AllianceBernstein Releases Lifetime Income Portfolio
AllianceBernstein L.P. is launching its latest lifetime income product with a new edition of AB’s Secure Income Portfolio (SIP).
“This represents the next evolution in our lifetime income platform, enabling DC plan sponsors to have a broader set of income options from which to choose,” said Jennifer DeLong, Head of Defined Contribution at AllianceBernstein. “Over our many years of experience, one thing has remained consistent — we’ve stayed centered on our core philosophy to focus on what matters most to participants — providing lifetime income without sacrificing control of or access to their savings, growth potential in all life stages, and flexibility to customize to the unique needs of each plan.”
The fixed annuity guarantee is issued by an insurance company subsidiary of Corebridge Financial, Inc.
“Corebridge is committed to helping individuals take actions that strengthen financial security leading up to and all the way through retirement,” said Terri Fiedler, president of Retirement Services at Corebridge Financial. “Establishing an income strategy for retirement years is a critical step on that journey.”
AB launched the Lifetime Income Strategy (LIS) over a decade ago as a fully liquid target-date portfolio solution that integrates a Secure Income Portfolio option as a component to deliver guaranteed income to participants. LIS was designed to comply with qualified default investment alternative (QDIA) regulations and thus serve as a true default. Last month, the Department of Labor issued an Advisory Opinion validating that LIS meets the requirements to serve as a QDIA.
Today’s announcement builds on AB’s lifetime income platform, which in addition to LIS, consists of the AB Secure Income Portfolio available separately as a collective investment trust, and now this alternative version for plan sponsors to consider.
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with nearly a decade of experience and a passion for telling stories and reporting news. She is originally from Queens, New York, but now resides in Denver, Colorado.
