The Department of the Treasury and the Internal Revenue Service released new guidance that is “designed to expand the use of income annuities in 401(k) plans.”
The Office of the Comptroller of the Currency closed Security Bank in North Lauderdale, Fla., on Friday, bringing the total number of failures so far in 2012 to 23.. As the receiver of the $101 million- asset bank, the Federal Deposit Insurance Corp. sold Security Bank's assets to Banesco USA in Coral Gables, Fla., without a loss-sharing agreement.
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