A bill has been introduced in the House of Representatives that would require the Securities and Exchange Commission to revamp the registration form for registered index-linked annuities, or RILAs.
Under current SEC rules, these and other annuity products must be registered using forms that are designed primarily for equity offerings and therefore require extensive information that may not be relevant to prospective annuity purchasers, according to the Insured Retirement Institute, a trade group for the annuity business.
“These forms also require disclosure of financial information prepared in accordance with generally accepted accounting principles, which many insurers are not otherwise required to produce,” the IRI said in a letter in support of the legislation.
If enacted, the bill — the Registration for Index Linked Annuities Act — would “lower barriers to innovative retirement income products” IRI said.
Rep. Alma Adams (D-North Carolina), Rep. Dean Phillips (D-Minnesota), and Rep. Anthony Gonzalez (R-Ohio) introduced the measure.
Also, Orion has added BlackRock, Fidelity, and Vanguard to its custom portfolios suite, and RedBlack has set up a new headquarters after crossing a trillion-dollar milestone.
Also, New York-based Legacy Edge Advisors names its first-ever CEO, while Novare Capital Management hires a Vanguard veteran with a multigenerational planning focus.
Asset managers are racing to bring private market products to retirement plans, but cost and liquidity concerns linger.
Treasury's latest tax-exemption crackdown on private schools lands in the wake of a separate push to restrict refundable credits for some immigrant filers.
Workforce trust measures predicted which companies came out ahead during COVID-19. The same dynamic may now be playing out across the AI transition — and the data suggests the spread could be just as wide.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
