Shake-up at top of the Department of Labor
Two top aides to Labor Secretary Lori Chavez-DeRemer were forced out Monday night amid an internal investigation into claims of misconduct by top officials in the department, the New York Times and New York Post reported this week.
Ms. Chavez-DeRemer’s chief of staff, Jihun Han, and deputy chief of staff, Rebecca Wright, were given 24 hours to resign after the White House told Labor Department leaders to fire them, one of the people said.
Their departure was reported earlier Tuesday by The New York Post. The Post in January reported on a whistle-blower complaint with the inspector general’s office that claimed Ms. Chavez-DeRemer drank on the job, that she was having an affair with a subordinate — a member of her security detail — and that she used department resources for personal trips.
Mr. Han and Ms. Wright could not be reached for comment, the news report said. The White House did not respond to a request for comment.
Busches settle their lawsuit against Pacific Life
NASCAR champion Kyle Busch and his wife, Samantha, have reached a confidential settlement with Pacific Life Insurance in their lawsuit alleging they lost nearly $8.6 million through an indexed universal life insurance strategy that was misleadingly sold to them, ThinkAdvisor reported today.
In a joint settlement notice filed last week, the parties notified a judge in the U.S. District Court for the Western District of North Carolina that they had reached the agreement and were documenting and finalizing settlement papers. They intended to file a stipulation or motion to dismiss the case in the following 30 days, with all parties bearing their own fees and costs.
PRT market finished 2025 on a high note
The U.S. Pension Risk Transfer (PRT) market closed 2025 on a strong note, with fourth-quarter premium estimated at approximately $28 billion, making it one of the largest quarters on record. The final quarter saw strong activity in jumbo transactions, with three transactions completed during this time contributing to an expected total of six jumbo transactions for the full year. This helped lift overall volumes and reinforce momentum following a lighter first half of the year.
The second half of 2025 showed an uptick in activity, driven in part by a continued rise in buy-in transactions. This trend continued throughout the year, with buy-in sales finishing well above historical levels as plan sponsors increasingly look to evolve their strategies and secure pricing earlier in their de-risking and termination timelines.
Overall, full-year 2025 PRT premium is estimated to reach approximately $48 billion, positioning the year among the most active on record.
ICI and DCALTA to collaborate on private assets in 401(k)s
The Investment Company Institute (ICI), the leading association representing the asset management industry and the individual investors they serve, is launching a strategic collaboration with the Defined Contribution Alternatives Association (DCALTA) to advance education, research, and policy engagement on the role of alternative assets within defined contribution retirement plans.
Through investor-focused research and analysis, conferences and events, and sustained engagement with policymakers and plan sponsors, ICI and DCALTA will work together to advance the national dialogue on the benefits associated with expanded access to private assets in retirement plans.
DCALTA put out its first newsletter in the spring of 2022. Its website carries the message, “The benefits to defined contribution (DC) participants are clear: the inclusion of a modest allocation of diversified, professionally managed alternative assets within a multi-asset portfolio, will enhance retirement security.”
Pacific Life Re in longevity swap with Dutch unit of Aegon
Pacific Life Re, a leader in the global life reinsurance industry, has announced the completion of a €1.3bn longevity swap reinsurance agreement with Aegon Levensverzekering N.V., part of the a.s.r. group, further strengthening its presence and commitment to the Dutch market.
This transaction covers a portion of the defined benefit pensions included in a pension buy‑out and marks Pacific Life Re’s second longevity reinsurance transaction in the Netherlands.
Jouke Hottinga, Managing Director, Group Strategy & Balance Sheet Management at a.s.r. said in a release, “This reinsurance transaction effectively mitigates our longevity exposure and is fully aligned with our continued objective of optimizing the balance sheet.”
Vanessa HoVon, Managing Director, Savings & Retirement for Europe & Americas at Pacific Life Re said, “We are delighted to partner with a.s.r. on this significant transaction, our first Dutch deal covering defined benefit liabilities for both pensioners and deferred members.” The global law firm Hogan Lovells supported the deal.
Symetra enhances FIA features
Symetra Life Insurance Company announced several new enhancements to its suite of fixed indexed annuities, including new crediting strategies, improved certainty and flexibility, and the addition of the Franklin Large Cap Value 15% ER Index.
Symetra Edge Elite, Symetra Edge Frontier and Symetra Edge Revolution are single-premium fixed indexed annuities (FIAs) that provide growth potential based on performance of market indexes. With the option to allocate across different indexed account options, each with multiple crediting options, they offer clients various crediting methods while maintaining principal protection.
Key enhancements include
- The new Franklin Large Cap Value 15% ER Index delivers a disciplined approach to value investing, designed specifically for fixed indexed annuities. This index utilizes the actively managed Putnam Focused Large Cap Value ETF (PVAL) for equity exposure and applies a 15% annual volatility target to balance long-term growth potential with daily risk control.
- The JPMorgan Efficiente 5 Index is now available utilizing a trigger strategy, meaning that any positive return in the index results will be credited at the stated trigger rate at the end of the interest term. All four indexes within Symetra’s suite of fixed indexed annuities – including the Nasdaq 100® Index and S&P 500® Index — now offer a trigger crediting method.
- Clients can access up to 15% of their contract value each contract year without withdrawal charges and now can choose to auto-rebalance their accounts to a given allocation on each contract anniversary.
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