Symetra Offers New Group Variable Annuity for 403(b), 457 Plans

Symetra Life Insurance Company has launched Retirement Passport Group Variable Annuity for the 403(b)/457 market.

A press release said Retirement Passport was designed with schools and non-profits in mind. The tax-deferred solution offers an array of professionally managed portfolio options from firms including American Funds, Fidelity, and Vanguard.

The product also gives participants access to funds that invest exclusively in socially and environmentally responsible companies, according to the announcement. Passport’s initial fund lineup includes 60 portfolio options from 13 money managers.

The product features contribution minimums as low as $30; free annual withdrawals up to 10% of the participant account value per certificate year; and multiple retirement income options.

More information is available at