By creating the new brand, “Empower,” for its US retirement business, Great-West Financial resolves the identity crisis that followed acquisitions of Putnam and JPMorgan Retirement Plan Services.
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.)
“Rather than warn how important saving for a pension is, we should emphasize how people who save can enjoy their pension later on," said Joyce Vonken, a marketing intelligence specialist at the Dutch pension fund ABP.
Second-quarter 2014 annuity commissions reached $916.8 million, the second-highest quarterly mark on record, according to the Michael White Bank Annuity Fee Income Report.
MassMutual has settled its lawsuit with Goldenstar retirement plan participants, which accused the retirement plan provider of violating its fiduciary responsibilities when it received revenue-sharing payments from asset managers that provided investment options to their plan.
A new Cogent Report evaluates the competitive positions of 47 leading DC investment managers on a variety of metrics, including identifying those that plan sponsor advisors have recently started or stopped recommending to clients.