The FIDx Five: 401(k) Fiduciary Fears?
Retirement, Annuity, & Fintech Insights
We all thought there'd be more annuities in retirement plans after the SECURE Act passed in 2019. But it hasn't quite happened. We're kicking off 2023 digging into a story that shines a light on why--and hitting on the other top stories that jumped out to us this week.
Where’s All the In-Plan Annuities?
The SECURE Act set up employers to add in-plan annuities. Yet 47% say fiduciary concerns are a major reason not to include them.
Source: PlanSponsor, “Employers Have Enhanced Wellbeing Programs, Not Added Annuities,” 01/04/23
Pensions: Not Quite Run by the A-Squad
Public pension plans in the US make up a $4 trillion of the economy. The question is, “Are they in the right hands?”
Source: The New York Times, “Retirees Are One Reason the Fed Has Given Up on a Big Worker Rebound,” 12/27/22
Expectations High for 2023 Sales
2022 was a big year for annuity sales. Here’s how they may exceed $300 billion this year.
Source: Life Annuity Specialist, “As 2023 Begins, These Are the Hot Annuities, Distributors Say,” 01/04/23
Neither Fin Nor Tech
Fintech stocks underperformed financial stocks and tech ones broadly last year. Higher interest rates may continue to impact startups.
Source: The Wall Street Journal, “Fintech Stocks Did Worse Than Fin or Tech in 2022,” 01/03/23
3 Key Withdrawal Change in SECURE 2.0
A new law changed the rules of how and when retirees can withdraw. Here are the three key changes.
Source: CNBC, “Secure 2.0 changes 3 key rules around required withdrawals from retirement accounts,” 01/03/23
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