A big annuity issuer is getting a board member who may be able to work with both Democrats and Republicans in Washington.
Apollo, the parent of Athene Holding, announced that former U.S. Sen. Joe Manchin will join Athene's board and serve Apollo as an energy markets advisor.
Manchin represented West Virginia in the Senate as a Democrat from 2010 through 2024 and then as an independent from 2024 to earlier this year.
Manchin was the governor of West Virginia from 2005 through 2010.
While in the Senate, Manchin frequently voted with most Democrats on some issues, such as keeping the Affordable Care Act framework in place. He voted with the Republicans on other issues, such as legislation involving coal and immigration.
He worked with the Republicans to oppose efforts by the U.S. Labor Department to impose a fiduciary rule on advisors who help people roll retirement savings into annuities from 401(k) plans and individual retirement accounts.
He's moving to Athene as members of Congress are trying to renew Tax Cuts and Jobs Act provisions, such as the current high estate tax exemption, that are set to retire at the end of the year.
Jim Belardi, Athene's chief executive officer, said adding Manchin to the company's board will help it "address the significant need for next-generation retirement products."
Manchin said he looks forward to contributing to the company's continued success in retirement services.
Lawmakers are also believed to be drafting a "Secure 3.0" retirement savings legislation package that could include provisions affecting individual annuities, defined contribution plans and defined benefit pension plans.
Joe Manchin, a centrist who represented West Virginia in the Senate as a Democrat and later as an independent from 2010 to 2024. Credit: U.S. Senate
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