Symetra Life Insurance Company is selling a new variable annuity through education and nonprofit retirement plans.
Symetra, Belleview, Wash., says its designed the new product, Retirement Passport, for 403(b) and 457 retirement plans. It is packaged with 60 portfolio options from 13 money managers, including American Funds, Fidelity Investments and Vanguard. Options include funds that invest solely in companies reputed to be socially and environmentally responsible.
Product features include contribution minimums as low as $30; free annual withdrawals up to 10% percent of account value per certificate year; and several retirement income options, according to Symetra.
Passport will be available to individuals employed by a school district, university, hospital or other nonprofit organization.