a contract in which a person pays a lump-sum premium to an insurance company and in return receives periodic payments, usually yearly, often beginning on...
Using a range of data consistent with the German experience, the paper evaluates several alternative designs for phased withdrawal strategies, allowing for endogenous asset allocation patterns, and also allowing the worker to make decisions both about when to retire and when to switch to an annuity. The paper shows that...
This paper revisits the importance of longevity insurance—while discussing the concerns with a strategy consisting purely of fixed payout annuities—and then addresses the proper asset allocation between conventional financial assets and payout annuity products. Its focus is on maximizing a suitably defined objective function in an intuitive, comprehensible and practical...
A Grantor Retained Annuity Trust ("GRAT") is one of the estate planning techniques based primarily on interest rate assumptions. Clients create GRATs using assets that are likely to earn more than the Internal Revenue Service's measuring standard during the GRAT term in an effort to pass the appreciation in the...
Kansas Public Employees Retirement System, Topeka, issued an RFP for executive search firms to help the $12.3 billion plan find two investment officers, one for real estate and one for alternatives, confirmed Glenn Deck, executive director. Proposals Kansas Public Employees Retirement System, Topeka, issued an RFP...
SACRAMENTO, Calif. - The $210 billion California Public Employees' Retirement System committed $45 million to Lombard Asia III, a $153.5 million private equity fund focusing on non-controlling stakes in the Asia Pacific region (ex-Japan). CalPERS als SACRAMENTO, Calif. - The $210 billion California Public Employees'...
Create Your Own Variable Annuity Investment Allocation Models NEWPORT BEACH, Calif. -- Pacific Life introduces Custom Models beginning October 1, 2008. Custom Models give investors and their financial professionals the opportunity to tailor variable annuity portfolios and receive access to optional benefits that provide a lifetime income guarantee....
New sales of variable annuities totaled $40.9 billion in the first quarter of 2008, a 12.4% decrease from fourth-quarter 2007 new sales of $46.7 billion, and a 1.2% increase over first-quarter 2007 new sales of $40.4 billion. Assets under management AUM as of December 31, 2008 dropped 5.9% to $1,396.5...
Net income of $6.2 million Life and Annuity earnings remain comparable to a year ago despite market deterioration HARTFORD, Conn. -- The Phoenix Companies, Inc. (NYSE: PNX) today reported net income of $6.2 million, or $0.05 per diluted share, and operating income of $14.8 million, or...
Fund's Name to Change to AIM Global Core Equity Fund on July 24 HOUSTON -- Invesco Aim announced today a team of 13 investment professionals from Invesco Global Asset Management (N.A.), Inc., will provide new management leadership for AIM Global Value Fund. The...
Customized enrollment guide outlines individual retirement realities NEWARK, N.J. -- Prudential Financial, Inc. (NYSE: PRU) has debuted its Retirement Workbook, a newly designed personalized enrollment guide that delivers simplified, reader-friendly content for participants in defined contribution plans who are transitioning to Prudential Retirement or for...
BOSTON -- FundQuest has added five new products to their advanced Wealth Architect[TM] platform, including their newest investment product, ActivePassive Portfolios[TM]. Forty-eight advisory firms currently use Wealth Architect to provide fee-based open architecture investment services. These clients will also gain access to Russell Managed Model Strategies and...
Retirement Readiness Reviews from The Principal builds book of business DES MOINES, Iowa -- The competition is intense to help some 78 million baby boomers get ready to retire over the next decade. Financial professionals can differentiate themselves and tap into an estimated $8.4 trillion...
NEW YORK -- TIAA-CREF, the leading provider of retirement services in the academic, medical and cultural fields, today announced the appointment of Bertram L. Scott to the newly created role of Executive Vice President and Chief Institutional Development and Sales Officer. In his new role,...
Prudential Retirement Presents "Better Outcome" Awards NEWARK, N.J. -- Prudential Financial, Inc. (NYSE: PRU) honored five plan sponsors for redesigning their defined contribution DC retirement programs to help plan participants achieve retirement goals. Faith Technologies Inc., VSP[R] Vision Care, Knauf Insulation, Rogers Corporation and the...
Seligman to Complement Asset Management Strengths, Bolster Hedge Fund Business and Expand Distribution Reach MINNEAPOLIS -- Ameriprise Financial, Inc. (NYSE: AMP) today announced a definitive agreement to acquire the venerable asset management firm J. & W. Seligman & Co. Incorporated for a total consideration of...
NEW YORK -- The S-Network Global Gaming IndexSM (Bloomberg ticker: WAGR) returned -16.07 percent in June and returned -30.64 percent in the six months ending June 30, 2008.*(+) The Index is comprised of a basket of the securities of 59 companies from around the world...
NEW YORK -- The Ardour Solar Energy IndexSM (Bloomberg ticker: SOLRX), the pure-play leader in tracking the solar energy industry, returned -10.8% in June 2008 and -27.17% year-to-date through end-June 2008.(*) The SOLRX index is comprised of a basket of securities of companies from around...
NEW YORK -- The Stowe Coal IndexSM (Bloomberg ticker: COAL) gained 7.72 percent in June and gained 40.12 percent in the six months ending June 30, 2008.* (+) The Index is comprised of a basket of the securities of 41 companies from around the world...
There's no magic in retirement: It's mainly a reflection of your saving habits. The idea is to save habitually and enough -- some say, 12 percent to 17 percent of your paycheck -- beginning early in the working years, in order to maintain...
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