Standard Insurance Company, Portland, Ore., had debuted a new single-premium indexed deferred annuity. Dubbed Index Select Annuity, the product lets policyholders choose between a five- or seven-year surrender-charge period and allocate funds between an index interest account and a fixed interest account.
The company says the portion of funds allocated to the index interest account will be credited a rate based on the performance of the Standard & Poor’s 500 index up to the stated index rate cap and will not lose any value if the S&P 500 goes down. The portion of funds allocated to the fixed interest account will be credited an interest rate that is guaranteed for one year. After that guarantee period, the contract will receive renewal rates based on the current interest rate environment.
In other company news:
Nationwide Financial Services, Inc., Columbus, Ohio, has launched Investment Solutions Builder, a web-based investment tool that lets Registered Investment Advisers build and manage online retirement plan fund lineups and asset allocation models for sponsors and participants.
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Among other features, the tool lets advisors:
See available fund options and filter them based on asset class category and other selected performance criteria.
Access fund information such as performance, ratings, fees and risk measures.
Establish and change fund investment lineups in real-time or up to 90 days in the future.
RIAs will also be able to create and maintain plan-level asset allocation models for plan participants, allowing the RIAs to:
Access fund information such as underlying fund performance, ratings, fees and risk measures to facilitate the selection and monitoring of models.