Our Pension Risk Transfer (PRT) team understands that many employers and intermediaries are unfamiliar with single premium group annuity products and pension plan buy-outs, buy-ins and settlements. For pension consultants, actuaries and advisors tasked with an SPGA placement assignment, we’re available for guidance and support:
- Experienced navigation throughout the course of plan termination, providing meaning and context to group annuity pricing and alternative distribution options
- Expert collaboration with plan sponsors and their advisors, to help develop a suitable RFP and contract that are consistent and compatible with plan benefits, data and administrative requirements
- Education for clients and partners to help them better understand the group annuity market and products, the annuity placement process and due diligence requirements, and facilitate contract implementation and participant communications
We pioneered the industry’s first SPGA Contract Installation and Benefit Administration Guide for pension plan terminations and settlements, containing details on financial quality (criteria defined by Department of Labor concerning rules for insurer selection), annuity contract experience and service capabilities, contract installation procedures and data requirements, sample participant correspondence and notifications, and a sample group annuity contract.
We are recognized as a premier SPGA underwriter and administrator of customized contracts. Plan advisors and their clients appreciate our expertise, flexibility and collaborative approach in developing accurate, cost-effective contracts for all sizes and types of defined benefit pension plans, along with unique benefit provisions and special administrative services.
All companies mentioned, and their distributors and representatives, are not authorized to give legal, tax or accounting advice. For advice concerning your specific circumstances, consult an attorney, tax advisor or accountant. Annuities issued by American General Life Insurance Company (AGL) except in New York, where issued by The United States Life Insurance Company in the City of New York (US Life). Guarantees are backed by the claims-paying ability of the issuing insurance company. Issuing companies AGL and US Life are responsible for financial obligations of insurance products and are members of American International Group, Inc. (AIG).