NASHVILLE, Tenn., May 9, 2024
/PRNewswire/ -- AllianceBernstein L.P. ("AB") (NYSE: AB), a leading
global investment firm with $759
billion in assets under management, today announced the
expansion of its retirement income offerings with the AB Secure
Income Portfolio. This solution will enable Defined Contribution
(DC) plans to offer an investment option that delivers guaranteed
retirement income to participants without changing their
target-date provider, including as a part of a Qualified Default
Investment Alternative (QDIA).
The AB Secure Income Portfolio is a professionally managed
option that seeks to provide income for life* and higher exposure
to growth assets in retirement years than with typical target-date
funds, while also providing participants liquidity and access to
their assets. This solution is designed for flexible
implementation, adapting to plans' diverse needs and
preferences—whether it's alongside a plan's existing target-date
fund, as an allocation in a managed account or in a
"do-it-yourself" approach, with participants selecting AB's Secure
Income Portfolio from their plan's core menu. The portfolio is
currently available through an institutional separate account and
will be available through a collective investment trust (CIT)
managed by AB.
"As more plan sponsors evaluate the retirement income solutions
available today and move toward adoption, many are looking for more
flexibility in the ways they can implement these solutions," said
AB's Head of Defined Contribution Jennifer DeLong.
As an early innovator and leader in providing customizable
lifetime income solutions to DC plans, AB has been working with
large plan sponsors to help them provide lifetime income to their
participants since AB's Lifetime Income Strategy was launched in
2012. The Lifetime Income Strategy may serve as a qualified default
investment alternative, combining AB's expertise in glide path
design with a flexible guaranteed-income portfolio backed by
multiple insurers. The solution has accumulated more than
$11 billion in assets, including
$4.2 billion in secured income
benefits (as of 3/31/2024).
The AB Secure Income Portfolio has been a component of AB's
Lifetime Income Strategy for more than a decade. "We've listened to
the input from plan sponsors, and we're excited to evolve our suite
of services to adapt to their changing needs. Providing plans with
a new way to access lifetime income through a DC-friendly CIT will
give plan sponsors the convenience and optionality they're looking
for," said Ms. DeLong.
Guarantees are provided by insurers selected through a
competitive bidding process based on a number of factors, including
financial strength. The initial insurers for the CIT may include
Jackson National Life Insurance Company® (Jackson®), Lincoln
National Life Insurance Company and Nationwide Life Insurance
Company*.
For more information on the AB Secure Income Portfolio, visit
our website. Please note that this strategy will only be available
to certain eligible investors.
*Guarantees are subject to the claims-paying ability of each
insurance company.
About AllianceBernstein
AllianceBernstein is a leading global investment management firm
that offers diversified investment services to institutional
investors, individuals, and private wealth clients in major world
markets. As of March 31, 2024, AllianceBernstein had $759
billion in assets under management. Additional information
about AB may be found on our
website, www.alliancebernstein.com.
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SOURCE AllianceBernstein