State Street Corp.
Annuities for retirement plansPosted by RJ and Makay on Feb 13, 2012 |
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The U.S. Treasury Department announced recently that it would facilitate the expansion of annuities and other guaranteed lifetime income products for retirement plans. The department has put forward two regulations that will make it easier to purchase an annuity through company-funded pensions or 401(k) accounts. Annuities pay out guaranteed lifetime income streams in exchange for a lump sum up-front payment.
Ameriprise Financial, JPMorgan Chase and State Street Corp. are among the final bidders toward the purchase of Deutsche Bank AG’s asset management division, according to inside sources. Deutsche Bank had announced in November that it was mulling the sale of several of its asset management businesses and cited new regulations, rising competition and costs as key factors behind their decision.
