401(k) Litigation: The ‘Next Asbestos’?

“The vast majority of 401(k) funds are at risk of lawsuits over excessive fees,” said James Holland, director of business development at Millennium Investment and Retirement Advisors, a fiduciary consultancy in Charlotte, NC.

‘SIMON’ Makes Indexed Annuities Simpler

Originally a platform for distributing structured notes to broker-dealers, SIMON is adding index-linked annuities to its product suite. Prudential is both an investor and, as of today, a product provider.

Annuities and the Charles Schwab Deal

Most of the annuities now on the Charles Schwab and TD Ameritrade platforms are offered by mutual or foreign-owned life insurers. Lincoln Financial is the sole exception.
Featured

The Opposite of Austerity

The respected Yale economist argues that temporarily higher taxes and higher spending is a better path to recovery than permanently lower taxes and lower spending.

Was That a Prohibited Transaction?

We all think we know right from wrong. But in the ERISA world, it’s not always so easy tell the difference. Listen to these war stories and decide for yourself.
News

No surprise: Most Americans still not saving

A new survey shows yet again that most Americans don't save much. Given the trillions that currently sit in 401(k) plans and IRA accounts, this suggests that a minority of Americans must be saving a lot.

Lump sum DB payouts represent rollover opportunities: Cerulli

Two new publications from Cerulli Associates point out, respectively, that advisors and IRA providers should target the lump-sum distributions of former DB plan participants and that the direct channel is taking business away from advisors.

Jackson National top seller of annuities in 2012

LIMRA has published its quarterly list of top annuity sellers in the U.S. For all of 2012, Jackson National Life was the largest overall seller of annuities, with $20.4 billion, including $19.7 billion in variable annuity sales. Prudential sold the most VAs, at $19.97 billion.

The Bucket

Brief or late breaking items from MassMutual, New York Life, The Hartford, Retirement Clearinghouse LLC, National Planning Holdings and Protective Life.