Tuesday, August 12, 2008
USAA Funds is Expanding its Investor Base
Reported by Erin Kello
is expanding is investor base Three groups that will now be offered membership include military retirees, regardless of when they retired; military personnel who were honorably discharged on or after Jan. 1, 1996; and widows or widowers of military personnel killed in action.
Company Press Release
SAN ANTONIO - (BUSINESS WIRE) - Citing steady growth in financial strength and operational capacity, USAA announced that effective immediately, membership is now expanded to include:
* Military retirees, regardless of when they retired
* Military personnel who were honorably discharged on or after Jan. 1, 1996
* Widows or widowers of military personnel killed in action while eligible
After they join, spouses and children of the above may also be eligible for membership.
“Today, USAA is stronger than at any time in our 86-year history, which enables us to offer the benefits of USAA membership to more military families than ever before,” said Joe Robles, USAA’s President and CEO. “Having served as an Army Private and many ranks along the way to Major General, it gives me great personal satisfaction to know that another three million former service members and their families now have access to all that USAA offers.”
USAA began as an officer-only association in 1922, opened to enlisted personnel in 1996, and today serves 6.4 million current and former military members and their families. Throughout its history, USAA has played an important role in helping military families with their financial needs, providing them with insurance, investments and banking products as well as financial planning and advice.
Who is eligible for USAA membership?
* Active duty and retired service members of the U.S. Armed Forces (Army, Air Force, Navy, Marine Corps and Coast Guard) or in the Selected Reserve or National Guard; or those honorably separated in 1996 or later from active duty, Selected Reserve or National Guard.
* Cadets, Midshipmen, and officer or warrant officer candidates in government-sponsored programs leading to a commission.
* Adult children, widow(er)s, and un-remarried former spouses of USAA members.
* Widow(er)s of officer and enlisted personnel who were killed in action while eligible.
Additionally, USAA life, investment and retirement products are also available to members’ extended family, who are not eligible for USAA membership. USAA made this change to help members secure the financial welfare of their extended family members; for example, an aging parent for whom a member is providing care.
Today, with heightened concerns about the economy and financial institution solvency, USAA members know they can depend on USAA’s conservative management and fundamental financial strengths:
* Strong net worth
* Consistent profitability
* High liquidity
* Low debt levels
In 2007, Standard & Poor’s, A.M. Best and Moody’s independent rating agencies again awarded USAA’s Property & Casualty Insurance Group the highest ratings for financial strength, making USAA one of a small, elite group of companies to retain the highest possible ratings. More current mid-year 2008 results are available on www.usaa.com.
USAA, a diversified financial services group of companies, is the leading provider of financial planning, insurance, investments, and banking products to members of the U.S. military and their families. Named by BusinessWeek as No. 1 Customer Service Champ in 2007 and 2008, USAA provides highly competitive financial products to its 6.4 million members. For more information about USAA, or to learn more about membership, visit www.usaa.com.
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