Executive Life – Updated Schedule Available

An updated schedule detailing the benefit cuts for Executive Life Insurance Company of New York (ELNY) annuitants is available on the new GABC website.  This updated schedule indicates that most shortfall payees will see additional cuts of approximately 3-4%.  If you are an ELNY annuitant whose benefits are being cut, we can perform an analysis […]

Where is Your Pension?

The corporate desire to shed pension obligations went into over-drive in 2012 with pension de-risking transactions by Ford, General Motors and Verizon.  The pension de-risking trend allowed these corporations to eliminate their obligations to their retirees by billions of dollars.  In his column published in the Hanford Sentinel on August 21, 2013 columnist Dennis Beaver answers his reader’s […]

De-Risking is Risky for Millions of American Retirees

Many major corporations have begun to pursue “de-risking” strategies and retirees are the victims, losing pension benfits and ERISA protections without their consent.  In this video featuring Edward Stone and Jack Cohen, a leading retiree advocate from ProtectSeniors.org, Stone and Cohen explain the dangerous impact of these “de-risking” transactions.

Misconceptions About Executive Life (ELNY) Liquidation

Unbelievable as it may be, there are still Executive Life of New York annuitants who are going to be surprised when they are hit with the cuts which are expected to take place next month.  Some annuitants believe they are going to receive a “lump sum” buyout from the newly created GABC.  That is not […]

ABC6/Philadelphia’s Nydia Han Talks About ELNY Annuities

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 […]

Annuity Industry curtails Benefits

In an excellent article in Life HealthPro on July 25, 2013 entitled “Another blight on the bruised annuity industry’s reputation – When will the industry clearly explain itself to the public?” life insurance news editor Michael Stanley analogizes the annuity industry’s recent attempts to renege on the generous income and death benefits they promised to the […]

ELNY Announces Liquidation Date

The Superintendent of Financial Services, Benjamin Lawsky has posted a liquidation notice on the Executive Life Insurance Company of New York website, www.elny.org, with a liquidation date of August 8, 2013.  For more information, please contact us at eddie@edwardstonelaw.com or (203) 504-8425.   

Life Insurers Begin to Announce ELNY Assessments

American Equity Investment Holding Company was one of the first life insurance companies to announce a charge to cover assessments  stemming from the Executive Life Insurance Company of New York (ELNY) liquidation.  The American Equity press release indicated that its second quarter financial results would include a pretax charge of up to $8.5 million.  American […]


Ultimate recovery of cut benefits for Executive Life (ELNY) annuitants may depend upon the underlying settlement documents from the initial lawsuits which resulted in the issuance of the Executive Life annuity contracts. Structured settlement annuity contracts resulting from the settlement of personal injury or wrongful death lawsuits differ from annuity contracts purchased for investment purposes. […]


As reported by LifeHealthPro in May, the 1500 Executive Life (ELNY) annuitants whose benefits are slated for reduction should expect those cuts to go into effect during the third quarter of 2013.  Of these 1500 annuitants slated for benefit reductions, some may be able to recover their lost benefits from third parties.  If you are […]