More than 10,000 economists converged last month on Philadelphia (where Ben Franklin's bronze likeness idles on a bench on the Penn campus) for the American Economic Association's annual meeting. Several papers on retirement strategy were presented.
New York regulators have proposed a “best interest” standard for sales of life and annuity products, the Wagner Law Group reported. Some New Jersey legislators want non-fiduciaries to disclose that they may be putting their own or their firms' best interests first.
'While the DC industry continues to wonder how best to structure in-plan retirement income solutions..., managed accounts are quietly making progress as a less controversial option for plan sponsors to offer participants,' a Cerulli director said.
The Financial Engines advisory service offering, on the ADP platform, will launch in the summer of 2018. The deal expands FE's reach to thousands of small and mid-sized firms and broadens ADP’s financial wellness capabilities, the two firms said.
Under a recent agreement, the Royal Mail will contribute 13.6% of members’ pensionable pay to a new type of DB/DC hybrid plan and union members will contribute 6%. Government approval will be required.
Teresa Ghilarducci's proposal for mandatory U.S. retirement plans is no more radical than changes proposed overseas.
Lori Lucas is named CEO of Employee Benefit Research Institute, Prudential inks $1.8 billion pension risk transfer deal, DPL to bring no-load annuities to RIAs, Nuveen bolsters DCIO sales team, and Anthem gives $58 million to 58,000 employees for retirement.
Incentivizing Delayed Social Security Claiming with Lump Sum Payments and Reduced Annuities (Effects for Early, Normal and Late Claimers
Source: “Optimal Social Security Claiming Behavior under Lump Sum Incentives: Theory and Evidence, “ Raimond Maurer, Olivia S. Mitchell, Ralph Rogalla, and Tatjana Schimetschek, 2017DC-02-08-2017