Coverage is now harder to get, and it costs more, largely due to the higher volume of attacks that resulted in higher loss ratios for insurers.
The development in the 403(b) plan case is considered a victory for the law firm Schlichter Bogard & Denton, which several years ago led a legal crusade against universities and other plan sponsors.
The insurance industry recognizes that the word 'annuity' is not always received well. But that's only part of what hampers the products, according to two recent reports.
The letters sent to plan sponsors have not included deadlines for recouping the funds, although the DOL is requesting confirmation that the participants are reunited with their money, according to one law firm.
Had Juniper Networks' plan used higher-revenue-sharing share classes, net costs conceivably could have been lower, if those fees were rebated back to participants, according to the complaint.
The class action calls out the plan's fees for investments, record keeping and financial advice.
The case shows California is paying attention to annuity recommendations made through RIAs, and other state insurance departments could follow its lead. The settlement could also lead insurers and licensed third parties that work with RIAs to scrutinize recommendations more carefully, if they don't already vet them closely.
Just over a third of companies that have high-deductible health plans automatically enroll workers covered by those plans into HSAs, the report from PSCA notes. About 15% of those enrolled in eligible plans do not participate in HSAs.
The climate change report had stark findings and comes amid a severe drought in the American West and one of the worst wildfire seasons in California’s history.
The effort, WA Cares, is the first of its kind in the US and could serve as a model for other states.
