Bill seeks to clarify rules for inclusion of annuities in defined-benefit plans | Exec: Hybrid annuities help people with health problems get long-term care | Report: Women 80% more likely to be poor in later years
December 11, 2017
IRI Retirement Income SmartBrief
News for the retirement income planning industry
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Bill seeks to clarify rules for inclusion of annuities in defined-benefit plans
Legislation proposed by Rep. Tim Walberg, R-Mich., and Rep. Lisa Blunt Rochester, D-Del., provides guidelines for employers wishing to offer annuity options in their defined-benefit retirement plans and would create a safe harbor protecting them from lawsuits. "While no employer would be required to offer a lifetime income distribution option, this bill would provide a straightforward process to ensure that the plan sponsor's fiduciary obligations are satisfied," said lawyer Michael Hadley.
Pensions & Investments (free access for SmartBrief readers) (12/8) 
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Retirement Income Roundup
Exec: Hybrid annuities help people with health problems get long-term care
OneAmerica's Pat Foley expects financial professionals to increasingly turn to annuity-based hybrid contracts to get long-term care coverage for older consumers with health challenges. For younger clients who wouldn't have difficulty getting through the customary life insurance underwriting procedures, they usually offer life insurance-based hybrid contracts, he said.
ThinkAdvisor (free registration) (12/7) 
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Report: Women 80% more likely to be poor in later years
A report from the National Institute on Retirement Security found women age 65 and older are 80% more likely than men to be impoverished. The gender wage gap, the likelihood for women to be caregivers and women's longer life expectancy were cited as reasons.
Forbes (12/7) 
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Get ready for higher interest rates, economists warn
Wall Street economists are advising investors to prepare for the sharpest increase in interest rates since 2006. Next year, interest rates are set to rise to at least 1% in advanced economies, economists say.
Bloomberg (free registration) (12/11) 
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Household wealth hit record in Q3
The net worth of households and not-for-profit groups climbed to a record $96.9 trillion last quarter, according to the Federal Reserve. Gains in the stock market and increases in property values drove the increase.
MarketWatch (12/7),  Bloomberg (free registration) (12/7),  Reuters (12/7) 
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Washington Update
IRI applauds advancement of bill to protect seniors from exploitation
The Insurance Retirement Institute praised members of the Senate Committee on Banking, Housing, and Urban Affairs for supporting the Economic Growth, Regulatory Relief, & Consumer Protection Act, which contains provisions of the Senior$afe Act of 2017. "By adopting this legislation, the members of the committee have taken a positive step forward to enacting into law a measure to combat financial exploitation and abuse of older Americans," said IRI's President and CEO Cathy Weatherford.
Financial Regulation News (12/8) 
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Michael to head SEC complex-instruments unit
Daniel Michael has been selected chief of the Enforcement Division's Complex Financial Instruments Unit at the Securities and Exchange Commission. He has been an assistant director in the SEC's New York office since 2014.
ThinkAdvisor (free registration) (12/8) 
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Your Practice
How advisors can thrive in the digital world
The fact that the world is turning digital is increasing people's desire for human connection, writes Matthew Bryan of The Guardian Life Insurance Company of America. He suggests ways advisors can use digital innovations to build rapport and emotionally connect with existing and potential clients.
WealthManagement (12/6) 
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Tips for advisors in search of capital
There are multiple opportunities for registered investment advisors to raise outside capital to fund their businesses, but selecting the right partner and structure can present a challenge, said Rich Gill of Wealth Partners Capital Group. He and a panel of advisors provide several tips for accessing capital.
Financial Planning online (12/7) 
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IRI Updates
Report: Millennials and Retirement
The Insured Retirement Institute (IRI) recently published the findings from its second biennial report on millennials and their thoughts about, and preparations for, retirement. With a quarter century until the first of them turn 65, millennials very much view themselves as "on their own" with regard to retirement income, and are saving for what they see as the biggest benefit of being retired: freedom. More than half of millennials are making contributions to 401(k) accounts, and about 4 in 10 are contributing to personal savings -- saving at higher rates than baby boomers and Gen Xers. Download the full report here.
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New research from IRI and Jackson: The Language of Retirement
In this collaborative report, the Insured Retirement Institute and Jackson gauge how Americans evaluate their financial preparedness for retirement, their familiarity with and viewpoints toward financial products, and the financial strategies they're most likely to employ as they prepare for and enter retirement.
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