In a piece for Life Annuity Specialist, Cyril Tuohy has highlighted some concerning New Jersey legislation that has, until now, gone unused and seemingly unenforced. However, some insurers have recently begun relying on it to avoid publishing their quarterly statements. The law in question is N.J. Stat. § 17:23-1, and it provides that “Quarterly statements […]
On December 29, 2022, President Biden signed an omnibus spending act known as the “Consolidated Appropriations Act, 2023” which included the Secure Act 2.0, and which contains two provisions which assist retirees impacted by pension risk transfer (PRT) deals. The first provision relates to improved transparency of information for retirees. Section 319 directs the Treasury […]
You may be wondering how the market for Pension Risk Transfers fared in 2022. As a final wrap up post for 2022, here are some stats to help you answer that question. A pension “buy-out” transaction transfers all liability to retirees and beneficiaries from the plan sponsor to the insurance company through the purchase of […]
On Thursday, Dec 1, 2022, Rolls-Royce North America announced that in July this year, it closed on a PRT deal to transfer $145 million in pensions to Legal & General Retirement America. Rolls-Royce described the transaction as beneficial to pension holders because it provided further security to them. The deal affected 1200 retirees. Read more […]
There is no doubt that the PRT market is growing fast. LIMRA’s U.S. Group Annuity Risk Transfer Sales Survey shows it. Total buy-out sales – that is, PRT deals in which pension liabilities are fully transferred to an insurer – reached $41 billion by November 30, 2022. This is 89% higher than the same time […]
An analysis for Chief Investment Officer by Andrea Riquier suggests that investment strategies in 2023 will include a greater number of PRT deals. This is because of the complex interaction of factors including the recent increase in interest rates. In March 2021 when the American Rescue Plan Act provided relief to corporate employers struggling with […]
After Senators Sherrod Brown and Elizabeth Warren showed clear concern for the interests of retirees in their comments in the Senate Committee on Banking, Housing, and Urban Affairs on September 8, 2022, we decided to write to both senators expressing our support for their comments. We also offered to meet with them so we could […]
Slowly, we are beginning to see increased attention questioning whether pension risk transfer (“PRT”) deals are in the best interests of retirees. On October 7, 2022, Life Annuity Specialist published an article asking this very question: “Why the Boom in Pension Transfers to Insurers Has Some Worried”. There are several different issues which should raise […]
Our Executive Director, Edward Stone has written and published an OpEd with Thomas Steed, the Chairman of the Association of BellTel Retirees: 220 billion Reasons for retirees to worry. This is their call to action: “Tens of millions of …retirees already provided time and labor to former employers, over decades-long careers, that we can’t take […]
International Business Machines Corporation, more commonly known as IBM, has transferred $16 billion worth of its defined benefit pension plans obligations to insurers Prudential and Metlife. The transaction impacts approximately 100,000 retirees and is one of the largest pension risk transfer deals done in the United States in the past decade. Read more about it […]
Retirees for Justice Inc. | 175 West Putnam Avenue, 2nd Floor | Greenwich, CT 06830 | (203) 993-6011 | info@retireesforjustice.org
Mailing Address: | P.O. Box 384 | Maineville, OH 45039 |
This site uses cookies. By continuing to browse the site, you are agreeing to our use of cookies.
Accept settingsHide notification onlySettingsWe may request cookies to be set on your device. We use cookies to let us know when you visit our websites, how you interact with us, to enrich your user experience, and to customize your relationship with our website.
Click on the different category headings to find out more. You can also change some of your preferences. Note that blocking some types of cookies may impact your experience on our websites and the services we are able to offer.
These cookies are strictly necessary to provide you with services available through our website and to use some of its features.
Because these cookies are strictly necessary to deliver the website, refusing them will have impact how our site functions. You always can block or delete cookies by changing your browser settings and force blocking all cookies on this website. But this will always prompt you to accept/refuse cookies when revisiting our site.
We fully respect if you want to refuse cookies but to avoid asking you again and again kindly allow us to store a cookie for that. You are free to opt out any time or opt in for other cookies to get a better experience. If you refuse cookies we will remove all set cookies in our domain.
We provide you with a list of stored cookies on your computer in our domain so you can check what we stored. Due to security reasons we are not able to show or modify cookies from other domains. You can check these in your browser security settings.
We also use different external services like Google Webfonts, Google Maps, and external Video providers. Since these providers may collect personal data like your IP address we allow you to block them here. Please be aware that this might heavily reduce the functionality and appearance of our site. Changes will take effect once you reload the page.
Google Webfont Settings:
Google Map Settings:
Google reCaptcha Settings:
Vimeo and Youtube video embeds:
You can read about our cookies and privacy settings in detail on our Privacy Policy Page.