Saturday, September 13, 2014
Can insurance companies rescue public employees's pensions with "private" annuities?
As someone who worked in the life and annuity industry for twelve years, for USLICO-ReliaStar-ING, the story by Michael A. Fletcher in the Washington Post on Friday, Sept. 12, Economy and Business, p. A16, about whether private insurance companies should take over public employee pensions, intrigued me. The title is “Can insurance companies save public pensions? Hatch’s bill would turn over assets; Retirement groups endorse proposal”, link here.
That would indeed mean whole new lines of businesses to code in existing annuity systems (probably Vantage).
Workers might wind up with smaller payments, the article says.
The bill seems to be S1270, the SAFE Retirement Act of 2013, or “Secure Annuities for Employment Retirement Act of 2013”, govtrack link here.
So, MetLife and ING, have at it.