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
