| American Adults Still Expect to Retire With a Pension, According ...
NEW YORK, April 10 /PRNewswire/ -- Nearly half (48 percent) of all non- retired adult Americans expect to retire with a pension, according to a new poll conducted by Harris Interactive for the American Institute of Certified Public Accountants (AICPA). "Despite all evidence to the contrary, pensions are still regarded as a safety net for retirement," said Carl George, CPA, Chair of the National CPA Financial Literacy Commission. "Americans have to understand that many of the entitlements of their predecessors are not guaranteed. It is up to them as individuals to prepare for retirement. Otherwise, they may find themselves working far longer than they had intended." The safety net of a pension plan may not be there for many American workers, as more and more companies shift from defined benefit plans to defined contribution plans such as a 401(k).
Pension plan ready for Street foray
NEW DELHI: The Union Cabinet will soon take up the investment pattern for the new pension scheme (NPS). The Cabinet's approval of the investment pattern would allow the Pension Fund Regulatory & Development Authority (PFRDA) to appoint fund managers to run the NPS. "We have already submitted a Cabinet note in this regard (investment pattern of funds under NPS), which could be taken up any time," department of economic affairs joint secretary KP Krishnan said. Mr Krishnan said after the Cabinet's approval, PFRDA would be able to appoint fund managers to run the pension scheme for government employees whose funds are currently parked in public accounts that yield 8% annual rate of interest. So far, 19 state governments have agreed to give their employees an option to park 5% of their pension funds in the equity market under NPS.
Bukaty Boosts Retirement Planning Services With Acquisition
Bukaty Companies, a Leawood insurance brokerage, said its Retirement Plan Services division has acquired and merged with The Retirement Plan Consulting Group, an Overland Park retirement consulting firm. The terms of the transaction were not disclosed. The combined companies will increase the Bukaty unit's retirement planning services by about 20 percent, the company estimated. The Overland Park company provides consulting services through a network of 81 independent advisors and was founded in 2002 by retirement planning veteran John Franklin. Franklin remains with the combined firm as a senior retirement plan consultant. Bukaty was founded in 1991 and provides insurance, benefits consulting and planning and related consulting services. This is a news service of Thomson Business Intelligence Service ©2006. This content is for your personal use only, subject to Terms and Conditions.
McDermott Announces Retirement of $250 Million of Debt
HOUSTON -- McDermott International, Inc. (NYSE:MDR) (McDermott or the Company) announced it has accelerated the repayment of the $250 million term loan portion of The Babcock & Wilcox Companys (B&W) credit facility. This loan carried interest expense at LIBOR plus 3.0%, and the Company does not incur any penalty for the early retirement of this debt. Following this retirement, McDermott does not have any significant debt outstanding. Additionally, the Companys subsidiary, McDermott Incorporated, received this week $272 million from the United States Internal Revenue Service. This federal tax refund resulted from carrying back to prior tax years the tax loss generated in 2006, primarily as a result of $955 million of asbestos-related expenses paid last year associated with the settlement of B&Ws reorganization.
A Look at Individual Retirement Annuities
Individual retirement annuity contracts are tax-deferred or pre-tax personal retirement plans that can provide future financial security for your clients. Let's take a look at some of their advantages. Individual retirement annuity contracts are designed to provide the annuitant with financial security throughout his or her retirement, with money in a fixed or variable annuity offered by the insurance company who acts as its custodian. The contributions and deductibility rules to an individual retirement annuity are basically the same as the ones that apply to traditional IRAs. Individual retirement annuity plans are covered by the annual investment caps for IRAs (except rollovers) and the withdrawal age prerequisite that starts at age 70½ years. Individual retirement annuities provide several advantages that may interest your clients: .
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