To make sure that the glide paths of plan participants' TDFs lead to a 'safe landing,' asset manager AllianceBernstein has enlisted three insurers--AXA Equitable, Lincoln and Nationwide--to equip them with stand-alone living benefits.
At the LIMRA-Society of Actuaries Retirement Industry Conference in Baltimore last week, Scott Stolz from Raymond James, Greg Jaeck from Edward Jones and Jarrod Fisher from Simplicity Financial Distributors delivered frank opinions about annuities and annuity issuers.
Many factors are driving the increase in indexed annuity sales: More manufacturers, better products, more distributors, competitive commissions, aging boomers, and relaxed regulation. But does the bubble contain the seeds of its own deflation?
Israel has found that even a mandatory defined contribution system can’t resolve all of the behavioral, economic, or administrative issues that prevent low-income and minority workers from saving for retirement. (Photo: Mahane Yehuda market in Jerusalem.)
Mark N. Fortier, CFA, head of Product and Partner Strategy at AllianceBernstein, has led a team that spent much of the past three years building a multi-insurer platform to provide in-plan income solutions for large DC plan sponsors.
The average age at purchase for an immediate annuity is 73. The average immediate annuity premium was just over $107,000.
"After all the talk about debt and deficits, it is long past time for America’s leaders to put up or shut up. The era of debt denial is over, and there can be no turning back," says the preamble to the completed Report of the National Commission on Fiscal Responsibility and Reform, which was released today.
Some prior estimates have been significantly revised downward as a result of changes to Medicare Part D (prescription drug) cost sharing that will be phased in by 2020 due to the recently enacted health reform law.
“This is effectively a nationalisation of private pension funds. It’s the nightmare scenario,” said Dávid Németh, an economist at ING in Budapest.
Plan participants contributed more when their employer matched 25% of up to 8% of pay than when their employer matched 50% of 4% or 100% of 5%.
The proposed rule defines certain advisers as plan fiduciaries even if they do not provide advice “on a regular basis” to an employee benefit plan or to plan participants, according to the posting in the Federal Register yesterday.
The new total expense caps, which limit recurring costs such as management and service fees, were implemented retroactive to November 1, 2010, to align with the beginning of the new fiscal year of the Absolute Return Funds.
Late-breaking items from the Insured Retirement Institute, Securian Retirement, the American Bankers Association, LifeYield, National Financial, Mass Mutual and the Irish Republic...