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No takers yet in 401(k) annuity business

No insurer has yet to offer longevity annuities to the group retirement plan market.

By Nick Thornton | Updated on March 10, 2015
Treasury's Mark Iwry helped push along efforts to make QLACs part of 401(k)s. Photo: AP file.

New York Life is staying out. Prudential isn’t ready to jump in, and may never be. MetLife’s interested but is still working things out.

The business of offering qualified longevity annuity contracts, or QLACs, in group retirement plans just isn’t gaining much traction this year, roughly a year since the Department of Treasury gave insurers the green-light to market them.

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Nick Thornton

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.

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