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The FIDx Five: 401(k) Fiduciary Fears?

Written by FIDx | Jan 6, 2023 7:00:00 PM

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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