We would love to hear from you. Click on the ‘Contact Us’ link to the right and choose your favorite way to reach-out!

wscdsdc

media/speaking contact

Jamie Johnson

business contact

Victoria Peterson

Contact Us

855.ask.wink

Close [x]
pattern

Industry News

Categories

  • Industry Articles (21,131)
  • Industry Conferences (2)
  • Industry Job Openings (35)
  • Moore on the Market (413)
  • Negative Media (144)
  • Positive Media (73)
  • Sheryl's Articles (799)
  • Wink's Articles (352)
  • Wink's Inside Story (273)
  • Wink's Press Releases (123)
  • Blog Archives

  • March 2024
  • February 2024
  • January 2024
  • December 2023
  • November 2023
  • October 2023
  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • November 2010
  • October 2010
  • September 2010
  • August 2010
  • July 2010
  • June 2010
  • May 2010
  • April 2010
  • March 2010
  • February 2010
  • January 2010
  • December 2009
  • November 2009
  • October 2009
  • August 2009
  • June 2009
  • May 2009
  • April 2009
  • March 2009
  • November 2008
  • September 2008
  • May 2008
  • February 2008
  • August 2006
  • GAO Highlights Annuity Benefits, Policy Recommendations

    July 6, 2011 by Sean P. Carr

    WASHINGTON July 05 (BestWire) — A U.S. Government Accountability Office
    report highlighted the merits of investing in annuity products to protect
    retirees from outliving their savings in a time of fewer guarantees. The report
    also encouraged the adoption of policies to promote the growth of
    annuities.

    The GAO identified recommendations from industry and consumer
    sources, as well as others, including mandating that sponsors of defined
    contribution plans to offer a default annuity and modifying tax law on minimum
    distributions for deeply deferred annuities. Another policy proposal would be
    for the Labor Department to revise a 2008 regulation that establishes a safe
    harbor for the selection of an annuity provider; industry representatives told
    the GAO that the current regulation on requiring sponsors to assess the ability
    of an insurance provider to make future payments lacks detail.

    As more
    employers leave defined benefit plans for defined contribution plans, workers
    must assume greater responsibility for their retirement security, according to
    the GAO report. “Regarding the choices retirees have made, GAO found that most
    retirees rely primarily on Social Security and pass up opportunities for
    additional lifetime retirement income. Taking Social Security benefits when they
    turned 62, many retirees born in 1943, for example, passed up increases of at
    least 33% in their monthly inflation-adjusted Social Security benefit levels
    available at full retirement age of 66. Most retirees who left jobs with a
    [defined benefit] pension received or deferred lifetime benefits, but only 6% of
    those with a DC plan chose or purchased an annuity at retirement,” the report
    stated.

    “The report describes proposals to encourage the availability of
    annuities in defined contribution plans, which ACLI supports. GAO’s report
    should be read by workers and retirees, as well as financial planners and
    policymakers. It makes clear that annuities represent an opportunity for
    lifetime retirement income to supplement Social Security,” American Council of
    Life Insurers President and Chief Executive Officer Dirk Kempthorne said in a
    statement.

    The report stopped short of outright recommendations for
    investing in annuities. The GAO also determined that delaying Social Security
    benefits is more cost-effective for many workers than purchasing an annuity to
    enhance retirement income.

    Kempthorne reiterated ACLI’s support for the
    Lifetime Income Disclosure Act, now before the U.S. Senate Committee on Health,
    Education, Labor, and Pensions. Under S 267, 401(k) plans and other products
    would have to provide information about both the lump-sum value of retirement
    accounts and what that sum means in terms of guaranteed monthly payments, based
    on retirement age and other factors. It is sponsored by Sens. Jeff Bingaman,
    D-N.M.; Johnny Isakson, R-Ga.; and Herb Kohl, D-Wis. (BestWire, Feb. 10, 2011).

    Life insurers testified in favor of policies to promote greater annuity
    use, including similar disclosures, at a U.S. Department of Labor hearing last
    September. Tom Roberts, chief counsel at ING Insurance U.S., focused on how to
    inform employees that their retirement savings could be channeled into annuities
    that would provide lifetime income guarantees, and “rules and regulations to
    make it easier for employers to select and administer guaranteed lifetime income
    products” (BestWire, Sept. 15, 2010).

    This topic had also been the focus
    of a congressional hearing earlier this year analyzing annuities’ place in the
    employer-based retirement system. At that hearing of the Senate’s Special
    Committee on Aging, the federal agencies that had been seeking input on
    guaranteed income said the response had been vigorous (BestWire, June 17,
    2010).
    (By Sean P. Carr, Washington Bureau Manager:
    sean.carr@ambest.com)BN-NJ-07-05-2011 1639 ET #

    Originally Posted at BestWire on July 5, 2011 by Sean P. Carr.

    Categories: Positive Media
    currency