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State Street rolls out second 401(k) target-date series featuring an annuity
The plan feature is provided by Global Trust Co. and Annexus Retirement Solutions.
Prudential collected life insurance premiums, later told claimants they were ineligible
The insurer has settled with the Department of Labor; the policies in question were part of employer-sponsored insurance where workers had opted for supplemental coverage.
Fidelity’s health business booms as Americans pile into HSAs
More than half of consumers say they’ve taken steps to lower health care costs over the last two years, Fidelity reports.
Insurance fintech adds long-term care products
Modern Life is adding long-term care and hybrid long-term care products to its menu of insurance for financial advisors.
Growth in HSAs robust in 2022, study shows
At the end of last year, approximately $104 billion was saved in 35.5 million health savings accounts, a year-over-year increase of 6% for assets and 9% for accounts, a Devenir survey shows.
Retirement plan coverage at small firms heading higher: Study
Companies are also likely to add financial wellness benefits, such as emergency savings funds, over the next few years, according to experts polled by Transamerica.
SEC charges advisor with failing to disclose annuity commissions
The attorney for Massachusetts-based Jeffrey Cutter fires back at SEC, saying the agency is 'flat out wrong' and accusing it of trying to 'get a toehold into regulating the insurance industry.'
Annuity demand not slowing after strong 2022, Limra says
Total U.S. annuity sales hit a record-high $312.8 billion in 2022, and bank sales were the big driver in the fourth quarter.
Annuity risk transfer sales soared in 2022, Limra says
There were 562 buy-out contracts last year, 34% higher than the number of sold in 2021 and breaking the previous record set in 2019.
Insured Retirement Institute seeks to build on SECURE 2.0 wins
The annuity sector trade association is advocating for legislation that would mandate retirement plans for small employers that don't have them, as well as bills that would increase the use of annuities.
Retirement experts advise staying nimble regarding 4% rule
While the popular guideline is a good starting point, inflation and rising interest rates are factors that change the game when it comes to retirement withdrawals.
Cetera CEO Antoniades enthusiastic about Securian pickup
But the deal raises the possibility other firms may go after the Securian advisors; Cetera and LPL have faced off in the past over recruiting advisors amid an acquisition.
HSAs saw net increase despite pandemic spending spike: EBRI
The majority of account holders contributed more to their HSA than they took out in 2021. But only 12% invested their HSAs in assets other than cash.
AIG interim CFO Lyons fired over confidentiality breach
Sabra Purtill succeeds Lyons as the insurer's interim CFO, while Turab Hussain was named interim chief actuary.
Plan sponsors, participants agree on value of guaranteed income options
A growing number of defined-contribution retirement plan participants are seeking guaranteed lifetime income products, according to a report from Greenwald Research.
Finra bars ex-UBS broker in Texas who sold phony annuities
According to Robert Earl Turner's BrokerCheck profile, UBS has settled six disputes with his customers for close to $12 million.
2022 saw an annuity explosion: Limra
Total annuity sales surged to $310.6 billion last year, a 22% spike from 2021 results and 17% above the record set in 2008.
Cetera to buy Securian’s wealth business
The deal will bring Cetera more than 1,000 advisors with $24.8 billion in assets under management and $47.4 billion in assets under administration.
Ex-LPL broker sentenced to 8 years in prison for fraud
James Couture of Worcester, Massachusetts, had pleaded guilty in September to being involved in a scheme to steal $2.8 million from clients.
Finra keeps focus on Reg BI in 2023 exam report
In this year's report, the regulator also created a separate section under the heading of 'financial crimes,' which includes cybersecurity, anti-money laundering and manipulative trading.
