Union Bank of California Announces New Services to Evaluate Retirement Income Potential

In order to help individuals plan more effectively for retirement — particularly in a slowing economy — Union Bank of California’s brokerage subsidiary, UnionBanc Investment Services, has introduced a new assessment tool called the "Retirement Income Evaluation.” Combined with a personal consultation with a licensed financial advisor, this evaluation provides individuals with an overview of their retirement readiness, including scenarios that show how their savings might fare in different market conditions. The new evaluation process provides an overview of an individual’s current retirement situation and asset allocation; proposes adjustments to the portfolio and spending patterns; reviews current and potential needs for insurance coverage; and describes how long a portfolio will last in moderate or poor market conditions. If a client’s plan is not on track, the evaluation offers concrete suggestions designed to help meet their goals. "Most of us spend a lot of time and energy accumulating wealth, but very little planning how to convert our savings to income that will last a lifetime, or determining if it is sufficient to offset the risks we might face in retirement,” said Alan Kizor, senior vice president and manager of retirement solutions for Union Bank and UnionBanc Investment Services. "UnionBanc Investment Services’ new evaluation process considers variables like market risk, inflation and healthcare costs so that people can have confidence in their financial situation, or make changes to address a potential income shortfall.” The evaluation is administered by a financial advisor with UnionBanc Investment Services. The company has a total of 125 advisors who are based in the Investment Centers of Union Bank’s branches in California, Oregon and Washington. Individuals may schedule an evaluation by calling 1-800-634-1100. "The first baby boomers reached the age of 60 in 2006, so retirement is close at hand for a significant percentage of our population,” said Kizor. "At the same time, the current economic slowdown is taking its toll on many consumers.” According to the latest annual Retirement Confidence Survey compiled by Employee Benefit Research Institute (EBRI), Americans’ confidence in their ability to afford a comfortable retirement has dropped to its lowest level in seven years, reflecting worries about health care costs, the economy and home values. Only 18 percent of workers now say they are "very confident” of a secure retirement, down from 27 percent of workers in 2007, the biggest drop in the survey’s history. The same was also true for current retirees, with only 29 percent saying they are "very confident” of a having a financially secure retirement. EBRI also reports that the number of people who plan for retirement is not very high. Less than half of workers (47 percent) say they have tried to calculate how much money they will need for a comfortable retirement. "These unsettling statistics underscore how important it is for people to get a realistic picture of what their nest eggs will do for them in retirement,” said Kizor. "Our goal is to provide individuals with a thorough assessment of their retirement readiness and help them make the adjustments necessary to plan for their retirement vision.” Based in San Francisco, UnionBanCal Corporation (NYSE: UB) is a bank holding company with assets of $57.9 billion at March 31, 2008. Its primary subsidiary, Union Bank of California, N.A., had 334 banking offices in California, Oregon and Washington, and two international offices at March 31, 2008. The company’s Web site is located at www.unionbank.com. Important: The projections or other information generated by the Retirement Income Evaluator Tool regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. This tool uses Monte Carlo simulation to estimate potential income growth, using a minimum of 250 hypothetical market simulations. The market return data used to generate the illustration is intended to provide you with a general idea of how an asset mix similar to your portfolio (or a selected target asset mix) has performed historically. The analysis assumes a level of diversity within each asset class that may differ from that found in your portfolio. Numerous factors make the tool’s calculations uncertain, such as the use of assumptions about historical returns, tax rates and inflation as well as the data you have provided. The tool uses financial data provided by third-party vendors in the simulations and the accuracy or timeliness of that data cannot be guaranteed. Taxes, fees, and/or expenses will generally reduce your actual investment returns and are not reflected in the hypothetical illustrations generated by this tool. Results may vary with each use and over time. The Retirement Income Evaluation report is produced using the most recent version of the Fidelity Retirement Income EvaluatorSM tool. Retirement Income Evaluation report, recommendations and strategies have legal, tax, accounting and other implications. Prior to implementing any Retirement Evaluation report, recommendation or strategy, clients should consult their legal, tax, accounting and other experts. Investments available through UnionBanc Investment Services LLC, a registered broker-dealer, investment advisor, member FINRA/SIPC and subsidiary of Union Bank of California, N.A.: • Are NOT insured by the FDIC or by any other federal government agency • Are NOT bank deposits • Are NOT guaranteed by the bank or any bank affiliate • MAY lose value