According to the Chicago Tribune, Northbrook, Illinois-based Allstate announced internally Friday that, effective immediately, sales of Allstate ClearTarget Retirement Funds are suspended.
An Allstate spokeswoman explained, “This action is part of a strategy to reduce expenses at Allstate Financial and focus on a narrower set of products that meet everyday Americans’ protection and retirement needs and offer the greatest opportunity for Allstate Financial to compete effectively,” according to the Tribune report.
Allstate filed a document with the Securities and Exchange Commission in March 2008 revealing its plans to roll out a family of seven life-cycle funds called Allstate ClearTarget Retirement Funds. The line was introduced last May, according to the Tribune.
Allstate Corporation slashed its dividend 51% last week after posting two straight quarterly losses, ending a 14-year streak of boosting the payout.