Benefits September 23, 2011

U.S. Census Data Shows Increase in Older Adults Living in Poverty

September 23, 2011 (PLANSPONSOR.com) - Recently released data from the U.S. Census Bureau show the overall number of older adults living in poverty has increased. 
 
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Perhaps even more significant is the number of seniors who have experienced an increase in economic insecurity—those living on the edge of poverty.

Seniors with incomes below 200% of the Federal Poverty Level (FPL) rose from 33.7% 2009 to 34.6%, and those living below 100% of the FPL saw a modest, yet significant, increase from 3.4 to 3.5 million. Numbers do indicate that some individuals aged 65 and older have seen a rise in their incomes, mostly due to Social Security, as more Boomers reach retirement age.

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“What the numbers have shown us is that economic insecurity for older adults has definitely increased,” said Sandra Nathan, Senior Vice President for Economic Security at the National Council on Aging (NCOA). “We need legislative and policy changes that take into account the needs of all age groups in poverty—while not forgetting those who are living on the edge, struggling every day just to pay for food, medicine, transportation, and a place to live.”

“The reality is that there is an unseen crisis occurring in this country today,” said Nathan, “and that is rising economic insecurity among older Americans.”

More than 13 million older adults live in or on the edge of poverty, on less than $22,000 each year. These seniors live one bad break, one accident, or one layoff away from economic disaster. And with continued cuts in federal, state, and local programs serving older adults, we can expect to see even more seniors struggling to make ends meet.”

Deals and People September 23, 2011

BofA Names Global Wealth & Retirement Solutions Leadership Team

September 23, 2011 (PLANSPONSOR.com) – Under a reorganization affecting the retirement team at Bank of America (BofA), Kevin Crain will lead the company’s Institutional Retirement & Benefit Services (IRBS) group.
 
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The bank has brought together the company’s Global Investment Solutions (GIS) and Retirement Service (RS) teams to form a new organization Global Wealth & Retirement Solutions (GWRS).

Crain will lead GWRS efforts in the institutional market, focused on 401(k), equity compensation, defined benefit, and non-qualified deferred compensation programs, as well as institutional investment consulting business.

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Steve Ulian will report to Crain in a new role leading the company’s Large Market Client team, while Joe Mrozek will report to Crain heading the Middle Market Client team. Rick Irace will join IRBS from Technology & Operations and assume Ulian’s current role leading the IRBS product platform. Finally, Tom McAuliffe will continue to lead the Institutional Consulting Group (ICG), now reporting to Crain.

Other appointments include:  

Lorna Sabbia will head the Managed Solutions Group (MSG). Gene Mulligan will remain a senior member of the MSG team, reporting to Sabbia.  In addition, the Global Funds team, led by Pete Thatch, will now report to Sabbia, as will the investment partner relationship management team, headed by John Pavese.

Lisa Shalett will head an expanded Investment Management & Guidance (IMG) group, with Rick Galiardo and the Portfolio Strategies Desk (PSD) joining the IMG team reporting to Shalett.

In the core investment product areas, Jay Hanlon will continue to head the Capital Markets group, and Liam O’Neil will continue to head the Market Linked Investments group. In addition, O’Neil will serve as the Global Banking & Markets (GBAM) relationship manager for the GWRS organization. 

Rich Linton will continue to lead GWRS efforts in the small-business market as head of Business Retirement Solutions (BRS).  He will continue to drive the Advisor Alliance 401(k) program, as well as other small business retirement products, such as SEP & Simple programs.  In addition, he will work closely with the Consumer Bank and the Business Bank to broaden the wealth advisory capabilities delivered to small businesses. Tom Joseph will join the BRS team, reporting to Linton.

David Tyrie will now head Personal Wealth & Retirement (PWR), a new group that brings together the Client Solutions Group (CSG) and Personal Retirement Solutions (PRS) teams. This new group will include Bank of America’s Insurance & Annuities, IRA, and 529 product areas, as well as the CSG specialists. 

Justin Ferri will head Alternative Investments (AI) and Select Client Solutions. In this expanded role, Ferri will continue to lead AI efforts and will focus on the integrated delivery of products and capabilities from across GWRS to the ultra-high-net-worth (UHNW) market.  Among his early priorities, Ferri will partner with Liam O'Neil and Raphael Zagury to drive an accelerated build of the platform, processes and infrastructure supporting BofA’s "Ultra Desk" strategy to deliver highly sophisticated trading strategies to UHNW clients. 

Mark Curtis will continue to lead International Investment Solutions. In this role, Curtis will continue to ensure the ongoing delivery of Bank of America’s global investment product platform to clients and advisers across the international regions. 

Keith Glenfield will serve as the Chief Operating Officer for GWRS, reporting to John Hogarty. 

Barry Lindenbaum will continue to lead Technology & Operations for the Retirement business, working closely with Institutional Clients.  Bill Bridy will continue to lead Operations for Investment Solutions. 

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