As more plans are adopting LIS and assets are growing, AB has selected Jackson, a leading provider of annuities, as its fifth insurer to back AB's in-plan, guaranteed income solution.
"AB is committed to delivering effective and flexible lifetime income solutions to meet the evolving needs of both plan sponsors and participants," said AB's Head of Defined Contribution
Designed to serve as a qualified default investment alternative, LIS combines AB's world-class research in glide path design with a flexible guaranteed income option to offer plan participants control of their account, full access to their money and guaranteed income in retirement. LIS has been available to the DC market as the first-of-its-kind retirement income solution since 2012 and currently has more than
AB has seen a significant increase in interest in LIS due, in part, to the SECURE Act of 2019 which provides a safe harbor to plan sponsors to include annuities in their plans. To assist them with this process, AB provides an ERISA 3(38) fiduciary service for the selection and monitoring of the insurance providers within LIS.
AB's multi-insurer design is an important feature that adds value for participants and plan fiduciaries by producing more competitive withdrawal rates and diversifying risk, with a platform that has sustainability for many decades.
"We're excited to partner with AB to help ensure more hard-working Americans have access to reliable retirement income as they plan for their financial futures," said
The other insurers on the LIS platform are Equitable,
For more information on AB's Lifetime Income Strategy and retirement solutions, visit AllianceBernstein.com.
Additional information about AB may be found on our website, www.alliancebernstein.com.
Jackson® (NYSE: JXN) is committed to helping clarify the complexity of retirement planning — for financial professionals and their clients. Our range of annuity products, financial know-how, history of award-winning service* and streamlined experiences strive to reduce the confusion that complicates retirement planning. We take a balanced, long-term approach to responsibly serving all of our stakeholders, including customers, shareholders, distribution partners, employees, regulators and community partners. We believe by providing clarity for all today, we can help drive better outcomes for tomorrow. For more information, visit www.jackson.com.
Jackson National Life Insurance Company is a wholly owned subsidiary of
Jackson® is the marketing name for
1 All guarantees are subject to the claims-paying ability of the insurer.
Mark Griffin, Investors, 629-213-5672, Mark.Griffin@alliancebernstein.com; or Jennifer Casey, Media (US), 212-969-1157, Jennifer.Casey@alliancebernstein.com