Prudential Retirement today announced its first longevity reinsurance transaction of 2012. Under the terms of the deal, Prudential Retirement will provide reinsurance of longevity risk to the U.K.'s Rothesay Life, a wholly-owned subsidiary of The Goldman Sachs Group, Inc.
Several hundred firefighters have broken through police lines and hosed down the prime minister's office to protest the government's tougher retirement plans.
Workers under the age of 35, the generation most likely to depend almost solely on defined-contribution plans rather than the typical Social Security-savings-pension three-legged model, need to be diligent if they expect to save enough for retirement, a report by Northern Trust found.
Principal Financial Group Inc. said its fourth-quarter net income dipped 18 percent as its retirement business continued to face challenges amid the slow economic recovery.
Company executives will meet Wednesday with employees to detail concessions, which unions expect to include either a freeze or an end to American's pension plans.
Cerulli Associates announced that total assets in the U.S. retirement market, including public and private defined-contribution, defined-benefit and individual retirement account markets, increased 9.6% in 2010 to $15.8 trillion.