CITs: Private Credit’s Pathway into 401(k) Plans

By Kerry Pechter

'Everybody—all the asset managers—are trying to pick CIT [collective investment trust] dance partners so that they can have product in 401(k) plans,' said Chris Randall at SEI Trust Company. CITs—less regulated, cheaper, and more easily-customized than mutual funds—now house 42% of 401(k) investments.

‘Why Social Security Can’t Go Broke’

By Kerry Pechter

Here's a link to a chapter on Social Security that I contributed to 'The Elgar Companion to Modern Money Theory.'

DOL Proposal Will Block Participant Lawsuits

By Eileen Appelbaum

A plan sponsor, according to the DOL proposal, 'is responsible for the prudent selection of the manager but is not liable for the individual investment decisions of that manager.' So writes the co-director of the Center for Economic and Policy Research.

Corebridge-Equitable Merger: An Aftershock of 2008

By Kerry Pechter

In 2008, Corebridge was still AIG’s retirement business and Equitable had not yet separated from French insurance giant AXA. (Back then, ING-US hadn’t become Voya and MetLife hadn’t yet spun off Brighthouse.) So the new merger, which creates a firm with a market value of $22 billion, might best be seen as another aftershock of the Great Financial Crisis.

What’s Behind Annuities’ Latest Sales Record?

By Kerry Pechter

Gross sales of annuities approached the half-trillion-dollar mark in 2025. Net inflows, though positive, are much more modest. If demand for lifetime income solutions, as opposed to safe tax-deferred accumulation, is driving annuity sales, the evidence is largely circumstantial.

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