Deals & People June 4, 2010

California Pension Plan Puts Out RFP for Consultants

The Tulare County Employees Retirement Association (TCERA) in California is accepting proposals from firms to provide investment consulting, monitoring, and advice services for the $924-million defined benefit public pension plan.
Reported by

In a request for proposal (RFP), TCERA said it requires “extensive experience in evaluating, selecting and monitoring investment managers across a broad spectrum of asset classes, along with providing education and advice to the Board of Trustees and staff.” Responses from qualified firms must be submitted no later than 5 p.m. PT on June 25.

TCERA is a retirement system providing retirement, disability, and death benefits to the employees, retirees, and former employees of the County of Tulare, the Tulare County Superior Courts, and the Strathmore Public Utility District.

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In Practice June 3, 2010

IRI: Annuity Buyers Flock to Lifetime Income Guarantees

More than 81% of variable annuity purchasers opted for a lifetime guarantee of income in the first quarter, according to a survey by an insurance trade group.
Reported by

The Insured Retirement Institute (IRI) said the most popular lifetime guarantee consumers chose during the quarter was a lifetime withdrawal benefit. About 70% of variable annuity sales were in products that offered the ability to take a set percentage withdrawal from the account for life—down slightly from 78% in the fourth quarter of 2009.

The data also revealed that 45.7% of variable annuity sales in the first quarter were sold through the independent broker/dealer channel, followed by banks (17.7%), proprietary agents (15.8%), regional broker/dealers (10.3%), and wirehourses (9.6%).

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The research was prepared by Advanced Sales & Marketing Corporation for the IRI, which focuses on annuities, insured retirement strategies, and retirement planning.

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