Wealth Management
Top stories summarized by our editors
2/21/2018

A film and TV camera professionals union has filed a claim against its former treasurer's fiduciary bond for more than $25,000 worth of hotel reward points he is accused of improperly taking upon leaving his post. A trial board of the union ordered the former treasurer to return more than $15,000.

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Deadline Hollywood
2/21/2018

There's a tax-free way for Medicare recipients in a high-deductible Medicare Advantage plan to beef up their savings. The Medicare medical savings account, or MSA, allows contributions to accrue interest without a tax bite, and withdrawn funds aren't taxed if they're used for approved medical purposes.

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CNBC
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Medicare, MSA
2/21/2018

Great-West Financial launched an index-linked variable annuity that offers the potential to deliver higher yields than those available on certificates of deposit issued by banks. The product, being marketed as the Capital Choice annuity, incorporates a buffer that can reduce losses in market downturns.

2/21/2018

Prudential Financial said in a securities filing that it will soon launch a deferred-income annuity product called the Guaranteed Income for Tomorrow contract that will be sold directly to consumers. Initially the product will be distributed through Prudential's group insurance business, the company said.

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Prudential Financial
2/21/2018

Many retirees end up with multiple retirement accounts as they move from one employer to the next throughout their career. It's best to consolidate accounts by rolling funds over to keep down fees and simplify matters, writes personal finance columnist Ashlea Ebeling.

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Forbes
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Ashlea Ebeling
2/21/2018

An audit report from the Social Security Administration showed 82% of beneficiaries who are dually entitled to survivor benefits and their own retirement benefits have been underpaid because the agency failed to inform them of their options. Eligible widows and widowers are allowed to make separate claiming decisions for their survivor benefits and retirement benefits, and delaying the latter often results in larger monthly payments.

2/21/2018

Recent market volatility after a prolonged period of calm may prompt millennials to become more cautious about investing and lower their return expectations, writes Generational Insights' Cam Marston. The fact that many of them do not have a human advisor to help put the volatility in perspective may add to their unease.

2/21/2018

A Canadian surety group said in a court case that an obligee should not face a duty to notify claimants about a payment bond in situations where the obligee is not asked about the bond. The Supreme Court of Canada disagreed, reversing a lower court decision in favor of the obligee.

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Supreme Court of Canada
2/21/2018

A surety agreed to post bonds to cover nearly $973,000 in construction lien claims filed by subcontractors against a general contractor involved in a legal dispute over a Canadian city's civic center project. The general contractor lost an appeal of an injunction requiring it to provide $191,000 in reimbursement from the city to the surety to help cover payments if the bonds are called.

2/21/2018

The US District Court for the District of South Carolina recently held that a surety can be bound by a mandatory arbitration clause when payment and performance bonds incorporate a contract by reference.

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JD Supra
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US District Court, Federal court