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Retirement News: Family Savings Act Passes House

Earlier this week, the Family Savings Act passed out of the U.S. House of Representatives by a 240-177 vote, according to a recent article from BenefitsPRO. The legislation allows non-related employers to pool workers under one defined contribution plan, relaxing existing regulatory guidance on employer participation in Multiple Employer Plans. The Family Savings Act is one of three bills packaged under Tax Reform 2.0 and originally included 17 provisions intended to relax restrictions on... Read More

QLACs Gain Momentum With Wealthy Investors

Almost four years ago, the U.S. Treasury Department authorized qualified longevity annuity contracts (QLACs) for the 401(k) and the individual retirement account (IRA) markets to help workers save for retirement. And according to a recent article from InsuranceNewsNet, an uptick of interest, especially among high net worth clients, has been observed since. Robert Klein, founder and president of Retirement Income Center in Newport Beach, confirmed this trend in a recent interview. “The... Read More

New Push for Annuities in 401(k) Plans

***UPDATED: March 20, 2018*** On the heels of a report from the Treasury Department that encouraged plan sponsors to offer annuities in 401(k)s, the Senate has introduced new bipartisan legislation. The bill, the Retirement Enhancement and Savings Act of 2018, is very similar to legislation that was unanimously passed the Senate Finance Committee in 2016. According to a recent article from Investment News, the measure is being sponsored by committee chairman Orrin Hatch (R-Utah) and Ron Wyden... Read More

You Might Want An Annuity If…

It’s no secret that annuities have a bad reputation as retirement savings tools. Some annuities have high fees, many are extremely difficult (and costly) to liquidate if you need your money and the complexity of them often makes the heads spin of even the most experienced investors. Yet, given even these not-so-glorious attributes, some annuities are absolutely worth exploring. Here’s a list of a handful of scenarios where annuities would be great financial tools, according to a recent... Read More

Annuities and Roth IRAs: A Dynamic Duo

For some investors, the capital commitment, tax treatment and complexity are enough to keep them from looking into purchasing an annuity. And or some, it isn’t a wise option, especially as a standalone product. But when combined with a Roth investing strategy, an annuity investing strategy can make a lot of sense. A recent article from ThinkAdvisor detailed the dynamic relationship between a Roth IRA and an annuity. Here’s a brief summary. For the right client, adding a Roth IRA into an... Read More

Annuities and Your 401(k)

A 401(k) plan is a retirement savings plan that is sponsored by an employer.  It allows workers to save and invest a portion of their paycheck before taxes are taken out. While these plans are great for helping employees save and invest, they don’t provide lifetime income benefits, leaving most fearful of outliving their retirement savings. And there’s good reason for such concern. According to a recent Forbes article, fewer than 20% of all 401(k) plans actually help workers convert their... Read More

More Income Annuity Options Needed in DC Plans, Sponsors Request Support

There has been quite a shift in thinking by defined contribution plan sponsors in regards to what the main goal of their plans really is. Defined contribution plans were originally designed for employees to save for retirement and the goal really was who could save the most in their working years and have the highest balance upon retirement. But now, plan sponsors have shifted the goals for their retirement plan participants. The goal has shifted to creating income rather than just building... Read More

Employees Want Guaranteed Income From In-Plan Annuities

Prudential Financial recently released a report about the use of annuities in retirement plans, entitled "The Ease of Automation and Guaranteed Retirement Income." Research for the study was performed last summer on full time workers who had access to a defined contribution retirement plan of some sort. Insurance News Net's Cyril Tuohy summarized the findings in the article "Study: Annuities Sell Themselves if Promoted." It's hard to believe that only 4% of defined contribution plans offer... Read More

QLAC Rule Clarification Requested By 8 Industry Groups

Over the past couple of years, regulations have made it easier to use QLACs in qualified retirement plans. The IRS offers greater tax breaks and consumers can guarantee lifetime income from part of their retirement savings. But Qualified Longevity Annuity Contract use in retirement plans has not taken off like some experts forecasted that it would. In a recent article for Plan Sponsor, Rebecca Moore discussed how "Groups Ask for More Guidance About QLACs." A number of groups worked together to... Read More

Voya’s Lifetime Income Strategy for 401k Plans Offers A GLWB

Voya Financial is one of the newest companies to introduce a 401k annuity product.  In "Voya jumps into 401(k) annuity game," Marlene Y. Satter of Benefits Pro introduced the company's Lifetime Income Strategy.  Voya's Retirement Solutions business says that their new product is a retirement income option for workers at large companies who have money in a 401k plan.  They call it an age-based asset allocation program.  The purpose of Voya's Lifetime Income Strategy plan is for workers to... Read More

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