Products April 15, 2008

RetirementWORKS Unveils Retirement Planning Software

April 15, 2008 (PLANSPONSOR.com) - RetirementWORKS, Inc., a subsidiary of Still River Retirement Planning Software, has released a new financial planning site for those approaching or who are already in retirement.
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A news release said the RetirementWORKS for YOU software provides advice based on a comprehensive analysis of an individual’s financial situation. According to the announcement, the system answers:

  • Can I afford to retire when I want to?
  • When should I sign up for Social Security benefits?
  • What should I be doing about health coverage and long-term care insurance?
  • Can I afford to stay in my home, or should I consider selling and downsizing?

The cost of the software is $189 per family for the first year of unlimited access, with subsequent renewals available at half price. Discounts and other arrangements can be made for financial providers, employers, voluntary associations, and Web sites that would like to sponsor or refer their own members or patrons to this service, the company said

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More information, is available at  http://www.RetirementWORKS2.com .

Administration April 14, 2008

WI Money Managers Restructure POB Issue

April 14, 2008 (PLANSPONSOR.com) - State of Wisconsin money managers have restructured nearly $1billion in pension obligation bonds (POB) into a lower interest rate arrangement.
Reported by

A news report on Madison.com said the move was driven by an interest-rate spike due to the recent market turmoil over the subprime mortgage crisis.

Frank Hoadley, capital finance director for the state, told the newspaper that state money managers broke their $948 million in pension bonds into nine pieces and converted seven of the pieces into a lower rate posture as of April 1. “Two are still outstanding and in auction-rate mode. We are continuing to watch the market and look for opportunity to convert on the most advantageous terms we can find,” Hoadley contended.

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The news report said the $948 worth of bonds were originally sold in December 2003 to fund 50% of the state’s $1.8-billion pension shortfall.

Hoadley told the newspaper that, prior to the restructuring and as a result of the market turmoil, one piece of the bond issue had been reset to a 15% rate for 28 days while the piece originally priced at a variable rate averaged 9%. Before the rate spike, rates were originally in the 4% area. After the restructuring, Hoadley told the newspaper, the bond issue is now at 5% and 6%.

Meanwhile, in Alaska, Governor Sarah Palin is expected to sign a measure granting authority for the state to issue up to $5 billion in pension obligation bonds (POB) (See Alaska to Issue up to $5B in POBs under New Pension Funding Plan ).

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