Nationwide is working with Annexus Retirement Solutions of Scottsdale, Arizona, to introduce the Lifetime Income Builder program.
The program gives employers a way to add an annuitization option to 401(k) plans and other defined contribution retirement plans, to use an annuitization option provision in the Setting Every Community Up Retirement Enhancement Act of 2019 (Secure Act).
The Lifetime Income Builder program combines guaranteed lifetime income along with a systematic withdrawal strategy, according to Nationwide.
Nationwide is a mutual insurer based in Columbus, Ohio.
Annexus is a Scottsdale, Arizona-based annuity contract designer.
In other individual and group annuity news:
Pacific Life, Newport Beach, California, is distributing two fee-based annuities, the Pacific Odyssey and Pacific Index Advisory contracts, to RIAs and registered representatives through The Pinnacle Group, Jacksonville, Florida. Pinnacle has relationships with about 15,000 registered reps and RIAs.
Group Annuity Moves
Metropolitan Tower Life Insurance Company, an arm of MetLife Inc., has taken responsibility for $700 million in pension obligations for 12,00 retirees and defined benefit pension plan participants at Dow Inc. by selling the company a group annuity.
Dow completed another pension risk transfer transaction with Metropolitan Tower in November 2020.