ABC6/Philadelphia’s Nydia Han’s piece entitled “Cautionary Tale About Annuities” aired in the Philadelphia area last night. Han’s piece emphasized the risks associated with annuities and cautioned consumers about “putting all their eggs in one basket”. One Executive Life (ELNY) annuitant was featured in this segment, whose benefits will be cut by 54% sometime in the next month under the liquidation plan approved by New York last year. The Executive Life (ELNY) failure is particularly disturbing because the company’s assets had been managed by the State of New York for more than 21 years.
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