A federal appeals court has ruled that index annuities are risky enough to be called securities, but it also gave insurance forces time to pursue a legislative remedy in this regulatory turf war.

Compensation that isn't subject to the portion of payroll tax that funds old age benefits now represents foregone revenue of $115 billion a year.

“We've been in the retirement business for 20 years managing defined benefit assets, but are now really ramping up our DC effort,” a Goldman executive said.

Morgan Stanley Smith Barney has launched Select Retirement, which adds an optional Nationwide Life Insurance fixed income annuity option to the Select unified management account program.

“The reductions reflect the need to realign our expenses with the reduced volume of business that we have experienced in our investment products business, particularly variable annuities,” a Hartford Life spokesman said.

While more than 70% of asset managers say they've just begun to tap the target-date fund opportunity, a small but growing percentage think the phenomenon may have peaked.

Doctors may choose to donate care to the needy when it suits them. But they won't let the government turn their profession into a public utility.