Partner Edward Rayner, Chair of Pryor Cashman’s Executive Compensation, ERISA and Employee Benefits Group, was interviewed by CFO Magazine for its December 1, 2010 article “The Check Will Be in the Mail – Can annuities help ease employees’ fears about having enough money in retirement?”

In answering the question posed by the article’s title, Rayner told CFO Magazine that perhaps the biggest deterrent to employers is the frightening possibility of being sued for what turns out to be a bad choice of annuity providers. In the shadow of AIG's recent problems, the fear of insurance-company insolvencies adds to the fear of such liability. If employers hire a provider that becomes insolvent, the members of the plan's fiduciary committee could be held personally liable.  “It means they could lose their house, their car, the personal assets that they hold,” he said.

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