NEW YORK, May 18, 2021 /PRNewswire/ -- AllianceBernstein
L.P. (AB), a leading global investment and research firm, announced
today that its innovative Lifetime Income Strategy (LIS) retirement
solution has surpassed $5 billion in
total assets under management, a major milestone that more than
doubles the asset total from a year ago.*
Defined contribution (DC) plan participants seek retirement
income security, and workplace retirement plans may be their only
savings source. To help participants plan for retirement, AB
designed LIS to be an effective accumulation strategy in the
working years and a reliable distribution strategy in retirement by
combining a personalized portfolio similar to a target-date fund
with a flexible guaranteed income program. LIS has been
available to the DC market since 2012. It is a time-tested,
in-plan, guaranteed income solution backed by multiple insurers,
including Nationwide Financial, Prudential Retirement, Lincoln
Financial Group and Equitable, with more insurers actively being
added.
"At AB, we're committed to delivering investment solutions that
provide financial security in retirement, and the growth of our
Lifetime Income Strategy reflects how we're partnering with plan
sponsors and participants to do that," said Seth Bernstein, CEO and President of AB. "Many
plan sponsors are realizing that adding a lifetime income option
can benefit both their participants and their organizations. It can
reduce employees' financial stress and provide certainty around
retirement. It can also help an organization manage its workforce
by attracting and retaining talent."
Last year, AB implemented LIS in multiple retirement plans,
including the State Universities Retirement System (Illinois) plans, working closely with the
plans' recordkeeper, Voya Financial, and the consultant, CAPTRUST
(formerly Cammack Retirement Group). AB cites legislative progress
as a catalyst and a commitment to investing in the business as a
foundation for recent—and future—success.
"Legislative action in Washington has helped drive enhancements for
DC plans. The SECURE Act of 2019 offers a safe harbor for
annuities, an important factor in the growth of our business. We're
seeing more plan sponsors taking steps to include retirement income
solutions, which can provide participants with guaranteed income in
retirement," said Jennifer DeLong,
Head of Defined Contribution at AB. "We continue to add resources,
creating leverage to support more plan sponsors and work with
additional partners to deliver effective lifetime income
solutions."
For nearly a decade, AB has been implementing LIS as a Qualified
Default Investment Alternative (QDIA) for clients across diverse
industries. The firm was an early innovator, designing and
launching LIS with United Technologies Corporation (now Raytheon
Technologies), and offers LIS in its own 401(k) plan. AB continues
to expand reach and enhance LIS, incorporating more customization
and flexibility—individual participants have unique circumstances,
so an effective retirement income solution shouldn't be
one-size-fits-all.
For more information on LIS, visit
AllianceBernstein.com.
*Assets under management in LIS are $5.7 billion as of March
31, 2021, increasing from $2.1
billion as of March 31,
2020.
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. The firm has $724 billion in client assets under management,
as of April 30, 2021.
Additional information about AB may be found on our website,
AllianceBernstein.com.
View original
content:http://www.prnewswire.com/news-releases/alliancebernsteins-lifetime-income-strategy-tops-5-billion-in-assets-more-than-doubling-total-assets-in-the-past-year-301293425.html
SOURCE AllianceBernstein