Tue, May 15, 2012
NY Life launched its Guaranteed Future Income Annuity, a deferred income product, in mid-2011 and has found traction among pre-retirees who want income about 10 years later. We spoke about it with Matthew Grove, vice president of Guaranteed Lifetime Income at the mutual insurer.
Tue, May 08, 2012
The company took a pre-tax charge of approximately $1.5 billion from net changes in value relating to foreign currency exchange rates and changes in market value of derivatives.
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, May 01, 2012
The climate was ideal, but annuities upstaged sunbathing at the 2012 Retirement Industry Conference at Walt Disney World Resort in Orlando last week.
Mon, Apr 30, 2012
Ford's intended one-time voluntary lump sum offer to most of its salaried retirees by the end of 2013 "appears to be the first such program to specifically target retirees without being part of a broader plan termination," said Towers Watson.
Wed, Apr 25, 2012
America's #1 business cheerleader recommends keeping the tax deferral for long-term savings and removing obstacles to the purchase of longevity insurance (aka long-dated deferred income annuities).
Tue, Apr 10, 2012
DST Retirement Solutions recently introduced its Retirement Income Clearing Calculator (RICC) platform, a “middleware” solution that supports guaranteed retirement income products through traditional recordkeeping platforms.
Wed, Mar 28, 2012
“We envision a world where old school financial advisers are obsolete, except for the very wealthy,” said Bo Lu, co-founder of FutureAdvisor.
Wed, Mar 28, 2012
Retirement Illustrator is intended to help advisors present retirement spending requirements and distribution alternatives, accounting for risk events such as withdrawal, longevity, survivor needs and healthcare risks.
Wed, Mar 28, 2012
“Over the long term, management's decision to exit more volatile businesses such as variable annuities and individual life should help de-risk the company," said Fitch in a release.
Wed, Mar 14, 2012
Fidelity reviewed users of either or both IRAs and 401(k)s within its customer base, and came up with average balances overall and among clients in the 65-69 age bracket.
Wed, Mar 14, 2012
An indirect wholly owned subsidiary of Britain’s Prudential plc, Jackson generated a record $22.9 billion in total sales and deposits, up 16% over 2010. Retail net flows also increased 11% over 2010 to a record $13.6 billion, the company said in a release.
Tue, Feb 21, 2012
Some Hartford investors have reportedly voiced "strong opinions" regarding profitability at the insurer and are pushing to restructure its life and property/casualty units into two separate companies.
Mon, Feb 20, 2012
Patient investors in search of stock-market bargains might consider the shares of U.S. life insurance companies.
Wed, Feb 15, 2012
MetLife reported derivative net gains of $351 million, after tax, which were largely due to declines in interest rates and gains in the company’s variable annuity hedging program.
Tue, Feb 07, 2012
The nation's largest mutual insurer said Guaranteed Future Income is the “fastest growing annuity product solution in the company’s history.”
Tue, Feb 07, 2012
Capital One said it would remain a “traditional bank” and hold just 1.5% of total U.S. deposits if the deal goes through.
Wed, Feb 01, 2012
"We want to help clients employ different strategies that go beyond the simple, 60/40 equity-and-fixed income portfolio rule of the past,” said the head of BlackRock’s U.S. retail business.
Wed, Feb 01, 2012
SunAmerica has also introduced a new investment portfolio – the SunAmerica Dynamic Allocation Portfolio –as an underlying investment in their variable annuity products.
Wed, Jan 25, 2012
The company reorganized itself into two basic divisions, an Insurance Group run by Chris Blunt and an Investments Group run by John Y. Kim. Kim will succeed Blunt as head of the Retirement Income Security (RIS) business.
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
More than half of all investors surveyed said they expect to be in a better position financially two years from now compared with today.
Wed, Jan 18, 2012
ING U.S. Retirement will combine its own target date funds with the AllianceBernstein three-insurer annuity platform to offer a lifetime income option to its 52,000 small and mid-sized plans.
Wed, Jan 11, 2012
Three service providers stood out in PLANSPONSOR's annual Defined Contribution Survey this year: Bank of America Merrill Lynch, Diversified Retirement Corporation, and BMO Institutional Trust Services.
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.
Wed, Jan 11, 2012
SALBs are back in the news. The RetireOne Transamerica solution is the first of what Aria Retirement Services CEO David Stone said will be several income solutions provided by Aria in partnership with major insurance carriers.
Wed, Jan 11, 2012
Emily Pachuta will lead the team, as head of Consumer Insights group within Lincoln’s Insurance Solutions/Retirement Solutions division.
Wed, Jan 04, 2012
A trusted source for information on a wide array of products, Consumer Reports decided to investigate online and full-service brokerage services by polling their readers and sending mystery shoppers to brokerages. Here's how 13 services measured up.
Wed, Dec 14, 2011
The Scorecard provides a quarter-by-quarter performance comparison for a liability-driven investing (LDI) portfolio vs. a traditional 60% equity/40% fixed income portfolio against the MassMutual Pension Liability Index (MMPLI).
Wed, Dec 14, 2011
Thomas Sargent, winner of the 2011 Nobel Prize in Economic Sciences and professor of economics and business at New York University, will deliver the keynote address.
Wed, Dec 14, 2011
Timothy Clift, formerly chief investment officer and chairman of the investment committee at FundQuest, Inc., will join Envestnet|PMC as chief investment strategist, responsible for the development of investment strategies for client portfolios.
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, Nov 23, 2011
MetLife's three new business regions, each of which will have its own president, are the Americas, EMEA (Europe, the Middle East and Africa), and Asia.
Wed, Nov 16, 2011
The Future6 Death Benefit allows for income withdrawals that do not reduce the death benefit, unlike most VA death benefits, according to Steve Kluever, vice president of product and marketing for Global Annuities at The Hartford.
Tue, Nov 15, 2011
Built for the 403(b) market, the Total Interest Annuity can be funded with contributions up to $16,500 annually or with IRA contributions or rollovers.
Wed, Nov 09, 2011
"White, more highly educated, higher-income, and married workers are more likely to participate than their counterparts," the EBRI's October 2011 Issue Brief said.
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, Nov 02, 2011
Purchasers of the product can choose among three modules—Extra access, Extra care and protection, or Extra assurance.
Thu, Oct 20, 2011
Each TDF is “designed to adjust its equity allocation in response to prevailing market conditions,” the company said in a release.
Thu, Oct 20, 2011
The rider is issued is by Monumental Life Insurance Company, and costs 95 basis points a year in addition to the cost of the no-load VA, which ranges from 36 to 81 basis points, depending on the investment options chosen.
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
John Hancock Financial Network will offer its advisors the Retirement Sustainability Quotient, an income planning tool that Moshe Milevsky (pictured) developed for ManuLife Financial, JHFN's Canadian parent.
Wed, Oct 12, 2011
Income for Life Model, a time-segmentation retirement income planning tool from Wealth2k, will be integrated into the NetX360 advisor web platform offered by Pershing, the clearing firm owned by BNY Mellon.
Wed, Oct 12, 2011
The Accumulator Series, introduced in 1995, now has a higher deferral bonus roll-up.
Thu, Oct 06, 2011
Guest speakers Fareed Zakaria (pictured) urged more fiscal stimulus for the economy while Andrew Friedman warned of looming tax hikes at the Insured Retirement Institute's conference in Boston. "Boom Time" was the conference theme this year.
Wed, Oct 05, 2011
In addition to global equities and global fixed-income securities, the fund may invest in commodities and real estate investment trusts, and use leverage.
Wed, Oct 05, 2011
“The end of September marks the largest deficit since we have been tracking this information,” said Jonathan Barry, a partner in Mercer’s Retirement Risk and Finance business.
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.
Tue, Sep 27, 2011
Internet start-up Personal Capital is out to prove that mutual funds and face-to-face financial advice are obsolete. (At center, CEO Bill Harris, with Jim Del Favero, VP, product management (seated) and Ehsan Lavassani, engineering director.
Wed, Sep 21, 2011
Fidelity, ING, TIAA-CREF and VALIC continued to solidify their positions in the marketplace, according to a new report on the 403(b) retirement plan market from Retirement Research Inc.
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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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