Introduction: The Promise and the Pitfalls of Annuities Suppose you held an AIG annuity in 2007 while it was being downgraded. Since it was illiquid, you could not sell it or get out, even at 80 cents on the dollar. You were trapped in a death spiral,l having to ride it all the way down … Continue reading Why ERISA Plans Require a Downgrade Clause to Safely Use Annuities