Sponsors of defined benefit plans in the private sector shifted $99 billion of pension assets to insurance companies in the second quarter of 2017, according to LIMRA Secure Retirement Institute's quarterly group annuity risk transfer survey.
Total sales of the annuity transfer products were $4.1 billion, three times the recorded sales in the second quarter of 2016, and the highest second quarter tally since 2002.
"Throughout the past decade, it has become increasingly difficult for employers to offer a defined benefit pension plan," said Eugene Noble, a research analyst at LIMRA, in a press release.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
