A new IRS private letter ruling essentially conforms the tax treatment of properly structured advisory fees from non-qualified annuity contracts to those paid out of qualified accounts, which typically are not treated as taxable distributions.
New York’s expanded “best interest” standard took effect on August 1st for annuity contracts and will take effect February 1, 2020, for life insurance policies. In a new decision, the New York Supreme Court calls the expansion “a rational and reasonable movement towards consumer protection.”
It helps educate advisers on how to discuss income planning with clients.
Anxiety about turning DC plan assets into a “lifetime retirement paycheck” in such a low-rate environment is keeping aging Americans in the workforce—including many who very likely have enough money saved to retire comfortably and don’t want to keep working.
“ANNUA is challenging the status quo around retirement savings by helping pioneer lifetime income features within 401(k)/403(b) plans at a time when participants are experiencing insufficient account balances and disappearing pensions,” the firm says.
Sales of fixed annuities increased 38% during the first quarter of 2019 relative to the same period last year, according to the LIMRA Secure Retirement Institute.
A professor at the UCLA Anderson School of Management discussed biases that must be considered when helping people make retirement income decisions.
Those who have a health savings account are more certain about how they will cover future health care costs.
The agreement covers 8,500 retirees, beneficiaries and deferred and active members.
In conversation with PLANADVISER, Principal’s retirement and income solutions leader shares advice for how to talk about annuities with skeptical consumers.
Speaking about RESA, J. Mark Iwry, nonresident senior fellow - Economic Studies at the Brookings Institution, said during an event, “If the legislation cannot be changed, maybe regulations following passage of the legislation can shore up the safe harbor.”
The retirement planning challenges facing workers today are by no means new or novel, nor are the many different types of solutions being debated by academics and policymakers.
In order to boost Americans’ retirement outlook, there are a number of practical things that retirement plan advisers and sponsors can do, Jamie Ohl, president of the retirement business at Lincoln Financial Group, tells PLANADVISER.
The optional living benefit rider is available within Lincoln variable annuities and is designed to help maximize income on qualified money.
The standard-setting and regulatory support organization governed by the chief insurance regulators of all 50 states set today as a deadline for industry comments on the latest draft of a model best-interest suitability standard applying to annuity sales.
This year, the Practice Development column in PLANADVISER print explored various ways retirement plan advisers can expand their practices beyond 401(k)s, with the goals of adding new revenue streams, better serving participants and solidifying client relationships.
DC plans are well positioned to significantly add to American’s financial security by adopting retirement income solutions that are currently available in the market today.
According to Cerulli research, the various parties involved in the implementation of an in-plan retirement income solution are often not on the same page about basic terminology and definitions.
Willis Towers Watson offers nine actions for DC plan advisers to help their clients mitigate risks in 2019.