BlackRock will use the SPARK Institute's new IT standards to deliver the LifePath in-plan income solution--a deferred income annuity in a target-date fund of funds. “That’s a very important step in the evolution of these products in the marketplace,” said BlackRock's Chip Castille (above).
At the LIMRA-Society of Actuaries Retirement Industry Conference in Baltimore last week, Scott Stolz from Raymond James, Greg Jaeck from Edward Jones and Jarrod Fisher from Simplicity Financial Distributors delivered frank opinions about annuities and annuity issuers.
Many factors are driving the increase in indexed annuity sales: More manufacturers, better products, more distributors, competitive commissions, aging boomers, and relaxed regulation. But does the bubble contain the seeds of its own deflation?
Israel has found that even a mandatory defined contribution system can’t resolve all of the behavioral, economic, or administrative issues that prevent low-income and minority workers from saving for retirement. (Photo: Mahane Yehuda market in Jerusalem.)
The succession of Jackson National Life CEO Clark Manning by Mike Wells (at left), a 15-year veteran at the U.S. unit of Prudential plc and the incumbent COO, is not expected to change much at the firm, which counts management continuity as a contributor to its success in the variable annuity market.
If we're serious about reducing the deficit and sparing our grandchildren a legacy of debt, it would be irresponsible to do anything else.
MetLife saw record U.S. annuity sales of about $5 billion during the third quarter of this year, up 25% over the third quarter of 2009. The $5 billion included variable annuity sales of $4.7 billion, up 35% from the previous year.
In a 2009 Fidelity survey, 84% of advisors said they thought they had clients with symptoms of dementia. Half said they were reluctant to broach the subject of dementia with clients.
DIA, a DB and DC plan provider, is partnering with Vanguard and Transamerica Financial Life Insurance to offer plan participants a stand-alone living benefit on target-date funds.
Late-breaking items about The Hartford, AARP, Ameriprise Financial, RegEd, the Insured Retirement Institute and more...
"This isn't a choice between chocolate and vanilla, folks. It's all Rocky Road: a few marshmallows to get you excited before the election, but with a lot of nuts to ruin the aftermath." -- PIMCO chief investment officer Bill Gross, describing an American voter's dilemma.
The revenue from the transactions will help AIG pay back the Federal Reserve Bank of New York credit facility, which used taxpayer funds to bail out AIG during the financial crisis.