Retirement Income Journal

Retirement Income Journal is a weekly online publication designed for businesses, focusing on news relevant to life insurers, asset managers, financial advisors, academics, lawyers, regulators, and tech companies around the globe. This digital platform provides valuable insights and information to assist Baby Boomers in transforming their savings into a steady stream of income for life.

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The NAIC, the FIO and the ‘Bermuda Triangle’

1 month ago | retirementincomejournal.com | Kerry Pechter

The Federal Insurance Office has issued warnings about the ties of private equity-led life insurers to 'shadow banking' and 'shadow insurance.' Why do state insurance commissioners want to shoot the messenger? If the NAIC succeeds in eradicating the FIO, there will be less oversight of Bermuda Triangle, as RIJ calls it.
CLOs: The 4th Leg of the 'Bermuda Triangle'

1 month ago | retirementincomejournal.com | Kerry Pechter

Ownership of life/annuity companies has given PE companies a tool for tapping the virtually bottomless pool of tax-deferred U.S. retirement savings for their high-profit, lightly-regulated private credit businesses. “Shadow banking” is a phenomenon I’d heard of but never fully understood.
Warring Watchdogs: NAIC and FIO

1 month ago | retirementincomejournal.com | Kerry Pechter

In a letter dated March 21, the National Association of Insurance Commissioners (NAIC) asked Congressional leaders to eliminate the Federal Insurance Office (FIO), a small agency that reports annually to the Treasury Secretary on the state of the U.S. insurance industry.
Open Letters Call Out Tepid Insurance Regulation

Mar 1, 2025 | retirementincomejournal.com | Kerry Pechter

Two RIJ subscribers have written separate, open letters to the National Association of Insurance Commissioners (NAIC), calling for a faster, more energetic regulatory response to ongoing life/annuity industry practices—especially the use of offshore reinsurance for capital-reduction reasons—that they believe will harm the interests of insurance policyholders and annuity contract owners.
The Dimming of Brighthouse-Or a New Dawn?

Feb 2, 2025 | retirementincomejournal.com | Kerry Pechter

Last week the Financial Times reported: “Brighthouse Financial is seeking to sell itself, with some of the most prominent private capital managers expected to make bids for the US provider of life insurance and annuities.”Though the report was not confirmed by Brighthouse management, the FT story moved the market. Stock investors seized on the rumor of an acquisition, driving up the price of Brighthouse shares by 20% to $62, its highest level since 2018.
Cannex puts 401(k) annuities to the test

Feb 2, 2025 | retirementincomejournal.com | Kerry Pechter

Lots of new 401(k) annuity products are being pitched to plan sponsors and their advisors these days. There are in-plan and out-of-plan annuities, deferred and immediate annuities, as well as variable, fixed, and fixed indexed annuities. It’s hard to make sense of their differences. Cannex, the annuity data and analysis firm, recently made the selection process a bit more rational.
Where PRT Meets DC: The Agilis/Alight Plan

Feb 1, 2025 | retirementincomejournal.com | Kerry Pechter

Taking a page from the pension risk transfer (PRT) business, Agilis, an actuarial/risk management firm, and Alight, the jumbo-plan 401(k) recordkeeper, have rolled out what appears to be a new way to market annuities to participants in defined contribution plans. Their product is called PensionBuilder (not to be confused with Principal Financial’s Pension Builder 401(k) annuity).
A Flood of 'Flow Reinsurance'

Feb 1, 2025 | retirementincomejournal.com | Kerry Pechter

“Flow reinsurance,” a type of reinsurance that’s increasingly used by U.S. annuity issuers to manage their capital requirements, reminds me of mortgage lenders’ “originate-to-distribute” model that helped lead to the Great Recession of 2008. That may sound like a rash assertion, but those who take an interest in the Bermuda Triangle strategy might want to consider it.
Post-Election Overhang

Dec 2, 2024 | retirementincomejournal.com | Kerry Pechter

How will Donald Trump’s defeat of Kamala Harris last month affect the retirement security of Americans? We may not know the answer until we hear about it on Truth Social or X, neither of which I follow. Prior to his victory, the president-elect promised to make Social Security benefits exempt from federal income tax, as they were before the 1983 tax reform, when the genial old Gipper was in the White House.
'Reinsurance Sidecars': A Capital Idea

Dec 1, 2024 | retirementincomejournal.com | Kerry Pechter

Athene Annuity & Life sold the most fixed deferred annuities in the first three-quarters of 2024. Its parent, Athene Holdings, has attracted billions in just-in-time third-party capital through Bermuda 'reinsurance sidecars.' Coincidence? Not likely.