WASHINGTON – In order to help retirees manage their savings and ensure they have a stream of regular income throughout retirement, the U.S. Department of the Treasury and the Internal Revenue Service issued guidance today designed to expand the use of income annuities in 401(k) plans. The guidance (Notice 2014-66) makes clear that plan sponsors […]
The Lloyds Bank Spending Power Report for September finds that consumer confidence has dropped for the second time this year, falling six points to 146. September also saw a 15 point fall in sentiment towards the UK’s economic situation from last month, to 275 points reflecting a level of uncertainty leading up to the Scottish […]
The distribution of income and wealth in the United States has been widening more or less steadily for several decades, to a greater extent than in most advanced countries.1 This trend paused during the Great Recession because of larger wealth losses for those at the top of the distribution and because increased safety-net spending helped […]
WASHINGTON – The U.S. Department of the Treasury today announced that eligible states and local governments can now apply for and receive grants to support the recovery of communities affected by the Deepwater Horizon oil spill. Interim Final Rules governing the funding became effective today, allowing the States of Alabama, Louisiana, Mississippi and Texas, along […]
NEW YORK— American International Group, Inc. (AIG) today announced that it has expanded excess casualty liability limits for Class 1 railroads in the U.S. and Canada to $1 billion per occurrence. This coverage for catastrophe losses would be in excess of $1.5 billion in underlying limits, and is one of the largest capacities offered to […]
The Royal Swedish Academy of Sciences has decided to award The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for 2014 to Jean Tirole “for his analysis of market power and regulation”. Jean Tirole, French citizen. Born 1953 in Troyes, France. Ph.D. 1981 from Massachusetts Institute of Technology, Cambridge, MA, USA. Scientific […]
The IMF-World Bank Annual Meetings starting this week in Washington will discuss how to break through prolonged low growth and generate more growth and more jobs, IMF Managing Director Christine Lagarde said. Addressing a news conference October 9 at the start of the Meetings, Lagarde noted that the IMF’s World Economic Outlook had trimmed its […]
A weak and uneven global economic recovery continues, but reflecting different evolutions across various countries and regions, says the IMF’s latest World Economic Outlook (WEO). The IMF forecasts global growth to average 3.3 percent in 2014―unchanged from 2013―and to rise to 3.8 percent in 2015. The weaker than expected growth outlook for 2014 reflects setbacks […]
Pasadena, Calif. – Green Dot Corp. (NYSE: GDOT) and Walmart (NYSE: WMT) today announced the nationwide rollout of GoBank, a checking account product available exclusively on the retailer’s shelves. The checking account, from Green Dot Bank, Member FDIC, is designed for today’s “on-the-go” customer, providing a host of modern features and a linked MasterCard debit […]
Wells Fargo Advisors (WFA), the brokerage unit of Wells Fargo & Company (NYSE:WFC), today announced the launch of the Income Center, an extension of the firm’s proprietary Envision® planning process. The Income Center is a suite of applications that provides clients nearing or in retirement, a detailed view of their retirement income and offers them […]
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