Only one-in-three workers under age 35 are eligible for a traditional pension benefit, and just 8% of workers expect such a pension to be their main source of financial security. What might look like a retirement disaster could actually be a blessing in disguise. Big employers have started looking for ways employees can turn their 401(k)s into options that guarantee income for life. The 2012 BlackRock Retirement Survey found one in five employers expect to introduce an annuity option in the next 12 months. “It is important for savers to have some form of guaranteed income to prevent them from running out of money,” said Catherine Collinson, president of the Transamerica Center for Retirement Studies.
The Illinois carrier recently raised $35 million through a stock offering.
One of the recorded votes on amendments was on a jab at short-term health insurance.
A Principal Financial executive represented life insurers at the hearing.
Sponsored by Fidelity Investments
Get insights into the mindset that’s driving today’s advisors to make a move--and help realize their unique business vision.
Don’t miss crucial news and insights you need to make informed investment advisory decisions. Join ThinkAdvisor.com now!
- Free unlimited access to ThinkAdvisor.com which provides advisors, like you, with comprehensive coverage of the products, services and trends necessary to guide your clients in making critical wealth, health and life decisions.
- Exclusive discounts on ALM and ThinkAdvisor events.
- Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.
Copyright © 2019 ALM Media Properties, LLC. All Rights Reserved.