S&P Ratings to pay $77 million to settle SEC and state violations
Long after the financial crisis brought serious ethical lapses at ratings agencies to light, S&P Ratings evidently continued to violate SEC regulations.
End of forced annuitization creates product vacuum in UK
While some in the U.S. try to put annuities into defined contribution plans, Britain is slowly adapting to the removal of forced annuitization from its DC rules.
Pershing to roll out enhanced DC platform for plan distributors
Currently at about $6.6 trillion, DC assets are expected to increase by five to six percent per year through 2019, Pershing said. Rollover IRA assets are expected to exceed...
In one lifetime, median U.S. age will jump from 28 years to 42
The American Academy of Actuaries cited that prediction in its appeal to the president and the Congress to focus on solutions to problems related to the greying of the...
MetLife sues FSOC over “SIFI” designation
MetLife has long argued that the SIFI restrictions are designed for banks, and not insurance companies, because their risks are fundamentally different from banks, and because insurers are already...
GAO recommends changes to “automatic rollover” practices
In its research, GAO reviewed policies regarding forced transfers of inactive accounts in six countries policies in six countries, including the U.K., Australia, Switzerland, the Netherlands, Denmark and Belgium....
Independent advisors will manage more than wirehouses by 2019: Cerulli
“More than two-thirds of advisors indicate they would prefer the independent broker/dealer, registered investment advisor, or dually registered models if they decided to leave their current firms,” said...
Another longevity reinsurance deal for Prudential Retirement
The transaction marks Prudential Retirement’s fifth longevity reinsurance deal since 2011 with Rothesay Life and the second in the past six months, according to a release.
Security Benefit adds high-dividend stock index to fixed indexed annuity
The Index also aims for a targeted volatility rate of 6%—about half the S&P500’s historical volatility—through actively adjusted cash exposure.
A 100-150 bps rise in rates would help life insurers: Fitch
Conversely, if interest rates decline to levels seen in 2012 and stay there much beyond 2015, Fitch would likely change the outlook for life insurers to negative, the ratings...
Year-end shift into ETFs is a ‘contrary indicator’: TrimTabs
U.S. equity exchange-traded funds recorded a record inflow of $45.4 billion in December and $90.1 billion in fourth quarter 2014, the investment research firm said in a release.
U.S. seeks public comment on asset management risks
The Financial Security Oversight Council has decided to undertake a "more focused analysis of industry-wide products and activities to assess potential risks associated with the asset management industry."
Gene Steuerle wins TIAA-CREF’s Samuelson Award
The Urban Institute economist won the 19th annual award for his book, 'Dead Men Ruling: How to Restore Fiscal Freedom and Rescue our Future,' which RIJ reviewed last summer....
Watchdog group decries change in swaps regulation
MapLight, which tracks the influence of money in U.S. politics, claims that the four banks benefiting most from last week's relaxation of rules against swaps trading by federally-insured banks...
Nationwide Settles 401k Fee Suit for $140M
"This is the most substantial settlement ever in an ERISA fiduciary breach case involving the receipt of revenue sharing by a service provider. It is... nearly 10 times greater...
Assets keep flowing toward index and exchange-traded funds
PIMCO's firm-level outflows slowed to $12.8 billion after much larger redemptions in September and October. Janus, with Bill Gross on board, experienced its second positive month in November after...
Towers Watson cuts out middleman in longevity risk transfer deals
Towers Watson’s service, Longevity Direct, will give pension funds access to a “ready made insurance cell,” which it said could write insurance and reinsurance contracts for longevity swap transactions.
Ruark Publishes Biannual VA Usage Study
Many owners of variable annuities with lifetime income riders are not using their benefits as efficiently as they could, Ruark found. They often draw down too much or too...
Mature Americans need retirement advice (desperately)
The oft-cited “four percent rule” for a safe withdrawal rate in retirement is unfamiliar to seven in ten Americans (69%), according to a survey by The American College. Sixteen...
Hungarians protest end of state-sponsored DC plan
Despite a protest march in Budapest, the government has threatened to shut down the last four funds in the “second-pillar” system unless they can prove that at least 70%...
