Legal

California passed this month a law that changes how life insurance benefits can be paid out to beneficiaries after the death of their loved ones. In the past, beneficiaries were given only one option, retained-asset accounts. Now, beneficiaries have the option of receiving their benefits in one lump sum payment.

The Treasury Department plans to release soon guidance for employers on how best to integrate lifetime income products into 401(k)s and other employer-sponsored retirement plans, while the Department of Labor plans to follow with similar guidance early next year.

The Christie administration reports that local governments can expect to save $267 million in the 2012 fiscal year because of pension reforms enacted in June.

One of the biggest implications for a massive crisisand a possible focal point for overhaulis in California, where a new study finds nearly half of workers who retire at age 65 will be at or near poverty level (i.e. $22,322 per year).

Marsh & McLennan Companies, Inc. plans to sponsor a Retirement Policy Center. The Center will become a catalyst for new ideas and perspectives on retirement and will educate the public and key constituents on retirement public policy issues.

Proposed legislation aims to reduce maximum deferrals into 401(k) and similar retirement plans. Wheres AARP when you need them?

Two proposals to revamp the defined contribution plan system will only hurt Americans ability to save for retirement, according to industry experts. They also have the potential to dissuade plan sponsors, especially small businesses, from offering qualified defined contribution plans, which would reduce the number of people able to contribute...

Republican presidential candidate Mitt Romney warned senior citizens Tuesday to beware of turning Social Security into a "Perry scheme."