AllianceBernstein Introduces Fixed Annuity to Enhance Lifetime Income Offerings

New Approach to Lifetime Income for Retirement Plans

AllianceBernstein L.P. (AB) has recently announced an innovative addition to its retirement income solutions, aiming to provide Defined Contribution (DC) plan participants a more diversified approach to secure lifetime income. This latest offering focuses on the fixed annuity version of the Secure Income Portfolio (SIP), which promises to deliver a reliable stream of guaranteed income alongside principal protection and stable asset growth.

Jennifer DeLong, the Head of Defined Contribution at AllianceBernstein, stated, "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." The firm has drawn on years of industry experience, ensuring that they keep the needs of participants at the forefront of their offerings.

The enhancements in the Secure Income Portfolio signify not just the development of another financial product, but a strategic commitment to providing individuals with options that secure their financial futures while preserving control over their savings.

This approach allows participants to maintain access to their savings without compromising on control or flexibility, which is critical for individuals planning their retirement. The fixed annuity guarantees incorporated in this portfolio are issued by an insurance subsidiary of Corebridge Financial, ensuring participants have a safe and reliable product.

Terri Fiedler, the President of Retirement Services at Corebridge Financial, emphasized, "Establishing an income strategy for retirement years is a critical step on that journey." This statement underscores the importance of creating a well-structured financial plan that accounts for varied needs in retirement.

AB's legacy in lifetime income solutions dates back over a decade when it introduced the Lifetime Income Strategy (LIS), which integrates the Secure Income Portfolio as a key component to ensure guaranteed income for participants. The LIS has been recognized for compliant structure, serving as a qualified default investment alternative (QDIA) for retirement plans. Recently, the Department of Labor reaffirmed its validity under QDIA requirements, further bolstering confidence in its structure.

With approximately $13 billion in assets under management specifically for lifetime income strategies, AllianceBernstein has established itself as a leader in this niche market. The firm’s innovative investment strategies are designed to equip retirement savers with the tools necessary for a secure financial future. Equitable, an integral part of AB's operations, also participates in the company's Lifetime Income Strategy, showcasing a long-standing dedication to ensuring secure guaranteed income for retirees.

In addition to the new fixed annuity offering, the expanded lifetime income platform remains robust. It was designed not only to reassure plan sponsors but also to furnish participants with a comprehensive suite of income solutions catered to varying retirement goals and lifestyles.

Conclusion

As AllianceBernstein continues to refine its offerings, its focus remains unwavering—providing plan participants with access to lifetime income strategies that empower them in their financial journeys. Whether through secure income options or innovative annuity products, the firm is poised to redefine how retirement income is approached in today’s evolving financial landscape. By keeping the dialogue open regarding financial security, AllianceBernstein champions the future of retirement planning with dedication and industry expertise.