Tue, May 15, 2012
Mackenzie, author of two books on pensions and annuities, attended the Pension Research Council’s conference on “The Market for Retirement Financial Advice” two weeks ago at the Wharton School and wrote this summary.
Wed, May 09, 2012
The new "contingent deferred annuity," which attaches a lifetime income guarantee to a portfolio of Vanguard exchange-traded funds, offers potentially higher payouts rates if the 10-year Treasury rate rises.
Wed, May 02, 2012
Instead of tempting the client with a guaranteed rollup in the benefit base every year, Income Focus enhances the withdrawal rate. And, instead of guaranteeing that enhancement, Allianz Life makes it contingent on market gains.
Tue, Apr 24, 2012
In this data-rich report, the president of the Center for Due Diligence, a Chicago-based organization for plan advisors, explains which way the winds of the 401(k) world are blowing. (Hint: Think passive and low-cost.)
Tue, Apr 17, 2012
Matthew Hutcheson, who portrayed himself as a champion of fuduciary responsibility, was indicted by a federal grand jury last week in Boise, Idaho, on charges of stealing millions of dollars from a multi-employer retirement plan of which he was the trustee.
Mon, Apr 09, 2012
Guardian Life and Protective Life have both filed prospectuses for variable annuities with 10-year/100% deferral bonuses.
Mon, Apr 09, 2012
A new report from Oliver Wyman examines the dysfunctional state of the global financial services industry. It blames asset-liability mismatching for a lot of the trouble, and suggests a return to simpler 'Volkswagen' banking.
Tue, Apr 03, 2012
Lincoln Financial vice president Dan Hayes described the advent of volatility management mechanisms inside today's VAs funds-of-funds as comparable to the emergence of "4G" cellphone technology.
Tue, Mar 27, 2012
"America’s full recovery is not yet guaranteed. A mix of steadfastness, caution, and good luck is needed for that to happen," writes the CEO and co-CIO of PIMCO.
Wed, Mar 14, 2012
Data on the views and practices of RIAs are included in a recent study co-authored by Howard Schneider (left), of Practical Perspectives and Dennis Gallant of GDC Research.
Wed, Mar 07, 2012
Over the next five years, 55% of advisors see their allocation to alternative investments increasing “moderately” and 11.1% see it increasing “substantially,” according to a Jefferson National survey.
Wed, Feb 29, 2012
Investors were running scared after 3Q equity market turmoil. But they didn’t flock to variable annuity guarantees for protection.
Tue, Feb 21, 2012
Lincoln National Life has received a new patent on its GLWB process, raising concerns that it might once again seek royalties from other VA issuers.
Wed, Feb 08, 2012
Don't expect participants to revolt when they see how high their 401k fees are, and don't expect 12b-1 fees to disappear, said the president of the PSCA. But the problem of 'fee bracket creep' should be fixed by new federal rules.
Wed, Feb 08, 2012
Professionals from across the retirement income industry express their views of the DoL/Treasury announcement last week on fee disclosure and annuities.
Wed, Feb 01, 2012
This hip-hop bout between "Keynes" and his nemesis "Hayek" was screened at the IMCA conference Tuesday. If you're not among the millions who've seen it on YouTube, prepare for highbrow humor with a back beat (you can't lose it).
Tue, Jan 24, 2012
Pacific Index Choice now has an optional lifetime income benefit for 75 basis points and the Pacific Destinations VA comes in a new and cheaper share class.
Thu, Jan 19, 2012
After a credit boom and bust, we face a long period of spending less and saving more, writes the well-known author and NYU Stern School professor.
Wed, Jan 11, 2012
"Going forward, I think the only sustainable product designs will be in the context of risk-levered funds,” said Steve Murphy, FSA, a senior vice president at the Cincinnati-based mutual insurer.
Tue, Jan 10, 2012
Maryland advisor Antoine Orr couldn’t find an income planning tool that matched his low-risk, low-debt philosophy. So he created the Plancorr Planner.
Wed, Jan 04, 2012
The Bank of Montreal will halt new sales of its BMO Lifetime Cash Flow, a retirement income product that Canadian insurers said worked a bit too much like a variable annuity. The Canadian finance minister agreed.
Mon, Dec 19, 2011
"The industry’s large in-force book of variable annuity business will continue to be a drag on profitability over the near term," the ratings agency said in a recent bulletin.
Mon, Dec 19, 2011
"We have been buying inflation-linked bonds and selling government bond futures against them," writes the head of fixed income at Old Mutual Asset Managers.
Wed, Dec 14, 2011
New CEO Dean Connor decided to cut Sun Life's losses in the U.S. annuity business after a third quarter that negatively impacted many U.S. annuity issuers. The Canadian firm will focus on its employee benefit and MFS Investment Management businesses in the U.S.
Wed, Dec 07, 2011
“Pressures such as low interest rates, volatile equities markets, and a political and regulatory environment in flux will continue to impact the industry, making it difficult for insurers to boost earnings," Ernst & Young said iin a release.
Wed, Dec 07, 2011
A gerontology professor argues in a new article that Americans’ 401(k) holdings are coming up trillions of dollars short, thanks to high investment management fees.
Wed, Nov 30, 2011
Another “very bright spot in the third quarter data was the significant increase in net cash flow, to $8.9 billion from $5.7 billion in the second quarter and $6.4 billion in the third quarter of 2010,” wrote Frank O’Connor, product manager of the VA database at Morningstar.
Wed, Nov 30, 2011
"It's an interesting environment," said Beacon Research CEO Jeremy Alexander (left). "The word is that some carriers are keeping a lid on business" because of the low rates.
Tue, Nov 22, 2011
The author of "Rational Exuberance" and co-creator of the Case-Shiller Home Price Indices heralds a new science that will help us understand economics by studying the physical structures that underlie brain processes.
Sun, Nov 13, 2011
On a recent visit to Shanghai, our contributor found that a dollar doesn't command as much respect on the streets of China as it once did.
Tue, Nov 08, 2011
While forecasting a 10% decline in investment yields for life insurers due to Fed interest rate policy, Ernst & Young proposes six strategies firms can use to combat the impact of low rates. E&Y's Doug French (pictured) spoke with RIJ.
Wed, Nov 02, 2011
MetLife's reduction of the deferral bonus on its hot-selling GMIB Max VA rider by a half-percent and news that Sun Life's strength rating is under review are symptoms of the impact of ultra-low interest rates on VA issuers.
Wed, Oct 26, 2011
This excerpt from a new Congressional Budget Office report on wealth inequality in the U.S. shows that "highly compensated workers have replaced people whose income is from property or securities at the top of the income distribution."
Wed, Oct 19, 2011
With United Technologies' recent adoption of an in-plan annuity, it now appears more likely that guaranteed income will eventually become commonplace in the defined contribution space. The Hartford, after a false start, has jumped back in that game.
Wed, Oct 12, 2011
The associate director of the Center for Retirement Research wants financial services companies to fund a revival of the delivery of Social Security statements to working Americans. Cost: $55 million. Benefit: Priceless.
Wed, Oct 05, 2011
Deficit hawks say that federal debts and deficits put our progeny in a hole. Indeed, they've said it for decades. But some economists, starting as far back as 75 years ago, have said that's poppycock. The latter may be right.
Wed, Oct 05, 2011
After overhauling its huge retirement plans, this Fortune 50 firm selected AllianceBernstein's stand-alone living benefit as its in-plan 401(k) income option. AXA Equitable, Nationwide, and Lincoln Financial were expected to support the lifetime guarantee.
Wed, Sep 28, 2011
Investors have been asking Moody's if variable annuity issuers have made their products safer, and how Moody's evaluates the safety of VA guarantees. For answers, Moody's turned to the issuers themselves.
Wed, Sep 21, 2011
Rod Greenshields of Russell Investments questioned the value of conventional financial wisdom in a lively presentation at the FPA Experience 2011 conference.
Wed, Sep 14, 2011
In this article, an ERISA attorney sets out to help retirement plan advisors understand basic retirement plan concepts that can help them develop and maintain their retirement plan book of business.
Wed, Sep 14, 2011
Cogent Research's 2011 Advisor Brandscape survey shows that many advisors sell annuities and are highly loyal to certain variable annuity providers. But on average they don't devote much of their clients' assets to annuities--and don't plan to in the future. At left, Cogent principal John Meunier.
Wed, Sep 07, 2011
Two Rutgers professors explain how fragmentation of the banking system in the U.S. has led to a long series of panics here, of which the Great Recession was only the latest. Canada's financial history has been quieter.
Tue, Sep 06, 2011
Plan sponsors who urge union members to participate or to contribute more by pointing out other employees' saving behavior may produce unintended consequences, Harvard's David Laibson (in photo) and other researchers found.
Mon, Aug 15, 2011
Starting from a level of great wealth, North Americans and Europeans feel a sense of decline, while Asians, starting from a level of deep poverty, feel a sense of upward mobility and optimism, according to a recent global survey by HSBC.
Mon, Aug 15, 2011
In this edited version of a monthly bulletin from the Qwema Group, Moshe Milevsky (left) and Simon Dabrowski show advisors how to demonstrate the value of an income annuity to their clients.
Tue, Aug 09, 2011
SunAmerica's 'Retirement Re-Set' study showed why some retirees are happier than others. Jana Greer, president and CEO of SunAmerica Retirement Markets, explains. The company was the sixth biggest VA-seller in 1Q 2011.
Wed, Jul 27, 2011
In his regular quarterly update, the product manager of Morningstar’s Annuity Solutions reviews second-quarter VA manufacturer activity and looks ahead.
Tue, Jul 26, 2011
Big deferral bonuses and safer investment options characterize the income riders of Nationwide and Sun Life, both of which aim to be among the leading sellers of VAs.
Wed, Jul 20, 2011
What "story" helps you sell VAs? Mark Caner of Western & Southern describes his firm's contract as a safe, nimble, fuel-efficient vehicle for cruising through retirement.
Wed, Jul 13, 2011
The new multi-premium contract allows a person to build a personal pension with a series of contributions leading to lifetime income beginning at a pre-determined but flexible start date.
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RIJ Publishing, 4340 Knollwood Dr., Emmaus, PA 18049, 610-965-3103
Retirement Income Journal is an online magazine dedicated to writing for and about the industry that has coalesced around the challenge of helping Americans turn their savings into secure lifetime incomes. This industry includes members of the insurance, asset management, banking, pension, structured products, reverse mortgage, information technology, financial planning and academic communities and the professional organizations that serve them.
Send editorial queries to kerry.pechter@retirementincomejournal.com.
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