A news release said the new offering is backed by AXA Equitable Life Insurance Company, Lincoln Financial Group, and Nationwide Financial.
SRS integrates guaranteed lifetime income into a multi-manager target-date fund, freeing plan sponsors from dependence on any single insurance company or investment manager, the company said. “The 2008 financial crisis left many participants uncertain about their retirement security and has underscored the need to provide lifetime income within DC plans,” explained Thomas J. Fontaine, Head of AllianceBernstein Defined Contribution Investments (ABDC), in the news release. “SRS is specifically designed to meet the needs of plan fiduciaries who want to diversify the insurers providing their retirement income guarantee.”
SRS automatically invests in a guaranteed lifetime withdrawal benefit. Unlike a traditional fixed annuity, this insurance provides a guaranteed lifetime income stream while giving participants full access to their account balance at all times, the company said. The amount of lifetime income may increase in good markets but will not decrease in poor markets.
More information is at https://www.alliancebernstein.com/abcom/Opportunity/SRS/SRS.htm.