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House Panel to Vote on Resolution to Kill DOL Fiduciary Rule

The House Education and Workforce Committee has scheduled for Wednesday a vote on a Congressional Review Act resolution to disapprove the Labor Department’s new fiduciary rule, according to a notice on the committee’s website. The Insured Retirement Institute, which calls the rule an “attempt to impose a one-size-fits-all fiduciary standard on virtually all financial professionals who sell retirement products,” said that it was urging committee members to approve it. The Congressional Review Act allows Congress to overturn rules issued by a presidential administration through a joint resolution of disapproval. The resolution must pass the House and Senate and be signed by the president, or Congress must override the president’s veto. More Congressional Moves On June 26, the House Appropriations subcommittee on Labor, Health and Human Services, Education and related agencies passed by voice vote funding legislation for fiscal year 2025 that would prevent Labor from using any funds to administer, implement or enforce its new fiduciary rule and related prohibited transaction exemptions. The House Subcommittee on Health, Employment, Labor and Pensions, chaired by Rep. Bob Good, R-Va., held a hearing June 27 to examine the policies and priorities of Labor’s Employee Benefits Security Administration. Lisa Gomez, head of EBSA, testified.

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Putting Retirement Portfolios to Work to Produce Income

What You Need to Know The current level of interest rate yields is a leading indicator of retirees’ spending equation. Proper diversification is a key tool to counteract the impact of inflation. Annuities’ guaranteed payment can help negate the longevity risk that retirees face. With over 10,000 people turning 65 each day in the United States, generating a dependable retirement income stream is a top priority for financial advisors and their clients. At the recent Morningstar Investment Conference, held for the first time at Chicago’s Navy Pier, one of the sessions was a panel discussion on retirement savings needs and income strategies. The conversation was moderated by Jason Kephart, director of multi-asset ratings for Morningstar Research Services. Panelists included Christine Benz, director of personal finance and retirement planning for Morningstar; Erin Browne, managing director and portfolio manager for PIMCO; and Andrew Jacobs van Merlen, portfolio manager for T. Rowe Price. The panelists discussed a number of things that retirees and their financial advisors need to consider in building a portfolio that has a chance to last for the length of their retirement. Here are some highlights and key points from the session.  Magic Number for Retirement Kephart’s first topic centered on...

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Why Pru, TIAA and State Street Put $5M Into Micruity’s Annuity Platform

What You Need to Know Financial services firms’ tendency to protect proprietary data has held back retirement income innovation. Perspectives are changing fast, and that figures to benefit consumers. The tech firm is putting the capital infusion to work by creating new provider connections. Building scalable retirement income solutions requires the development of flexible technologies that create a seamless way for data and information to flow across the full defined contribution plan ecosystem. In the past, such interconnectivity was an illusive goal, according to Micruity founder and CEO Trevor Gary, primarily due to asset managers, recordkeepers, insurers and other key service providers putting up walls around their systems and data. The environment to distribute annuities to retirement plan investors has improved, according to Gary, whose fintech firm just landed a $5 million investment from Prudential, TIAA and State Street to support the build-out of its Micruity Advanced Routing System. More and more important players in the financial services industry have come to realize that “the future has to be open architecture,” Gary said, noting how this dynamic is one of the big factors behind the successful capital raise. It also explains the expanded MetLife partnership that the firm revealed in June. Gary said...

Sales Leaders Must Harness the Power of AI While Keeping the Human Touch: Gartner 0

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Sales Leaders Must Harness the Power of AI While Keeping the Human Touch: Gartner

Gartner Q&A with Adnan Zijadic — As generative AI continues to disrupt the sales landscape, leaders are seeking ways to empower their sellers with the right content and tools to optimize AI capabilities in support of a wider revenue strategy. Despite the buzz, the salesperson role isn’t fading — it’s the human in the loop that improves AI accuracy and outputs, and ultimately, buyer understanding. From the Gartner CSO & Sales Leader Conference in Las Vegas, we spoke with Adnan Zijadic, Director Analyst in the Gartner Sales Practice, to discuss how a balanced sales playbook is essential for striking a synergy between the irreplaceable human element and the precision of AI. Adnan Zijadic, Director Analyst at Gartner, laid out a balanced playbook — a synergy between the irreplaceable human element and the precision of AI — at the Gartner CSO & Sales Leader Conference in Las Vegas. Q: How is the role of the salesperson evolving? A: We are at a precipice of AI disruption in sales. While sellers are ready to embrace data-driven insights, leaders must prioritize equipping sellers with playbooks for effective selling that build that human connection through contextual understanding. Incorporating AI technology as a teammate will lead to sales playbooks...

On Side Supports Restoration Industry Association with Enterprise Canada Membership 0

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On Side Supports Restoration Industry Association with Enterprise Canada Membership

Mt. Laurel, NJ (July 1, 2024) – The Restoration Industry Association (RIA) is pleased to announce and formally welcome the association’s newest Enterprise Canada Member, On Side Restoration. RIA Enterprise Canada Membership is open to regional, national, or international companies who have single or multiple locations who are engaged in providing services involving the restoration, mitigation, reconstruction, remediation, abatement, environmental, cleaning, or similar services to the built environment or its contents. The financial support provided by RIA Enterprise Members helps support programs and services for restoration professionals including the association’s advocacy work. The RIA advocates for the interests of restoration contractors and helps create and maintain equity between restorers, insurers, and their partners. Across Canada, On Side Restoration has been expertly restoring damaged homes and businesses, 24/7, every day for over 45 years. They are the nation’s leading Canadian-owned restoration company with 45+ branches from Victoria, BC to St. John’s, Newfoundland. Since 2018, On Side has operated within the province of Quebec where the company continues to expand and offers property restoration solutions, particularly in the large loss/commercial sector. Nationally, On Side operates as a complete contractor by leveraging their highly versatile Special Projects team who quickly mobilize to support...

Insurance Carriers Optimize Digital Quoting and Expand Services to Address Evolving Climate Changes, Multilingual Communications 0

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Insurance Carriers Optimize Digital Quoting and Expand Services to Address Evolving Climate Changes, Multilingual Communications

Wilmington, Del. (Jan. 23, 2024) – Keynova Group, the principal competitive intelligence source for digital financial services firms, is pleased to announce the results of the Q2 2024 edition of its semi-annual Online Insurance Scorecard, an evaluation of 12 of the largest U.S. auto and property insurance carriers’ website capabilities. Progressive remains in first place for its online user experience. The key trends in this edition of Keynova’s Online Insurance Scorecard include advances in digital quoting, capabilities to accommodate evolving weather patterns and expanded Spanish-language resources. “Many leading carriers are reworking their digital quoting experiences to help insurance prospects efficiently acquire the most optimal pricing and coverage for their needs,” said Beth Robertson, managing director, Keynova Group. “In addition, factors like the rise in destructive weather events and the evolving U.S. population are generating new dynamics that carriers must accommodate within ongoing product planning and digital strategy.” Key Findings: Advances in Digital Quoting and Binding Optimize Process To foster long-term policyholder relationships by helping consumers select optimal insurance coverage, two-thirds of Scorecard carriers have made recent updates to their online quoting interfaces. Nearly 70% of carriers build coverage advisory information into their quotes, and close to 60% deliver multiple quote...

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Robinhood Snaps Up Advice Platform Pluto

Robinhood Markets Inc. agreed to buy the artificial-intelligence research platform Pluto Capital Inc. to bring more tailored investment strategies and analysis to the retail brokerage’s users. Founded by Jacob Sansbury, 24, Pluto is best known for AI-driven personalized investment advice and real-time analytics. Terms of the deal weren’t made public. “They have built an impressive platform that is highly regarded in the financial-services industry,” Mayank Agarwal, Robinhood’s vice president of engineering, said in a statement Monday. “Their expertise in artificial intelligence coupled with a mission-aligned passion to democratize finance will complement our team’s effort to bring AI-powered tools to our customers,” Agarwal added. Robinhood has expanded in recent years into services including cryptocurrency, retirement products and credit cards.

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$21M to Settle Claims Over Botched Fireworks Detonation in Los Angeles

Article 0 Comments Los Angeles will pay more than $21 million to settle claims by residents of a neighborhood where police bungled the detonation of a cache of illegal fireworks three years ago, injuring 17 people and displacing dozens of others. The City Council this week unanimously approved the payments, and the settlements will now go to Mayor Karen Bass for approval, the Los Angeles Times reported. Councilmember Curren Price, who represents the South Los Angeles district where the blast occurred, said he regrets the “agonizingly slow” process of reaching a deal. “The victims of the 27th Street fireworks explosion have endured unimaginable pain and trauma that will last a lifetime,” Price said in a statement. “Reaching these financial settlements were a crucial step toward their healing, rebuilding their lives, and finding stability and peace.” The settlement awards range from $100,000 to $2.8 million for the 17 claimants, according to the Times. Police found an estimated 32,000 pounds of illegal commercial and homemade fireworks and other explosive materials at a home on East 27th Street on June 30, 2021. The LAPD bomb squad packed nearly 40 pounds of the most volatile and dangerous homemade fireworks into an armored containment vessel...

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GM to Pay $145.8M Penalty After US Finds Excess Emissions

Article 0 Comments General Motors will pay a $145.8 million penalty and forfeit credits worth hundreds of millions of dollars after a U.S. government investigation found excess emissions from approximately 5.9 million GM vehicles, government agencies said on Wednesday. The Environmental Protection Agency said GM has agreed to give up approximately 50 million metric tons in carbon allowances after the multi-year investigation found vehicles from the 2012-2018 model years were emitting more than 10% higher carbon dioxide on average than GM’s initial compliance reports claimed. The National Highway Traffic Safety Administration separately said GM will pay a $145.8 million penalty for fuel economy compliance issues and cancel more than 30.6 million fuel economy credits for the 2008-2010 model years to resolve the issues identified by EPA’s light-duty vehicle in-use testing program. GM earlier this year disclosed it was in discussions with the EPA and other regulators regarding adjustments to its credits, adding through 2023 its total costs expensed in connection with the issue was $450 million representing its “current best estimate of the probable loss.” That would value the credits forfeited at about $300 million. GM said Wednesday that figure is “consistent with the costs of the final resolution of...

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Worsening Floods Pose Threat to U.S. Dam Safety

Article 0 Comments ST. LOUIS (AP) — Early last week, floodwater in rural Minnesota pushed debris against a more than century-old dam and then carved a path around it, eroding so much of the riverbank that most of a house fell into the river. Several days later, intense rain damaged a dam that holds drinking water for Houston, forcing officials to issue a potential failure warning. “Something like this could happen, and it has happened, all over the country,” said Del Shannon, former president of the U.S. Society on Dams. There are roughly 90,000 significant dams in the U.S. At least 4,000 are in poor or unsatisfactory condition and could kill people or only harm the environment if they failed, according to data from the U.S. Army Corps of Engineers. They need inspections, upgrades and even emergency repairs. It’s a difficult problem in part because dams in the U.S. are roughly 60 years old, on average. It requires costly maintenance to keep decades of wear and tear from degrading dams, and resources to fix problems are often scarce, Shannon said. Blue Earth County owns the Rapidan dam, a 1910 hydroelectric dam in Minnesota that is still standing but was badly...