A large insurer is continuing to team up with West Coast money manager.
The new employer markets division at Lincoln National Corp., Philadelphia, has introduced the Lincoln American Legacy Retirement variable annuity contract.
The contract includes 20 investments managed by American Funds, Santa Ana, Calif., and 26 managed by other companies, according to Lincoln National.
Lincoln National has been using American Funds services in its products for 20 years, Lincoln National says.
The annuity is suitable for 457 plans, money purchase plans and profit-sharing plans as well as 401(k) plans, and it can be serviced either by Lincoln National or by an outside administrator, Lincoln National says.
The company’s employer markets unit has created a team of wholesalers to sell the product.
The wholesalers will sell the annuity through some independent planners and banks as well as through wirehouses and regional brokers, Lincoln National says.