Products April 9, 2009

Securian Adds Online Client Support Tools for Advisers

Advisers who sell Securian retirement plans will find new client support tools at SecurianRetirementCenter.com.
Reported by

According to a press release, the additions include:

  • Securian Insight Executive Summary—includes a current plan snapshot that shows participation and contribution rates, plan cash flow, investment data, and retirement industry and regulatory updates. Advisers can download the information, personalize the reports for clients, and add their own contact information on the cover.
  • Investment resources—includes quarterly commentaries and investment company updates prepared by Securian’s Due Diligence Committee as well as a sample investment policy statement.
  • Fiduciary Focus—includes checklists and explanations of fiduciary duties and critical tasks. Additionally, the Knowledge Center Library has been expanded to include more support for new sales and help with existing clients.
  • Securian Insight, a more comprehensive report generally available to plans with more than $3 million in assets, is also available via a Securian service representative, the company said. Securian Insight is an in-depth annual report that provides administrative and investment information along with retirement-related legislative updates, current economic information, and a compliance summary.

Advisers can register at www.SecurianRetirementCenter.com.

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The Markets April 8, 2009

Anheuser-Busch to Freeze Pensions, But Leaves Match Intact

Anheuser-Busch plans to freeze its pension plan for salaried employees, eliminate retiree health coverage for new employees and ask retirees to contribute more to their health benefits – but isn’t cutting its 401(k) match.
Reported by
According to the St. Louis Business Journal, James Brickey, vice president of people, told salaried employees in an internal memo Wednesday that defined contribution plans are preferred over defined benefit plans, or pension plans, “because they provide more predictable cash flows and expense for the company.’
The memo also stated “We will soon be bringing these retirement plans more in line with other businesses and with our global company’, noting that “the level of benefits will change to the 50th percentile of the U.S. market,’ according to the Business Journal.
The brewer will freeze its salaried pension plan January 1, 2012, while the current 401(k) match rate of 91.68% will continue for at least the remainder of calendar year 2009.
The company is also asking retirees to contribute more to their health benefits, which will no longer be offered to workers hired January 1, 2010, or after.
“Less than half of all large companies our size in the United States offer any type of retiree health care. Of those that do, the cost-share is substantially higher than what our retirees currently pay,’ Brickey wrote, according to the report. “Therefore, the health care cost-share for salaried retirees under age 65 will increase from 40 percent to 50 percent in 2010 and to 60 percent in 2011 … The cost-share for retirees age 65 and older will increase 10% points per year (from 40% today) until 2015 when this company-provided supplement to Medicare will be phased out.’
St. Louis-based Anheuser-Busch is now a subsidiary of Belgium-based Anheuser-Busch InBev.

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