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.”
American International Group Inc. says it posted a loss in the fourth quarter as the insurer absorbed billions in losses related to payouts on damage caused by Superstorm Sandy and the sale of its airplane leasing unit.
The New York-based company said Thursday it lost $4 billion, or $2.68 per share, in the three months ended Dec. 31.
That compares with net income of $21.5 billion, or $11.31 per share, in the prior-year quarter, when AIG benefited from a hefty tax-related accounting gain.
AIG's stock rose 1 percent in after-hours trading.