Products October 5, 2011

Liberty Mutual Develops Partially Customizable Annuity

October 5, 2011 (PLANSPONSOR.com) – Liberty Life Assurance Company of Boston is introducing its Freedom Series Builder Annuity.

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In addition to offering the benefits of fixed deferred annuities – including the opportunity to guarantee a stream of annuitized income for life – the Builder Series also offers users a degree of control, says Liberty Mutual. After paying a single premium, purchasers may choose from a menu of three modules that give Builder owners extra safeguards and access to their money, in exchange for a reduction in the interest rate they earn. Moreover, the modules’ features and pricing are fully transparent to the purchaser.

“Boomers researching safe options for their nest eggs should note that, at its core, the Builder is a fixed deferred annuity, a form of annuity that protects retirement funds from principal loss, while growing the funds tax-deferred,” said Mark McVeigh, Senior Vice President, Marketing and Distribution for Liberty Life Assurance Company of Boston.

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The three modules that the Builder annuity is available in are: 

 Extra Access2: lets customers withdraw a larger percentage of their account (10% annually), free of withdrawal charges, than the base version of the Builder allows. In addition, should the need arise to surrender the entire policy, Extra Access owners are guaranteed a return of their original premium.

Extra Care and Protection3: lets customers make withdrawals or surrender their policies, free of withdrawal charge, should they or their spouses become ill and require a qualifying medical stay; are diagnosed as terminally ill; or become unable to perform two of six daily living activities.

Extra Assurance:owners can withdraw any or all of their account value, free of withdrawal charge, should the annuity’s declared interest rate drop below the minimum threshold determined at the time of purchase.

 

Benefits October 5, 2011

EEOC Files Lawsuit Against Beehive Homes For Harassing Pregnant Managers

October 5, 2011 (PLANSPONSOR.com) – Beehive Homes, which operates assisted living facilities, is being accused by the EEOC of discriminating against pregnant employees. 
 
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Beehive of Vernal, Inc., operating Beehive Homes throughout the western U.S., has allegedly subjected pregnant employees to harassment, discriminatory treatment, demotion, and discharge, the U.S. Equal Employment Opportunity Commission (EEOC) charged in a lawsuit filed in federal court.

According to the EEOC’s suit, filed in U.S. District Court for the District of Utah, Central Division (EEOC v. Beehive of Vernal, Inc), at least two pregnant managers were subjected to constant harassment by the company’s owner, who continually offered to hire replacements for them even when they were months from delivering their babies. The owner also subjected pregnant employees to closer scrutiny and harsher discipline, including demotion and discharge, as compared to non-pregnant employees, the agency claims in a news release.

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Title VII of the Civil Rights Act of 1964, as amended, protects workers from discrimination based upon sex, including pregnancy. The statute also imposes liability on employers who create an environment so hostile that an employee is constructively discharged. The EEOC filed suit after first attempting to reach a voluntary settlement. The lawsuit seeks lost wages and compensatory and punitive damages for the employees, as well as appropriate injunctive relief to prevent discriminatory practices in the future.

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