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U.K. chancellor's budget allows retirees to sell annuities to third parties
trueChancellor of the Exchequer George Osborne’s budget announcement Wednesday included further reforms to the U.K. retirement market, with changes to tax rules and the launch of a consultation into building a secondary annuities market.
NYC Teachers chooses director of investment administration
trueSusan Stang was promoted to director of investment administration for the New York City Teachers' Retirement System.
Treasury's Iwry says department looking into guaranteed withdrawal products for DC
trueNew Treasury Department rules on using deferred annuities within target-date funds as part of a defined contribution plan shouldn’t be viewed as excluding the department’s consideration of other lifetime income options in those plans, said J. Mark Iwry, deputy assistant secretary for retirement and ...
PBGC to finalize rollover rule
trueParticipants in defined contribution plans can combine those assets with their defined benefit plans without exceeding federal guarantee limits set by the Pension Benefit Guaranty Corp., under a rule to be finalized Tuesday.
Towers Watson: U.K. employees turning away from annuities for retirement savings
trueU.K. employers expect only 40% on average of their employees to buy an annuity to fund their retirement once the government's new rules over defined contribution plans come into effect, beginning in April 2015, a Towers Watson survey found.
Treasury allows longevity annuities in retirement plans
trueThe Treasury Department on Tuesday announced a final rule that will facilitate retirement plan participants' access to deferred-income annuities.
TSP goes with MetLife to provide annuities
trueThrift Savings Plan hired Metropolitan Life Insurance Co. as its lifetime annuity provider, the Federal Retirement Thrift Investment Board, which oversees the $403.9 billion plan.
Florida State Board selects MetLife for potential group annuity option
trueFlorida State Board of Administration, Tallahassee, selected MetLife to negotiate to provide group annuity services as a distribution option for retiring participants of Florida Retirement System's $8.7 billion 401(a) plan.
PBGC proposes rollover help
trueParticipants in defined contribution plans could combine those assets with their defined benefit plans without worrying about federal guarantee limits, under a plan to be proposed Wednesday by the Pension Benefit Guaranty Corp.
Indiana to reissue life annuity RFP after tepid response
trueIndiana Public Retirement System plans to reissue an RFP for life annuity providers to run an initial total of $200 million.
Indiana Public Retirement System searching for managers to run a combined $1.1 billion
trueIndiana Public Retirement System issued RFPs for active international fixed-income managers to run a total of $900 million and for providers of life annuities to run possibly an initial total of $200 million.
Sun Life to sell U.S. annuity business to Guggenheim
trueSun Life Financial agreed to sell a U.S. annuity business in a $1.35 billion deal to a firm owned by Guggenheim Partners shareholders to cut risks in equity markets and interest rates.
NBA to create annuity plan for players
trueNational Basketball Association players, who were paid an average of about $5 million last season, will be required for the first time to save money for retirement.
Comment letters back lifetime annuity proposals
truePlan executives and service providers are expected to support proposed regulations on lifetime annuities when the IRS holds a public hearing on June 1 in Washington.
Retirement income: New strategies should be welcomed
trueThe Obama administration is now beginning to propose regulatory changes affecting retirement plans to encourage the use of lifetime income solutions for retirees.