A plan of liquidation for Executive Life Insurance Company of New York (ELNY) was approved in April, 2012 cutting formerly “guaranteed” annuity benefits to over fifteen hundred people.
Pension de-risking transactions recently appeared in the marketplace as a way for corporations to eliminate their future pension obligations, causing a loss of benefits and protections to retirees.
Know before you go – all life insurance and annuity products are not the same. Complex product designs and a piecemeal network of state laws make it difficult to understand your options.