NASHVILLE, Tenn., Nov. 8, 2021 /PRNewswire/
-- AllianceBernstein L.P. ("AB") (NYSE: AB) announced it has
added Jackson National Life Insurance Company®
(Jackson®), the main
operating subsidiary of Jackson Financial Inc. (NYSE: JXN), to its
platform of insurers that provides guaranteed income in its
Lifetime Income Strategy (LIS) retirement solution for Defined
Contribution (DC) plans.
As more plans are adopting LIS and assets are growing, AB has
selected Jackson, a leading
provider of annuities, as its fifth insurer to back AB's in-plan,
guaranteed income solution[1].
"AB is committed to delivering effective and flexible lifetime
income solutions to meet the evolving needs of both plan sponsors
and participants," said AB's Head of Defined Contribution Jennifer
DeLong. "We're delighted to announce the addition of Jackson to our multi-insurer platform and are
looking forward to partnering with Jackson to provide Americans with financial
security and income certainty in retirement."
Designed to serve as a qualified default investment alternative,
LIS combines AB's world-class research in glide path design with a
flexible guaranteed income option to offer plan participants
control of their account, full access to their money and guaranteed
income in retirement. LIS has been available to the DC market as
the first-of-its-kind retirement income solution since 2012 and
currently has more than $6 billion in
strategy assets, including $2.1
billion in secured income.
AB has seen a significant increase in interest in LIS due, in
part, to the SECURE Act of 2019 which provides a safe harbor to
plan sponsors to include annuities in their plans. To assist them
with this process, AB provides an ERISA 3(38) fiduciary service for
the selection and monitoring of the insurance providers within
LIS.
AB's multi-insurer design is an important feature that adds
value for participants and plan fiduciaries by producing more
competitive withdrawal rates and diversifying risk, with a platform
that has sustainability for many decades.
"We're excited to partner with AB to help ensure more
hard-working Americans have access to reliable retirement income as
they plan for their financial futures," said Tim Munsie, Senior Vice President, Product
Strategy and Development, Jackson National Life Distributors LLC.
"As the burden of saving for retirement has shifted to individuals
with the transition away from pensions, we will continue to find
innovative ways to help workers generate a consistent, steady
stream of lifetime income."
The other insurers on the LIS platform are Equitable, Lincoln
National Life Insurance Company, Nationwide Life Insurance Company,
and Prudential Retirement Insurance and Annuity Company.
For more information on AB's Lifetime Income Strategy and
retirement solutions, visit AllianceBernstein.com.
About AllianceBernstein
AllianceBernstein is a leading global investment management firm
that offers high-quality research and diversified investment
services to institutional investors, individuals and private wealth
clients in major world markets.
As of September 30, 2021,
including both the general partnership and limited partnership
interests in AllianceBernstein, AllianceBernstein Holding owned
approximately 36.1% of AllianceBernstein and Equitable Holdings,
Inc. ("EQH"), directly and through various subsidiaries, owned an
approximate 64.7% economic interest in AllianceBernstein.
Additional information about AB may be found on our website,
www.alliancebernstein.com.
About Jackson
Jackson® (NYSE: JXN)
is committed to helping clarify the complexity of retirement
planning — for financial professionals and their clients. Our range
of annuity products, financial know-how, history of award-winning
service* and streamlined experiences strive to reduce the confusion
that complicates retirement planning. We take a balanced, long-term
approach to responsibly serving all of our stakeholders, including
customers, shareholders, distribution partners, employees,
regulators and community partners. We believe by providing clarity
for all today, we can help drive better outcomes for
tomorrow. For more information,
visit www.jackson.com.
*SQM (Service Quality Measurement Group) Contact Center
Awards Program for 2004 and 2006-2020. (To achieve world-class
certification, 80% or more of call-center customers surveyed must
have rated their experience as very satisfied, the highest rating
possible).
Jackson National Life Insurance Company is a wholly owned
subsidiary of Jackson Financial Inc. Jackson Financial Inc. is a
publicly traded company. Prudential plc and Athene Life Re Ltd.
each hold a minority economic interest in Jackson Financial Inc.
Prudential plc has no relation to Newark,
New Jersey-based Prudential Financial, Inc.
Jackson® is the
marketing name for Jackson Financial Inc., Jackson National Life
Insurance Company® (Home Office: Lansing, Michigan) and Jackson National Life
Insurance Company of New
York® (Home Office: Purchase, New York).
1 All guarantees are subject to the
claims-paying ability of the insurer.
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SOURCE AllianceBernstein