In total, $48.3 billion in pension liabilities were moved to insurance companies in 2022. This is a 40% increase from 2021. According to S&P Global Market Intelligence, $2.5 billion of this risk was transferred to unnamed insurance companies during 2022. The largest of the pension risk transfers to unnamed insurance companies was Newmont Corp, who […]
When a pension risk transfer deal (PRT) takes place, liabilities for retirees’ pensions are transferred to an insurance company. It follows, then, that an insurer’s investment decisions stand to impact retirees directly. Insurers are increasingly transferring payment liabilities to offshore reinsurance companies in jurisdictions like Bermuda and the Cayman Islands. This is very troubling for […]
The Association of BellTel Retirees has published its Spring 2023 newsletter, and Retirees for Justice has been prominently featured. The newsletter includes discussion of our policy priorities for 2023, instructions on how to easily write to your representatives using a feature on our website, and profiles of some of our staff. Huge thanks must go […]
During the Covid-19 pandemic, a measure known as “excess mortality” has been used to predict how many deaths were caused by the disease. The value of the measure is that, at least ostensibly, it factors out deaths from non-Covid causes, showing only those deaths caused by Covid-19. Historical demographic data is used to calculate expected […]
The year ending September 30, 2022 was not a good one for the US’s largest retirement funds. According to Pensions & Investments, the assets of the 1000 largest funds devalued by 13.9% compared to the same time last year. That is a total value of $12.16 trillion. Last year, their total assets were valued at […]
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 […]
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