“We have a crisis of confidence regarding retirement,” said assistant Secretary of Labor Phyllis C. Borzi at the NIRS conference in Washington, D.C. Tuesday.
We summarize four recent papers: 'Portfolios for Long-Term Investors,' 'What is the Value of Annuities?,' 'Public Economics and Inequality: Uncovering Our Social Nature,' and 'Financial and Total Wealth Inequality with Low Interest Rates.'
How will variable annuity contract owners use their income benefits? That question is vital to annuity issuers and to fiduciary advisers with clients who own VAs. This Texas Dep't of Insurance actuary knows a product that can help them find out.
Bloomberg reported this week that Prudential is considering selling its retirement plan recordkeeping business. Prudential didn't confirm the report, but several industry insiders did. Low interest rates, high costs of IT makeovers, and sticky stable value fund guarantees are driving the move, RIJ was told.
Designed for the Polaris series of variable annuities, the two new guaranteed minimum withdrawal benefits are called Income Plus 6% and Income Builder 8%.
Ruark Consulting's study showed that one in five owners of contracts with a guaranteed lifetime withdrawal benefit (GLWB) or guaranteed minimum income benefit (GMIB) took withdrawals between 2005 and 2009.
The value-added program includes calculators that participants can use to estimate their retirement "number," compare their progress with that of their peers and identify potential gaps in retirement funding.
Goldman Sachs decided to shut down Longmore Capital, its life settlements provider, about a month after unplugging its QxX mortality index.
The Lifetime Income Analysis Tool allows participants to see a monthly retirement income statement based on their current savings plan and account balances.
Two government agencies want your advice on how to include lifetime annuities or other income arrangements as distribution options in employer-sponsored retirement plans.