underlying causes for those results, and found significant changes in
the competitive landscape over the three-year period," said Bruce Hale,
analyst at Conning Research & Consulting. "A handful of larger personal lines market leaders, and a few outperforming specialist players, will soon be able to set and maintain aggressive pricing levels that will be untenable for many lagging insurers."

Conning Research: Exit Imminent for Personal Lines Insurance 'Also Rans'
Source: PR Newswire

 

Women still live longer, but men are catching up

Women continue to outlive men - by an average of four and a half years - but men gradually are closing that gap.

That was the key finding of the Credit Suisse Longevity Index, which was launched last month by Credit Suisse First Boston LLC in New York. The shrinking gap means that insurers and retirement funds may have to hedge their risks to account for additional pension and annuity payouts due to the longer male life span, the company noted.

Women still live longer, but men are catching up
Source: Investment News (subscription required)

 

Need for Long Term Care Insurance Revealed by Population Demographics

Statistics about aging and caregiving in the U.S. reveal a concern for aging Baby Boomers that may pose a major problem, say the advisors at www.Long-Term-Care-Insurance-Planners.com. Without action, a comfortable old age for many Americans could be in jeopardy.

Consider this picture of our aging population: In 2006, 36 million people are over 65 years of age. In 25 years, that number will double to an estimated 71.4 million. While the number of people over age 85 is more than 4 million today, it will become 9.6 million by 2030.

Need for Long Term Care Insurance Revealed by Population Demographics
Source: Insurance News Net

 

Allstate Announces New Reinsurance Agreements for Hurricanes, Earthquakes and other Catastrophes Exposures

The Allstate Corporation announced today new reinsurance agreements for its countrywide personal lines property and auto insurance business, excluding Florida, and for personal property excess losses in California for fires following earthquakes.

Allstate Announces New Reinsurance Agreements for Hurricanes, Earthquakes and other Catastrophes Exposures
Source: Yahoo! Finance

 

AXA Equitable Introduces Innovative Variable Annuity That Combines Key Features of Deferred and Immediate Annuities

A new variable annuity introduced today by AXA Equitable bridges the gap between accumulating wealth and guaranteeing retirement income payments. The AXA Equitable Retirement Income for Life(SM) variable annuity is designed to turn retirement savings into regular income payments guaranteed for the life of the owner or over the lives of both spouses.

It is believed to be the first standalone product to offer access to account value; growth potential; a ratcheting income base; and the ability both to add money to the contract before withdrawals begin and to pass unused account values to heirs.

AXA Equitable Introduces Innovative Variable Annuity That Combines Key Features of Deferred and Immediate Annuities
Source: Yahoo! Finance

Monday, January 09, 2006

 

Congress, Industry Prep For Baby Boomer Wave

This year will see the first wave of baby boomers turn 60, and they - and financial advisers - won't lack for products and ventures that will make "the spending years" easier.

New undertakings include governmental participation in automatic enrollment for businesses. Of course, education for both investors and advisers is crucial, and retirement industry professionals are optimistic about the chances for increased support from the government, said Tom Foster, vice president with The Hartford (Conn.) Financial Services Group Inc.

Congress, Industry Prep For Baby Boomer Wave
Source: Investment News (subscription required)

 

The New Combination Products

Fifteen years ago, National Underwriter featured a discussion of “combination” life/long term care policies that were just beginning to be offered in the insurance market, with an emphasis on the senior market.

Today, combination products are still in the market, but they are evolving. This article spotlights their direction. First, a recap on the original designs.

The New Combination Products Mean Seniors Get Choice
Source: National Underwriter (subscription required)

 

5 kinds of wealth shape your financial future

Most financial advice is about financial assets.

In fact, when we measure our true net worth, we need to consider five very different kinds of assets. In case you haven't thought about them, or the differences between them, here are the five kinds of wealth.

5 kinds of wealth shape your financial future
Source: Seattle Times

 

Big-spending boomers

When Fidelity Investments signed Paul McCartney as its spokesman this fall, pop culture critics chortled. The former Beatle who once sang "I don’t care too much for money; money can’t buy me love," was about to sing the praises of financial planning.

Marketing experts recognized the business deal as a major coup for Fidelity. The financial services company had just hired the ultimate boomer icon to talk to 77 million boomers thinking about what to do next in their lives.

Big-spending boomers
Source: Seacoastonline.com

 

Advisers Brace For Boomers

The baby boomer generation didn't live like their depression-era predecessors, so why would anyone think they would retire like them?

On Jan. 1, the leading edge of some 78 million living Americans born between 1946-1964 turned 60 and thus began the slow, creeping -- but inevitable -- march of the largest demographic in American history toward their golden years. At 28% of the country's population, it's twice as large as the current elderly population.

Advisers Brace For Boomers
Source: Biz Journals

Friday, January 06, 2006

 

Manulife Expands In China

Manulife Financial Corp. has won approval from Chinese regulators for a Sichuan provincial branch license, meaning it's now licensed to operate in more cities than any other foreign life insurer in China, the company said Friday.

The initial approval allows Manulife's Sinochem unit to start operations, expected in the second quarter, in the provincial capital of Chengdu.

Manulife expands in China
Source: GlobeAndMail.com

 

Universal Life To Pay $2 Million Restitution To Its Policyholders

Universal Life Resources will pay $2 million in restitution to policyholders to settle allegations the company received undisclosed payments from some of the nation's largest life insurers to steer business their way, state officials said.

Universal Life To Pay $2 Million Restitution To Its Policyholders
Source: Wall Street Journal (subscription required)

 

AIG Unit Adds VA Living Benefit Option

A retirement services giant has developed a new twist on variable annuity guarantees.

The company AIG SunAmerica Retirement Markets Inc., Los Angeles, says it has added the new MarketLock living benefit option to its Polaris and Seasons VA contracts.

AIG Unit Adds VA Living Benefit Option
Source: National Underwriter (subscription required)

 

LIFE Organizes 2006 Campaign

The Life and Health Insurance Foundation for Education is starting to work with life insurance companies and trade groups to plan the next Life Insurance Awareness Month.

In September 2006, LIFE, Washington, hopes to reach out to Spanish- and Chinese-language media outlets as well as to English-language publications.

LIFE Organizes 2006 Campaign
Source: National Underwriter (subscription required)

 

To Millionaire Status...And Beyond

Before you become convinced America's youth is woefully unprepared for financial reality, meet Paul and Audrey Yazbeck.

Paul, 25, and Audrey, 24, have already socked away more than $125,000. Audrey is an accountant, and Paul, who attended college on an Army scholarship, currently is serving as an Army officer.

At the rate they're saving, the Yazbecks will be millionaires well before retirement. But they're setting their sights beyond the millionaire mark.

"Our main goal is financial freedom. It's all about keeping our options open," Paul said.

To Millionaire Status...And Beyond
Source: Insurance News Net

 

Boomers Bite Bullet On Pension Problems

The first Baby Boomers turn 60 this year at a time of growing uncertainty and confusion over pensions and health care for senior citizens in the Golden Years.

In the past, Boomers expressed doubt that Social Security would be there for them when they retired. But now they worry that company retirement plans will blow up in their faces, with promises of pensions and health care.

Boomers Bite Bullet On Pension Problems
Source: Insurance News Net

Thursday, January 05, 2006

 

Get Back to Basics

With the nation's 70 million baby boomers poised to enter their retirement years, it's logical to assume that sales of life insurance products should be soaring. With trillions of dollars packed away in 401(k) plans and other vehicles, the boomers' need for income and estate planning is enormous, and life products offer some of the best solutions available today.

GetBack to Basics
Source: A.M. Best (subscription required)

 

The Savings Bank Life Insurance Company of Massachusetts Launches Centrian Life Insurance In Connecticut

The Savings Bank Life Insurance Company of Massachusetts (SBLI) today announced that it is actively conducting business in Connecticut under the name Centrian Life Insurance.

The Savings Bank Life Insurance Company of Massachusetts has been licensed by the Connecticut Insurance Department to do business in the state for nearly six years, but the company has not actively promoted itself or its life insurance products there.

The Savings Bank Life Insurance Company of Massachusetts LaunchesCentrian Life Insurance In Connecticut
Source: PRNewswire

 

Jefferson Pilot Sets Date For Special Shareholder Meeting In Connection With Lincoln National Merger

Jefferson-Pilot Corporation, parent of the Jefferson Pilot Financial companies and one of the nation's leading life insurance, annuity, employee benefits, and broadcast companies, announced today that the Company will hold a special meeting of shareholders on March 20, 2006 to vote on its proposed merger with Lincoln National Corporation.

Jefferson Pilot Sets Date For Special Shareholder Meeting In Connection With Lincoln National Merger
Source: Yahoo! Finance

 

Economic Growth May Slow in 2006

Strong spending by businesses should power the nation's economy to a fifth straight year of expansion in 2006, according to a survey of economists' forecasts, but a softening housing market is likely to slow the overall pace of growth.

For the past five years, real estate wealth has supported the economy by providing consumers with cash to buy everything from designer kitchens to luxury vacations to new or second homes. Some economists believe the boom has been responsible for creating more than 1 million American jobs since 2000.

Economic Growth May Slow in 2006
Source: Mcall.com

 

Insurance mergers could get hot

The sleepy insurance industry could see a lot of action in 2006, as consolidation in the arena gains steam.

Last year brought some big mergers in the industry, notably MetLife (Research)'s $11.5 billion purchase of Citigroup (Research)'s Travelers Life & Annuity business as well as Lincoln National (Research)'s $7.5 billion acquisition of Jefferson-Pilot.

Insurance mergers could get hot
Source: CNN/Money

Wednesday, January 04, 2006

 

Bank Annuity Sales Slump 25%

Sales of annuities in banks are continuing to fall as a result of weakness in demand for fixed annuities

Total bank annuity sales fell to $2.8 billion in October 2005, down 25% from the total for October 2004, according to Kenneth Kehrer Associates, Princeton, N.J.

Bank Annuity Sales Slump 25%
Source: National Underwriter (subscription required)

 

A Resolution for '06: Bone Up On Financial Basics

This is the year we'll finally get our financial house in order, save more and invest for the future.

Millions of Americans, with good intentions no doubt, make these resolutions for the new year. But conspiring against them, along with often flagging resolve, are poor habits and a lack of basic investment knowledge.

A Resolution for '06: Bone Up On Financial Basics
Source: Sun-Sentinel.com

 

USA Today Announces 'Financial Planning for Retirement' Seminars; One-Day Events to Be Held Across the Country in 2006

The USA TODAY Marketing Department announced today that it will produce its first-ever series of seminars around the country to help individuals plan for retirement. Titled "Financial Planning for Retirement," the seminar will help 35-50 year olds as they plan for a financially comfortable life following their careers.

USA Today Announces 'Financial Planning for Retirement' Seminars; One-Day Events to Be Held Across the Country in 2006
Source: Insurance News Net

 

Retirement RedZone Ahead!

Prudential Annuities, the domestic annuity business for Prudential Financial, Inc., announced today the concept of the "Retirement Red Zone," an investment window consisting of the five years immediately before retirement and the first five years into retirement. Prudential Annuities has deemed the time frame critical because it's during this period that market downturns or negative investment performance can have a devastating financial effect felt years later when it's too late for retirees to recover.

Retirement RedZone Ahead!
Source: Yahoo! Finance

Tuesday, January 03, 2006

 

Insurers push policies for long-term care

Insurers are ramping up efforts to sell long-term care insurance, offering new products and forging alliances with employers to make the policies more widely available at work. Congress recently helped boost those efforts by passing new rules that tighten eligibility for Medicaid coverage of nursing home costs...

St. Louis Today (via WSJ): Insurers push policies for long-term care

 

Rakuten to Enter Insurance, Bank Business in 2006

Online shopping mall operator Rakuten Inc. will enter into the nonlife insurance and banking businesses in 2006 in partnership with financial institutions in a bid to become a full-service financial company...

Targeting its 34 million Internet shoppers, Rakuten plans to sell car insurance and casualty insurance policies while launching loan services for individuals at a bank it will set up...

Black Enterprise: Rakuten to Enter Insurance, Bank Business in 2006

 

Medicare Part D Takes Effect January 1

Seniors enrolled in Medicare will have access to prescription drug coverage, despite their income or health, when the new Medicare Part D prescription drug coverage begins Sunday, Jan. 1.

According to the Medicare Web site, all persons older than 65 are eligible for the PDP...

Leavenworth Times: Medicare Part D takes effect Jan. 1

 

Transamerica Receives 6 'Best in Class' Ratings

Transamerica Retirement Servicestoday announced that it received six "Best in Class" ratings from the Chatham Partners' 2005 Client Satisfaction Analysis. Transamerica received "Best in Class" ratings in the following areas: timeliness of contributions, distributions and loans, accuracy of contributions, overall satisfaction with processing of employee transactions, accuracy of participant statements, clarity of participant statements, and courtesy and professionalism...

PRNewsWire: Transamerica Retirement Services Receives Six 'Best in Class' Client Satisfaction Rankings

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