But there’s still an obstacle to annuities in 401(k)s. Many employers worry they’ll get sued if the insurer they chose to offer an annuity gets in trouble 30 years down the line. A bipartisan bill winding its way through Congress seeks to give employers some legal protection. Whatever the outcome of the regulatory battles around annuities, Price has one piece of advice for the industry. “Stop building the next whiz-bang product,” he says. Insurers should aim to “think about finding better outcomes for clients.”
This article was provided by Bloomberg News.