Edward Stone will be a guest speaker at the Society of Settlement Planners Annual Conference in Las Vegas on March 2, 2017. Edward Stone and John Darer will participate in a panel discussion on current developments in the structured settlement secondary market.
Edward Stone testified before the U.S. Department of Labor’s Advisory Council on Employee Welfare and Pension Benefit Plans (ERISA Advisory Council) on May 28, 2015. Stone testified on the need for disclosures to retirees both pre and post pension risk transfers. Recommended disclosures prior to pension risk transfer included:
- A detailed disclosure statement that contains information regarding the loss of federal ERISA protections, including Pension Benefit Guaranty Corporation (“PBGC”) protection and the applicable state laws that will govern their future annuity payments;
- The amount, scope and conditions precedent for state guaranty association coverage in the event of an insurance company insolvency;
- The extent to which annuity payments become subject to creditor claims or avoidance actions by bankruptcy trustees;
- Disclosure related to any changes that might result in the tax treatment of retiree benefits under an annuity contract;
- Lump sum options and conditions, if any;
- Detailed information on the group annuity contract structure, including a schedule of all costs and expenses paid in connection with the transaction;
- A copy of any fairness opinions or solvency analysis done in connection with the choice of annuity or other benefit provider.
Stone’s recommendation on post transfer disclosures to retirees included requiring all annuity providers, or subsequent benefit providers to provide impacted retirees with at least the following mandatory annual disclosures:
- Funding levels of all assets relative to expected liabilities under the assumed pension benefit schedules;
- Investment performance summary by asset class;
- Investment performance detail by asset class;
- Expenses associated with any group annuity contract; and
- Material changes in actuarial assumptions, if any.
Edward Stone will be a guest speaker at the Society of Settlement Planners 2015 Annual Conference in Las Vegas on March 30, 2015. Mr. Stone’s presentation will focus on the risks to settlement planners in the aftermath of the Executive Life Insurance Company of New York (ELNY) failed rehabilitation and eventual liquidation.
Edward Stone spoke at the Society of Settlement Planners, 2014 Annual Conference in New Orleans on April 28th. Mr. Stone’s presentation, “ELNY – Lessons Learned and the Impact Going Forward” was well received by those attending the conference. For those settlement planners present who were not active in the industry over 20 years ago when the ELNY debacle first began, Mr. Stone condensed those years into a few power point slides and then expanded upon the lessons settlement planners and all participants in the structured settlement industry should learn from the ELNY debacle, and most importantly, what measures can be taken to ensure that it doesn’t happen again. The presentation was followed by a lively question and answer session that spilled over into the cocktail hour that followed and beyond! Further questions regarding the presentation are welcomed – please contact us at (203) 504-8425 or via email at email@example.com.
On behalf of ProtectSeniors.org, a retiree advocacy group, Edward Stone debated the issue of pension de-risking at the Spring 2014 National Conference of Insurance Legislators (NCOIL) meeting in Savannah, Georgia on March 9th with Prudential Insurance’s pension expert, Dylan Tyson. Moderated by Rep. George Keiser (ND), former NCOIL President, the debate addressed questions such as what is pension de-risking; what affect does it have on retirees; and how do state and federal protections measure up? For details on the debate, see the April, 2014 issue of the Seniors Advocate, a newsletter published by ProtectSeniors.org.
Edward Stone will participate in a point-counterpoint debate on pension de-risking at the NCOIL (National Conference of Insurance Legislators) spring meeting held in Savannah, Georgia March 7-9, 2014. The proposed Pension De-Risking Model Act, sponsored by Rep. George Keiser (ND) would establish protections at the state level for retirees whose pension benefits were transferred from an ERISA protected plan to a substitute pension plan, such as a group annuity contract, provided by an insurance company licensed and regulated under state law. The proposed Pension De-Risking Model Act requires mandatory disclosures, equal protection from creditors, an opt-out provision, a supplemental guaranty or reinsurance and approval for subsequent transfers.
Edward Stone was a guest speaker at the National Association of Settlement Purchasers 2013 Annual Conference in Las Vegas in November 2013. Instead of sweeping the ELNY debacle under the rug, NASP and the conference participants embraced the opportunity to hear about the history of ELNY’s failed rehabilitation and its impact on both the primary and secondary structured settlement markets.
2013 Annual NASP Conference
Eddie Stone will be speaking at the 2013 Annual NASP Conference being held in Las Vegas from November 5-8, 2013. Conference registration began on April 15, 2013. More information on the conference is available here.
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