Defined terms for the annuity market and lifetime income landscape.
Embedded spread, in the cost-structure sense, is the cost-structure value that applies to lifetime income arrangements where the insurer's margin is built into the asset yield supporting the contract and is not separately disclosed.
The Employee Retirement Income Security Act (ERISA) is the 1974 federal law that sets the rules for private-sector retirement and welfare benefit plans in the United States, establishing fiduciary duties, participant rights, and disclosure and enforcement requirements.
