Products November 11, 2010

USAA to Use AdviceAmerica Solution

USAA selected AdviceAmerica technology, recently acquired by Fiserv, to provide its members with an online retirement savings and distribution tool.
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The product enables members to evaluate their retirement portfolio and it provides recommendations to help members reach their personal retirement goals. USAA will use AdviceAmerica’s forecasting models, cash flow and advice engine technologies, in concert with its proprietary portfolio allocation and investment product recommendations to offer its members a detailed solution and personalized experience to different member segments.   

According to the announcement, the tool will help members better define their retirement goals and determine if they are on track to meet them by comparing their current portfolio against USAA’s model portfolio based on the individual’s risk tolerance. Members also can take action to help balance their portfolio to a more comprehensive mix designed to be commensurate with their risk profile.   

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“Our goal is to help every member plan for their future, regardless of where they are on their journey to retirement, and teaming up with Fiserv will allow us to offer easy-to-use, interactive financial planning tools that members can use anywhere, anytime,” said Dan McNamara, president of USAA Investment Management Company, in the announcement. “The combination of online tools and access to free advice from our financial advisors will give members the information they need to plan for the retirement they really want.”
Compliance November 11, 2010

Diebold Agrees to Stock Drop Suit Settlement

A settlement of $4.5 million has been preliminarily approved by a federal court in a consolidated class action lawsuit against Diebold, Incorporated.
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The suit claimed that the defendants breached their fiduciary duties under the Employee Retirement Income Security Act (ERISA) by continuing to allow the investment of the company’s 401(k) plan’s assets in Diebold common stock or company stock fund units during a time when they knew or should have known that such an investment was imprudent. According to an announcement by four law firms that represented the 401(k) participants, all defendants deny any wrongdoing.  

The $4.5 million will be divided among eligible settlement class members, after payment of any court-approved attorneys’ fees and expenses, compensation payments to the named plaintiffs, and payment of other costs and expenses of the settlement.  The settlement class includes all persons (excluding defendants) who were participants in or beneficiaries of the Diebold, Inc. 401(k) Savings Plan at any time between October 22, 2003, and May 7, 2009, and whose accounts included investments in Diebold stock. 

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