American Express Financial Advisors has unveiled a pair of phone-based services for IRA investors. Its new IRA Solutions Center offers support for all investors and The Retirement Success Line offers enhanced services to American Express Retirement Services 401(k) plan participants. Both services are manned by retirement specialists who can provide education on retirement plan distributions and IRAs (including rollovers), assist with IRA account set-up and mail them product information, according to the company.
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Kennedy Offers Dems 401k Reform
Senator Kennedy released his long-awaited 401(k) reform package this week. The senior Senator from Massachusset is leading the Democrats in on the issue. His bill does not include caps on company stock in plans, but does include other Democratic ideas, including shortened vesting times. The Kennedy Bill means that the Boxer-Corzine bill is effectively dead as the pair of Senators says they support the new bill. The move comes a week after Republicans rallied around the Boehner-Kennedy bill offered in the House.
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Royal Alliance Adds Distribution
Independent broker-dealer Royal Alliance Associates will offer the 401Konnect service to its roughly 3,000 brokers, reports Karen Morstad, director of marketing. The service features a Web-based 401k product database and other intermediary tools. Royal Alliance is a unit of SunAmerica Company.
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Legislators Win NDCC Award
Reps. Rob Portman (R-OH) and Benjamin Cardin (D-MD) are sharing the National Defined Contribution Council's "Retirement Savings Advocate of the Year Award". The pair of Congressmen were given the award at the NDCC's spring meeting Thursday in Washington, DC in recognition of the authorship of Economic Growth and Tax Relief Reconciliation Act of 2001 (HR1836) (EGTRRA). The NDCC represents the major retirement plan providers in the United States.
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