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ING U.S. hires Bedard to lead fixed annuities business

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ING U.S., Windsor, Conn., has hired David Bedard as president of its Annuities business segment. Part of ING U.S.’s Retirement Solutions business, the segment focuses on sales of fixed annuities.

In his new role, Bedard is responsible for product, financial management and the operating performance of the fixed annuity business.  He will also serve as a member of ING’s Retirement Solutions executive team, collaborating on overall business strategy and direction.

A 25-year industry veteran, Bedard most recently served as executive vice president of Global Annuities for The Hartford Financial Services Group after serving as the chief financial officer of that firm’s wealth management business.  Previously, he was senior vice president and chief financial officer for the U.S. Life and Agency division of New York Life Insurance Company, where he also served as senior managing director and chief financial officer for New York Life Investments. 

Bedard, who also held leadership positions earlier in his career at MassMutual and Coopers & Lybrand, will be based in ING U.S.’s Windsor, Conn., office, will report to Maliz Beams, chief executive officer of ING U.S. Retirement Solutions.  His appointment is effective January 28, 2013. 

Security Benefit Corp., a Topeka, Kan.-based a Guggenheim Partners company, has debuted a fixed indexed annuity.

Dubbed Foundations Annuity, the product is designed to protect principal, provide a guaranteed income stream an offer an interest-crediting opportunity tied to equity-market growth.

Security Benefit says the product capitalizes on the general account capabilities of Guggenheim Investments, a subsidiary of Guggenheim Partners, to offer features that aim to maximize guaranteed income. In addition to a guarantee of principal and a 1% bonus on first-year premium payments, the product offers three interest-crediting strategies tied to potential equity market growth. 

Foundations Annuity also offers an optional guaranteed lifetime withdrawal benefit rider with guaranteed payout rates.

The Guardian Insurance & Annuity Company, a wholly-owned subsidiary of Guardian Life Insurance Company of America, New York, has debuted Guardian SecureFuture Income Annuity, a deferred income annuity product that provides a future stream of guaranteed lifetime annuity payments.

With a minimum initial premium payment of $5,000, annuity owners of the product can begin receiving lifetime payments, backed by the claims paying ability of GIAC, at a predetermined future date chosen by the annuity owner within the rules of the annuity. Annuity owners are able to make additional premium payments to increase their future lifetime income up until 13 months before the income start date and can use other annuity features to meet current or future income needs.

The product’s lifetime annuity payments are calculated based on certain characteristics of the annuitant, such as age at the time of any premium payment and gender; the lifetime annuity payment option; the amount of time before the annuity payments begin; the frequency of the annuity payments; and the purchase rates in effect at the time of initial premium or any additional premiums made thereafter.

The annuity owner can choose to receive payments on a monthly, quarterly, semiannual or annual schedule with the flexibility to change the frequency until the day before the first payment is made. Nationwide Financial, Columbus, Ohio, has announced an increase in joint payout rates for The Nationwide Lifetime Income Rider (Nationwide on its Nationwide Destinationsm Series 2.0 variable annuities.

Lifetime payout rates for Nationwide with joint option will increase by 0.25 percent for most age bands, meaning payouts for someone starting income at age 65 will be 4.75 percent instead of 4.5 percent, the company states.

In addition to Nationwide with the joint option, Nationwide’s Spousal Protection Feature delivers a guaranteed death benefit covering either spouse, regardless of who passes away first, even on IRAs where there’s a single owner.