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TrueChoice Adds Advice Platform: Annuity Moves

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TrueChoice Financial Group LLC has added the Retirement Roadblocks marketing platform.

The new platform provides retirement needs calculators, historical data, financial product performance illustrations, videos and other materials that financial professionals can use to help consumers with retirement planning.

(Related: Nationwide Teams With AmeriLife to Offer Indexed Annuity: Annuity Moves)

TrueChoice, a Minneapolis-based company, says the new platform can also help financial professionals with lead generation and training.

In other annuity moves news:

American International Group Inc., New York, has agreed to distribute annuity rate and product information through the Annuity Switchboard system, a service managed by Beacon Annuity Solutions, Northfield, Illinois.

Harry N. Stout, a ThinkAdvisor blogger who has been a life and annuity company executive for decades, has published The FinancialVerse: Today’s Annuities — A Tool to Create Protected Lifetime Income. The book is aimed at consumers who are thinking about using annuities.

Group Annuity Moves

Metropolitan Tower Life Insurance Company, an arm of MetLife Inc., has taken responsibility for $1.4 billion in pension obligations for 13,500 retirees and beneficiaries at Lockheed Martin by selling the company a group annuity, for pension risk transfer purposes.

In 2019, MetLife assumed about $1.9 billion in Lockheed Martin pension obligations. Those obligations affect about 20,000 Lockheed Martin retirees and beneficiaries.

Legal & General Retirement America, Stamford, Connecticut — the U.S. arm of Legal & General Assurance Society Ltd., London  — has sold a large group annuity to Trinity Industries Inc., a railroad transportation products and services company. Trinity will be using the annuity in a pension risk transfer arrangement involving 7,500 defined benefit pension plan participants. The deal has a value of $355 million, according to Legal & General.

Milliman Inc., Seattle, says the average estimated cost of transferring responsibility for the pension obligations at a large U.S. corporate pension plan was 101.8% of the benefits obligation value in December 2020, down from 104.2% at the end of 2019.

Prudential Retirement, and arm of Prudential Financial Inc., Newark, New Jersey, is joining with NextCapital Group Inc. to set up Advice and Income Engines at Prudential, a new retirement planning and portfolio management system for defined contribution retirement plan participants. Prudential plans to launch the system by March 31.

Equitable, New York, has published a commentary about the value of offering multiple 403(b) plan providers. A 403(b) plan is a kind of defined contribution plan for schools and other nonprofit employers.

Equitable says annual participant contributions are 22% higher in K-12 school districts that offer multiple providers, and that median account balances average $40,000 in the multiple provider districts, compared with $30,000 in the single-provider districts.

— Read Two-Thirds of RIAs Open to Recommending Annuities: Surveyon ThinkAdvisor.

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