Did You Know?
- That, as of the first quarter 2011, the combined net assets of U.S. variable annuities were valued at nearly $1.6 trillion, an 11% increase from first quarter 2010 and the highest level ever recorded?
- In 2010 fixed annuity assets were valued at $659 billion a 6% increase from 2009?
- That in 2010, the total average expense difference between variable annuities and mutual funds was 1.01%?
- In 2011, the contribution limits range from $5,000-$6,000 for an IRA, $16,500-$22,000 for a 401(k) and $200,000 plus for a non-qualified annuity?
- That the average number of funds per variable annuity contract was 50 in 2010, of which 47% of assets were invested in equities, 11% in bonds, and 20% in fixed-rate accounts?
- That the guaranteed lifetime withdrawal benefit was offered on 79% of variable annuities in 2011 and was elected by 65% of contract holders?
- Boomers who own annuities have a higher confidence in retirement expectations, with 92% believing they are doing a good job in preparing for retirement?
High-Level Professional Resources
IRI Welcomes Christopher McDaniel as Senior Vice President of Operations & Technology
McDaniel to Help Promote Benefits of IRI Straight-Through Processing Standards
WASHINGTON, D.C. - The Insured Retirement Institute (IRI) today announced that Christopher Grant McDaniel has joined the association's staff as its new Senior Vice President of Operations and Technology. Most recently, McDaniel was the Vice President of Product Management for Aplifi Inc., formerly known as Blue Frog Solutions, an annuity entry order services firm.
"Christopher's extensive experience managing technology for financial services enterprises will be a great asset to IRI as we continue our important work to create efficiencies and enhance operational excellence across the insured retirement industry," said IRI President and CEO Cathy Weatherford. "And his first-hand experience with Straight-Through Processing (STP) standards and annuity transaction systems will be of great value as we promote the benefits of implementing STP platforms based on IRI standards."
Before McDaniel joined Aplifi, he was Chief IT Strategist for QPM/KCT International from 2010 to 2011. During his career, McDaniel has served as Chief Information Officer for Taylor Bean & Whitaker from 2008 to 2009; as Chief Operating Officer for Aplifi from 2006 to 2007; as Senior Vice President and Chief Information Officer for Pacific Select Group-a wholly-owned subsidiary of Pacific Life Insurance Company-from 2001 to 2006; and as Vice President and Chief Information Officer for Ocwen Financial from 1998 to 2001. He also has worked as a technology consultant for more than a dozen years throughout his career.
McDaniel earned a Bachelor of Science in computer information systems from Devry University and a Master of Business Administration from Keller Graduate School of Business.
About the Insured Retirement Institute: The Insured Retirement Institute (IRI) is a not-for-profit organization that for twenty years has been a mainstay of service, commitment and collaboration within the insured retirement industry. Today, IRI is considered to be the authoritative source of all things pertaining to annuities, insured retirement strategies and retirement planning. IRI proudly leads a national consumer education coalition of nearly twenty organizations and is the only association that represents the entire supply chain of insured retirement strategies: our members are the major insurers, asset managers, broker dealers and more than 150,000 financial professionals. IRI exists to vigorously promote consumer confidence in the value and viability of insured retirement strategies, bringing together the interests of the industry, financial advisors and consumers under one umbrella. IRI's mission is to: encourage industry adherence to highest ethical principles; promote better understanding of the insured retirement value proposition; develop and promote best practice standards to improve value delivery; and to advocate before public policy makers on critical issues affecting insured retirement strategies and the consumers that rely on their guarantees. Visit www.IRIonline.org today to experience the vast resources of the Insured Retirement Institute for yourself.
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