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Expert Witness Affiliate Cited in PlanSponsor

By Neal Shikes

Managing Partner, The Trusted Fiduciary

Neal J. Shikes is Managing Partner of The Trusted Fiduciary and has 30 years of experience in the Financial Services Industry and an expansive network. He is an Affiliate Expert Witness Professional of EWCS.

Expert Witness Consulting Services Affiliate Neal Shikes of the was recently quoted in PLANSPONSOR about Annuities in relation to passage of the SECURE Act. He points out that under the SECURE Act, annuity offerings to retirement plan participants will have the oversight of the plan sponsor.

He also notes that, “most annuities sold to 403(b) plan participants are variable annuities. A variable annuity is an insurance product with a mutual fund sub account that another investment provider is managing. The insurance wrapper is what makes it a tax-deferred savings vehicle.Variable annuities have life insurance and income features that affect the cost structure, and the insurance wrapper adds mortality charge …Annuities are complex vehicles for which most retirement plan participants don’t have the acumen.”

“An annuity is like a tool on a carpenter’s tool belt—it serves a purpose, but you have to know why and when to use it,” Shikes says.

Read from the full article published on October 31, 2019 on

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