What You Need to Know
- Employers can bolt the Transamerica Guaranteed Investment Option product onto plans from other providers.
- MetLife has assumed post-retirement life obligations for about 8,000 retirees.
- Securian is working with SageView to add personalized managed account programs for workplace retirement plans.
Transamerica is helping employers offer stability of returns.
The life insurer has introduced a stand-alone, investment-only version of the Transamerica Guaranteed Investment Option stable value product.
An employer can use the product to offer an option that guarantees principal and interest for a plan participant.
Transamerica backs the guarantee using the financial strength of the Transamerica Life Insurance Co. general account. Transamerica Life backs the general account obligations with a portfolio of investment-grade fixed income securities, Transamerica says.
In the past, Transamerica offered the stable value option along with its own plans. Now, the company says, an employer with a minimum of $5 million in plan assets can offer the option along with almost any type of retirement plan from almost any plan provider.
In other group annuity, post-retirement group insurance and retirement plan news:
MetLife has assumed $190 million in post-retirement life insurance liabilities for about 8,000 Avaya retirees.
The retirees’ life insurance benefits will stay the same, and MetLife will take responsibility for paying the death benefits and keeping the plan records, MetLife says.
The city of North Las Vegas has picked Nationwide’s Nationwide Retirement Solutions unit to provide 457 and 401(a) deferred compensation plans for about 1,150 plan participants.
The participants have about $96 million in assets, or about $83,500 in assets each.