Sponsors of defined benefit plans in the private sector shifted $99 billion of pension assets to insurance companies in the second quarter of 2017, according to LIMRA Secure Retirement Institute's quarterly group annuity risk transfer survey.
Total sales of the annuity transfer products were $4.1 billion, three times the recorded sales in the second quarter of 2016, and the highest second quarter tally since 2002.
"Throughout the past decade, it has become increasingly difficult for employers to offer a defined benefit pension plan," Eugene Noble, a research analyst at LIMRA, said in a press release.
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