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Simon Annuity Exchange Attracts Brighthouse: Annuity Moves

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What You Need to Know

  • Distribution deals are hot.
  • So are retirement plan fiduciary services.
  • Georgia employers are getting a multiple employer retirement plan program.

Simon Annuities and Insurance Services LLC says Brighthouse Financial Inc., of Charlotte, North Carolina, has agreed to distribute its annuities through the Simon’s Marketplace annuity exchange.

The exchange also has distribution agreements with Global Atlantic, Symetra, Great American and Allianz Life.

In other annuity moves news:

The Alliance for Lifetime Income, based in Washington, has posted the second edition of its Annuities Language Glossary at

The alliance has based the glossary partly on its own survey of about 1,000 consumers.

The alliance has also updated its Annuities Language Discussion Guide, which provides advice on how financial professionals can talk to clients about annuities in a consumer-friendly way.

Luma Financial Technologies, of Cincinnati, says Insurance Technologies LLC, of Colorado Springs, Colorado, will be distributing its Luma Annuities annuity sales system.

Insurance Technologies offers the FireLight insurance and retirement products sales system.

The Luma system offers information about annuities and tools for tracking annuities that an advisor has already sold as well as tools for selling annuities.

Group Annuity Moves

Equitable, of New York, has introduced the Equitable Retirement Vision defined contribution retirement plan program.

An employer can use the program to offer either a 401(k) retirement plan or other plan governed by the Employee Retirement Income and Security Act of 1974 (ERISA) or a non-ERISA plan, such as a 457 plan, or a 403(b) plan that’s not governed by ERISA.

The new program offers access to about 16,000 mutual funds and collective investment trusts; an account with a guaranteed minimum interest rate; a personalized, online retirement wellness program; a managed account option that provide personalized financial advice; and a self-directed brokerage account program supplied by an outside company.

The program will offer employees administrative fiduciary services and investment selection fiduciary services.

Equitable says it plans to offer the new platform alongside its Retirement Gateway and Equi-Vest variable annuity programs.

The Georgia Chamber of Commerce, of Atlanta, has picked Transamerica, based in Baltimore, to be the retirement plan provider for a retirement plan exchange program.

The exchange will offer small employers compliance services, administrative services and fiduciary services as well as access to mutual funds and other investment options.

Transamerica will be the program’s recordkeeper.

TAG Resources LLC will be the plan administrator and signatory named fiduciary, and Fiduciary-Plus will be the plan’s investment manager.

MetLife Inc., a New York-based insurer, says its Metropolitan Tower Life Insurance Co. unit has reinsured about $5 billion in pension liabilities for Rothesay PLC of London. Rothesay assumed responsibility for the liabilities through with two U.K. bulk annuity transactions.