SEC Issues Mutual Fund Prospectus Guide, Delays Annuity Summary Plan
The SEC says mutual fund summary prospectuses should be three to four pages long and written in plain English.
White House Getting Involved With DOL Fiduciary Redraft
The White House’s National Economic Council will be performing “industry outreach” regarding the DOL's fiduciary redraft, according to industry officials.
Treasury Clears Way for Longevity Annuities in 401(k)s, IRAs
The Treasury Department and the IRS on Tuesday issued final rules to make longevity annuities accessible to the 401(k) and IRA markets.
NARAB II Bill Would Help Retirees Keep Advisor When Moving Out of State
IRI says there is unprecedented support for the bill, which would establish an insurance licensing clearinghouse for financial professionals operating in multiple states.
Variable Annuities a Top Source of Customer Complaints: FINRA
FINRA says it is "very focused" on VAs, particularly on more complex ones that have caps and buffers to manage market risk.
New on the VA Block: The GOVA
Several annuity companies are now offering what the Insured Retirement Institute calls an innovative product: the growth-oriented variable annuity (GOVA). The annuity, IRI said, is designed to grow and protect the annuity holder's asset base, knowing that it can be converted to a guaranteed income stream at a later date.
Assessing the Annuity Landscape
Some advisors swear by annuities while others steer clear of them. Whichever camp you fall into, here are some annuity trends to watch.
Retirees Suffer as 401(k) Rollover Boom Enriches Brokers
A three-month Bloomberg investigation found that former employees at major companies say sales reps lured them into rolling their 401(k)s into unsuitable investments.
New Hire Roundup: Curian Capital Names Czaicki CIO
Also, the SEC brought in Stephanie Avakian as deputy director of enforcement.
More Boomers Plan to Work Till 70 or Older: IRI
There was good news and bad news in a recent study on baby boomers' retirement readiness by the Insured Retirement Institute.