The American College announced today that New York Life Insurance Company is donating $2 million to establish the New York Life Center for Retirement Income at the College, which will provide funding to support continuing education, the creation of an annual guide for retirement planners, and continuing research on the subject of the retirement income needs of Americans. The Center will also host a professor of Retirement and Finance and a doctoral fellow. . .
John Hancock has formed a new business unit to focus on retirement income, called Retirement Income and Rollover Solutions, headed by David Longritz, the former top marketing executive at John Hancock Annuities. . .
The chairman of the House Education and Labor Committee, Rep. George Miller (D-CA), opened committee hearings into the fees associated with 401(k) plans by pledging to insure that workers with 401(k)s are getting the "best bang for their buck." . . .
Nationwide Financial said that passage of the 2006 Pension Protection Act has spurred popularity of the Roth 401(k) in terms of both the number of retirement plans that offer Roth 401(k)s as an option, and in the assets in the plans. Nationwide said that 6,400 participants in 2,600 plans had placed $18.5 million in its Roth 401(k)s since the option became available in January 2006.