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Annuities, Plan Sponsors, and Fiduciary Law
The Prudent Investment Adviser Rules Link to more items from this source
[Opinion]
May 16, 2023

"[A plan sponsor's] reluctance to offer annuities is generally some variation of the following: [1] Distrust of the annuity industry ... [2] The impact of the costs and fees typically associated with annuities, resulting in a potential breach of a plan sponsor's duty of prudence.... [3] The difficulty and/or inability of plan sponsors to perform the legally independent investigation and evaluation of a product required by ERISA.... [4] The frequent inclusion of certain complicated and confusing provisions within annuity contracts that protect the annuity issuer's interests at ... an annuity owner's expense, resulting in a breach of a plan sponsor's duties of loyalty and prudence."

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