The appellee, Market Synergy Group, argued unsuccessfully that its representatives would never be able to make the Best Interest Contract Exemption, a key mechanism underlying the new DOL fiduciary rule, workable.
Among Baby Boomers who think it is important to work with an adviser, nearly 70% said they would purchase an annuity within their individual retirement account (IRA), according to a survey by fixed income annuity provider Annexus.
The department believes an oversight bureau, created to assess the financial strength of annuity providers, would help employers and advisers become more comfortable including annuities in retirement plans.
The Prudential Insurance Company of America has agreed to provide
a group annuity contract and take on approximately $1.3 billion in pension liabilities
from International Paper, focusing on vested employees with smaller monthly benefits.
The plaintiff alleges that the contract’s cancellation was not made with his and the other beneficiaries’ interests in mind, but rather to improve the parent/subsidiary companies’ financial positions and to make them a more attractive target for potential buyers.