Selection process will be like a suitability standard on steroids, requiring an analysis like those done by a financial planner.
Legislation also would require defined-contribution plans to make lifetime income disclosures, and allow small employers to combine plans.
The funds are more flexible than annuities , but can't guarantee a set payment for life.
Low interest rates and demographic trends continue to bolster indexed annuity sales. These dynamics also pushed deferred income annuities to their best all-time sales quarter.
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The firm is developing its first fee-based variable annuity , which many experts say is the future of the product line in the qualified market.
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The Labor Department, however, offered a rebuke to the recommendations, saying they would erode consumer protections.