Senate Introduces Lifetime Income Disclosure Act
Senators on Wednesday introduced a bill to allow workers in retirement plans to receive an annual statement of how their lump-sum savings translate into a lifetime stream of monthly income.
11 Senators Unite on Resolution to Protect Retirement Tax Incentives
With fiscal cliff negotiations putting tax incentives for retirement savings potentially on the chopping block, 11 senators have voiced their support for the employer-based retirement system by joining forces on a Sense of the Congress resolution.
MetLife’s Landmark Unclaimed Property Settlement Could Approach $700 Million
The MetLife Insurance Cos. multi-agency agreement on unpaid life and annuity policies and the reporting of unclaimed property is a landmark agreement, according to NAIC President and Florida Insurance Commissioner Kevin McCarty.
Allow E-Disclosures, Retirement Plan Coalition Urges DOL
On Tuesday, a coalition of interested parties took to their pens to urge the Department of Labor to allow plan sponsors to make required disclosures electronically.
In 2010, the insurance industry was the target of a lot of bad press regarding retained asset accounts (RAAs) that were provided to the beneficiaries of military service members killed in action.
DOL ‘Disappointed’ With Industry Input on Fiduciary IRA Request
The Department of Labor’s EBSA says it is “disappointed” that industry trade groups could not provide more data by the Feb. 24 deadline, and it's "bewildered" that the data underlying the Oliver Wyman report is "not forthcoming."
DOL Deadline on Fiduciary IRA Request Set for Feb. 24
The Department of Labor’s Employee Benefits Security Administration (EBSA) has given industry trade groups until Feb. 24 to fulfill the department’s request regarding what impact the conflicts of interest faced by brokers who advise on IRAs have on IRA investors.
Industry Groups to DOL: Fiduciary IRA Request 'Difficult'
After a Tuesday meeting with DOL over its fiduciary IRA request, industry trade groups are still limited in how much help they can provide.
Industry Groups to DOL: ‘Clarify’ Fiduciary IRA Request
Industry trade groups told the DOL in a Jan. 12 letter that it would be impossible for them to provide data concerning conflicts of interests that brokers face in advising IRAs by Jan. 15.
ACLI to SEC: Prohibit Securitization of Life Settlements
The American Council of Life Insurers sent a letter to SEC Chairman Mary Schapiro on Friday urging the securities regulator to prohibit the securitization of life settlements and support changes to clarify the application of federal securities laws to viatical and life settlement transactions