The Lifetime Income Disclosure Act would require employer-sponsored plans to provide participants with statements detailing potential lifetime income from annuities.
Lawmakers on Capitol Hill are looking at the Lifetime Income Disclosure Act. This bi-partisan legislation would require employer-sponsored retirement plans to provide participants with an estimate of how much monthly income they could generate if they were to take all their retirement savings and purchase an annuity.
Under this law, employees would receive an annual statement of how their savings would reflect monthly income payments through an annuity.
For participants, this bill seems long overdue. According to a recent study by the Insured Retirement Institute, nine in 10 workers want these estimates on their benefit statements and find the information helpful in planning for their future. In addition, more than 75% of plan participants in the study said they would increase their plan contributions by four percentage points or more after seeing lifetime income estimates.
“At a time when American savers are shouldering more of the burden of planning for their retirement themselves, legislation which increases consumer education is vital to ensuring financially secure retirements,” says IRI President and CEO Catherine Weatherford. “The legislation introduced today by Representatives Luke Messer (R-IN) and Mark Pocan (D-WI) and Senators Johnny Isakson (R-GA) and Chris Murphy (D-CT) would provide Americans with a visualization of how much their current savings will provide in their retirement years, as well as a better understanding of their savings options.”
She adds, “IRI strongly supports initiatives, such as the Lifetime Income Disclosure Act, which provide retirement savers with the tools necessary to make informed financial decisions — as outlined in our 2017 Retirement Security Blueprint.”
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Marsh & McLennan
Agency (MMA) has acquired RJF Financial Services, a retirement advisory firm based in
Brooklyn Park, Minnesota.
All RJF Financial employees, including its president and founderJim McQuillan, will join MMA and continue to work out of the firm’s
existing office in suburban Minneapolis.
“I have known and worked with Jim McQuillan and his firm for
more than two decades and couldn’t be happier to formalize our business
relationship,” says Bill Jeatran, CEO of MMA’s upper Midwest region. “RJF Financial’s experienced and
principled people are the right team to expand MMA’s retirement services
capabilities into the upper Midwest.”
McQuillan added, “Our team is excited about the additional
resources we can now bring to our clients, and eager to help build and grow the
MMA retirement services practice in the Minneapolis area and throughout the
upper Midwest.”
NEXT:Segal Names Public Sector Market Director
Segal Names Public Sector Market Director
The Segal Group has named Andrew D. Sherman its new national public sector market director, effective May 1, 2017. Sherman will succeed Cathie G. Eitelberg, who is retiring after more than two decades with Segal.
Sherman
has decades of industry experience behind him including 30 years spent
at Segal. He currently manages the firm’s public sector consulting for
its Boston and Hartford offices. He has also been the firm’s
multiemployer health practice leader and he has served on the Board of
Directors for the past 10 years. He is the lead consultant to a number
of large public sector employee benefit plans including city and state
health plans. He earned his bachelor’s degree from Brandeis University
in Waltham, Massachusetts and a master’s degree in public policy with a
concentration in health care policy from Harvard University.
“Andrew has a deep understanding of public sector issues,” said CEO David Blumenstein.
“He is dedicated to our clients and assuring benefit security for their
plan participants. I am confident that Segal Consulting’s public sector
practice will continue to thrive under his leadership.”
He would
assume the position from Eitelberg who has been with the firm for 40
years. She joined Segal from the Government Finance Officers Association
(GFOA), where she was the chief tax lobbyist and the founder and
director of the GFOA’s Pension and Benefits Center.
NEXT: CAPTRUST Financial Advisors Grows Business
CAPTRUST Financial
Advisors Grows Business
CAPTRUST Financial
Advisors, an independent wealth management and retirement plan advisory
firm, announced Windsor Financial Group
has joined the CAPTRUST family. Based in Minneapolis, Minnessota, this firm
provides investment and wealth planning for individuals and institutional
clients.
"In CAPTRUST we have found a long-term partner that
cares about our clients, and about looking after their interests in a fiduciary
capacity, as much as we do," says Windsor Financial Group Founder, Tyron K. Estlick.
Windsor President David O. Koch adds, "A firm with our
thirty-year history of doing right by clients owes it to them to find an
excellent fit for them above all—not just a good fit for us. We know
that CAPTRUST shares our values and passion for our profession, and we look
forward to what the future holds," he said.
NEXT:Securian Expands Retirement Business
Securian Expands Retirement Business
Brody Geist has joined Securian
Financial Group as a regional sales vice president with the company’s
Retirement Plans division. He will focus on providing retirement plan solutions
to small and mid-size employers throughout Utah, Colorado and Wyoming.
Prior to joining
Securian, Geist served as a retirement services district sales manager with the
Major Accounts division of ADP. He holds Series 6 and 63 registrations and
earned a bachelor’s degree from St. Cloud State University in Minnesota.
“Brody is an
outstanding addition to our sales team, which we are continuing to expand due
in part to the enthusiasm for our open architecture platform as well as the
recent addition of an optional platform level ERISA 3(38) fiduciary service on
our Signature Series investments,” said Vince
Giordano, Securian’snational vice
president of retirement plan sales.
NEXT:Lockton Expands Business
Lockton Expands
Business
Lockton is
planning to open a new office in Greenville, South Carolina, with a focus on
consulting clients on employee benefit programs. Marti Smith and Erin
Sottile are set to join the firm on April 15 to lead the newly-formed South Carolina
Employee Benefits Practice.
Smith comes onboard as producer tasked with expanding the
business and advising clients on employee benefits strategies. Sottile comes in
as account executive of employee benefits with the responsibility to advise
clients on program implementation techniques, as well as consulting them on
their health and welfare programs.
"Marti and Erin are both respected employee benefits
professionals with diverse skills who help clients solve business
challenges," says Doug
Hutcherson, president
of Lockton's Southeast operation.
"They will be a great addition to our new office starting April 15 as we expand our operations into the Greenville region."
Smith has more than 20 years of experience in employee
benefits, human resources and the financial services industry. She recently
worked at Willis Towers Watson. Sottile is an experienced employee benefits
account executive, working with an array of clients on long-term benefits
planning as well as day-to-day operational issues for human resources clients.