Results for "annuities"

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Prudential reverses variable annuity suspension in New York

October 4, 2019

Prudential Financial Inc. will reintroduce its fee-based variable annuities in New York, following a suspension of its product sales a few months ago in connection with the state's new best-interest rule for annuity and life insurance sales....

Investigation into 403(b) costs, sales could be an A+ for teachers

October 3, 2019

New York's investigation 403(b) plan costs and sales tactics used by insurers is welcome action from regulators that will hopefully be accompanied by long-overdue reforms and financial relief for vulnerable consumers. The exploited consumers...

In New York deal, six insurers will pay $1.8 million over annuity sales practices

September 24, 2019

New York State's Department of Financial Services has entered into consent orders with six life insurance companies over violations of the state law covering transactions in which deferred annuities were replaced by immediate annuities. Collectively,...

Jackson National to reintroduce fee-based annuities in New York

September 16, 2019

Jackson National Life Insurance Co. plans to reintroduce fee-based annuities in New York, weeks after the company suspended sales due to concerns about an insurance regulation that took effect in the state. Jackson, which is the second-largest...

Lincoln, Penn Mutual pull insurance products from New York in wake of best-interest rule

September 6, 2019

More insurers are deciding to pull products like annuities and life insurance from the New York market as the state's best-interest rule takes hold. Lincoln Financial Group, the fourth-largest seller of annuities in the U.S. last year, suspended...

Retirement security advocates hope to attach SECURE to budget legislation in coming weeks

September 4, 2019

Backers of a major retirement-savings bill hope it will catch a ride on legislation that must pass this fall to keep the federal government open. In May, the House approved the Setting Every Community Up for Retirement Enhancement Act with overwhelming...

Headwinds to annuities in 401(k) plans persist

September 4, 2019

The uptake of annuities in 401(k) plans has been muted and slow. There are several reasons for this state of affairs, such as administrative and legal challenges, which have withstood the industry's push to change the status quo and many advisers'...

Jackson National suspends fee-based annuity sales in New York due to best-interest rule

September 3, 2019

Jackson National Life Insurance Co. has suspended sales of fee-based annuities in New York in response to a new rule that imposes tougher standards on brokers and life insurance agents selling insurance products in the state. The insurer, which...

Creating time-tested retirement income plans

September 3, 2019

I usually set aside Labor Day for reflection, not just about the official end of summer, but about broader topics that I encounter as a columnist for InvestmentNews. So I was thrilled when two veteran financial advisers I admire — Phil Lubinski...

Variable, indexed annuities may cost more than you think

August 29, 2019

Variable and indexed annuities are lambasted in some circles as being high-cost insurance products, with all-in annual expenses often exceeding 3%-4%. Yet investors may be paying even more for certain contract features than they think. Many...

Annuity yield in short supply as interest rates falter

August 23, 2019

Attractive annuity yields are in increasingly short supply as long-term interest rates have faltered and there is a likelihood of even more downward pressure. Let's look at multiyear guarantee annuities as an example. Some MYGAs, a type of fixed...

Cost to play bigger role in investment recommendations

August 19, 2019

Cost will soon play a more important role in the investment recommendations brokers make to clients. The Securities and Exchange Commission, as part of its recent overhaul of investment-advice standards for brokers and financial advisers, explicitly...

SEC draws ire with indexed annuity misstep

August 16, 2019

This story has been updated with information from the Securities and Exchange Commission. The agency originally did not want to comment on the matter. The Securities and Exchange Commission caused concern among the financial advice and insurance...

Insurers pivot amid declining interest rates

August 15, 2019

Interest rates have done an about-face, and insurers are feeling the pinch. Just less than a year ago, insurance companies, financial advisers and their clients were celebrating the return of higher interest rates. More money flowed into insurers'...

Fee-based annuities still require caution, despite IRS olive branch

August 14, 2019

Financial advisers who use fee-based annuities are likely celebrating after the Internal Revenue Service extended an olive branch last week, ruling favorably on how advisers can charge for annuity advice. But registered investment advisers should...

The SECURE Act could mean big changes for advisers

August 13, 2019

While it's not surprising that the Setting Every Community Up for Retirement Enhancement (SECURE) Act is tangled in a political decision-making web, it's reassuring that the conversation about helping Americans save for retirement is still on...

IRS delivers 'game changer' for fee-based annuities

August 9, 2019

The Internal Revenue Service has issued a tax ruling that may quickly boost the use of annuities by registered investment advisers with clients, by knocking down what many saw as the primary road block to their uptake. The IRS furnished a private...

Texas 403(b) law causes adviser concern over investor protection

August 8, 2019

A Texas law taking effect next month is causing concern among some retirement plan advisers who are worried that the legislature has weakened investor protection for public schoolteachers in the state. The law — HB 2820, sponsored by Rep....

New York best interest rule for annuity, life insurance sales upheld by state court

August 5, 2019

The New York State Supreme court upheld a state regulation imposing a tougher standard on agents and brokers selling annuity and life insurance policies, on the eve of the rule taking effect. Acting Supreme Court justice Henry F. Zwack said...

Budget agreement leaves SECURE Act by wayside

July 23, 2019

When congressional leaders and President Donald J. Trump reached a budget agreement Monday, they closed it off to additional measures, including a landmark retirement-savings bill that is stalled in the Senate. Backers of the Setting Every Community...

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