The two financial firms are launching Prismic Life Reinsurance with $10 billion in reserves.
Many stakeholders advised the DOL on how to change fiduciary standards for annuity provider selection.
PRTs are trending upward, but their relationship with private equity and non-traditional investments is drawing more scrutiny.
The investment giant has registered a Bermuda affiliate to focus on the booming pension risk transfer and retail annuity markets, according to a filing.
Experts at last week’s PLANADVISER DB Summit discussed the challenges of transferring risk despite high interest rates.
The bill’s cosponsors say workers need better information about how the choice of a lump-sum buyout of their lifetime pension could undermine their financial future.
The company was penalized for violating state law by conducting an unlicensed insurance business.
Several factors will likely drive more mid-market and large plan sponsors to initiate pension risk transfer (PRT) transactions, surveys show.
Following a bench trial, said the firms “acted prudently and reasonably in administrating, investing and terminating the pension plan.”
AIG will pay a $12 million penalty to New York state for unlicensed pension risk transfer business.
Most in the retirement planning industry agree that defined contribution is the future. But what opportunities are there for advisers interested in serving traditional defined benefit pensions? Many, it turns out.
Athene will pay a $45 million penalty to New York state for New York insurance law violations related to its pension risk transfer business.
The higher the annuity credited rate (interest rate) for a pension risk transfer (PRT), the more interest an insurer would earn and the less money it needs today in order to guarantee the monthly benefit, but the lower the interest rate, the less interest it would earn and the more money it needs today, explains Mark Unhoch, with October Three.
The expanded portal will provide the same level of service to retirees (who are currently receiving a payment/annuity) that it does to those still employed (or who are eligible but have not started to draw from their pension).
Looking at the hits company balance sheets take from a pension risk transfer (PRT) to terminate a defined benefit (DB) plan, may cause plan sponsors to change course.
The agreement covers 8,500 retirees, beneficiaries and deferred and active members.
The company has improved navigation, provided more self-service features and information, and offered mobile access.
Pension plans’ funding rose a mere 70 basis points last year, according to Goldman Sachs Asset Management.