Retirees and their financial advisors should keep their eyes on a few issues in 2021, says Vanguard's Maria Bruno. Among them are the return of required minimum distributions, taxes and withdrawal strategies.
The surrender rate for annuity holders without guaranteed living withdrawal benefits is above 10%, according to a study by Ruark Consulting. For those with GLWBs who purchased the contract through an agent or broker, the surrender rate was less than 4%.
The Florida House Civil Justice and Property Rights Subcommittee has advanced a bill that would provide coronavirus-related liability safeguards for businesses, schools, religious institutions and nonprofits. "Florida businesses that conform with pandemic safety guidance to protect their employees and customers should be able to operate without the fear of a COVID-related lawsuit," APCIA's Logan McFaddin said.
"The alarm bells are now ringing loudly" regarding climate change, which "is leading to skyrocketing costs to insure and rebuild," APCIA's Karen Collins said. The increasing severity of wildfires in the Western US and the record-breaking 2020 Atlantic hurricane season are among the natural disaster trends leading to higher homeowners insurance premiums, as well as policy nonrenewals and cancellations in some places.
Preliminary data from the National Highway Traffic Safety Administration shows traffic fatalities increasing 13.1% year-over-year in the third quarter of 2020, representing 11,260 deaths and the highest rate since 2005. Fewer people drove on US roads in Q3, "but those who did took more risks and had more fatal crashes," NHTSA said.
Automakers need to provide guides for how first responders should extinguish fires sparked by electric vehicles' high-voltage lithium-ion batteries, the National Transportation Safety Board said. The guidance should address how to keep such fires from reigniting and how damaged EV batteries can be stored properly, NTSB said.
A report from S&P shows mergers and acquisitions involving insurance brokerages totaling 754 last year, which saw 10 more deals than 2019. Meanwhile, a MarshBerry report says brokerages' M&A transactions in the US totaled 676 in 2020, up from 648 in 2019, although almost no deals were completed in April or May.
A woman died in Spokane, Wash., after a falling tree landed on her vehicle as a storm brought powerful wind and heavy rain to the Pacific Northwest this week. Authorities in Oregon said a person is missing after a vehicle likely was swept away in a landslide that affected Interstate 84, causing part of the highway to be closed.
A measure that would legalize the sale and use of recreational marijuana in Virginia has been put forth by Gov. Ralph Northam. The proposal would impose a 21% excise tax on marijuana sales, which would start on Jan. 1, 2023.
A bill filed in the South Dakota House is intended to limit coronavirus-related liability for businesses, health care providers and school districts, among other entities. One provision of the bill would require that plaintiffs prove "intentional exposure with the intent to transmit COVID-19."