Has the time finally arrived for the variable income annuity? At TIAA, where the VIA was invented, they say it never left. New research from the TIAA Institute compares the VIA with a variable annuity with a lifetime withdrawal benefit.
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.
The new contracts are aimed primarily at the independent broker-dealer channel and offer a lifetime income option, said Chad Tope, Voya Financial's president of Annuity and Asset Sales.
Prudential Financial reported the largest revenue decline in terms of dollars, decreasing $1.2 billion, or 7.9%, due to a combination of fewer premiums, mainly from its retirement business, and lower realized investment gains, the ratings agency said in a new report.
Contract owners receive a guaranteed base rate of interest that is set for the contract’s Guarantee Period, plus the 3-Month ICE LIBOR USD Rate (subject to a cap), which resets annually on the contract anniversary date.
Cook has been a partner in the Washington, D.C., law firm Cleary Gottlieb Steen & Hamilton LLP. From 2010 to 2013, he served as the director of the Trading and Markets Division of the U.S. Securities and Exchange Commission (SEC).