Some 21% of participants are now contributing at a lower rate and 4% have stopped altogether, according to Putnam.
Pennsylvania Life Insurance has agreed to a $925,000 settlement following allegations of unsuitable annuity sales in Wisconsin.
The Lance Group specializes in school boards and municipalities and handles benefit plan analysis as well as design.
Martin J. Sullivan, CEO of American International Group, has been ousted from the New York-based insurer.
Supporters of simplified disclosures for variable annuities may get a boost from a proposal that state insurance regulators will soon consider.
Net assets in variable annuities have also risen, reaching $1.39 trillion, compared to $1.38 trillion in the first quarter of 2007.
First-quarter earnings hit $1.07 billion, the second highest level ever, a gain of $993.3 million from a year ago.
American International Group could hold an emergency meeting this weekend to discuss the future of chief executive Martin J. Sullivan, CNBC reported Friday.
“We’re not going to move [the bill],” said Rep. George Miller, D.-Calif. “We don’t see the president signing it.”
Massachusetts Mutual Life Insurance has picked Bradley J. Lucido as its chief compliance officer.
A proposed Office of Insurance Information would just be the first step toward creating a federal insurance regulator.
Some 25 million U.S. adults with health insurance in 2007 faced financial stress due to insufficient coverage.
Both brokers and insurers bear responsibility for the suitability of variable annuity sales, but at different points in the sales process, industry officials said at a conference last week.
Financial advisers face an array of challenges in the retirement market in the next decade.
In a sign that the housing market may be set for a rebound, the pending home sales index increased 6.3% in April.
Three shareholders cited a “staggering breakdown of risk controls” and “an unequivocal loss of investor confidence.”
A combination of regulatory developments and court cases since 1998 has molded annuities and insurance products into what they are today — and that development continues.
The mutual fund industry, buffeted by volatile markets, unprecedented scandals and new competition, has had a tough time over the past 10 years.
During the past decade, 401(k) plans have elbowed defined benefit plans to become the primary retirement vehicle for most Americans.
An optional federal charter and a tax environment that favors annuities are in the cards through the next 10 years for the life insurance industry.
