Nationwide partners with Annexus to introduce Lifetime Income Builder
Nationwide and Annexus Retirement Solutions announced that they have partnered to bring to market Lifetime Income Builder, an “innovative in-plan guaranteed income solution that is built to help retirement plan participants maximize their retirement income.”
Lifetime Income Builder is a new in-plan solution that helps address the participant’s risk of outliving income. This solution embeds a fixed indexed annuity with a guaranteed lifetime withdrawal benefit – the Lifetime Income Builder – directly into a collective investment trust consisting of a series of target date funds. This increases income potential while maintaining a familiar investment experience for the participant due to the target date fund structure.
“It’s an exciting time – a true paradigm shift – for the workplace retirement plan industry and the plan participants we serve. Lifetime Income Builder is the latest in our suite of in-plan guarantees designed to address savers’ growing income needs across all plan types and sizes. This innovative new investment option allows us to better serve existing plan sponsors and consultants while also reaching new clients by providing their participants with the protection they seek, and the guaranteed income they need, to help them achieve a more secure retirement.” – Eric Stevenson, President of Nationwide Retirement Plans.
“Until now, the retirement planning industry hasn’t made it easy for participants to know how to secure their financial future. The risks in retirement require an integrated solution for most participants to optimize the potential income from their retirement plan. Lifetime Income Builder is designed to achieve this objective without requiring participants to give up control or flexibility. In partnering with Nationwide, this solution is easier for a participant to understand given the target date fund framework, with the added benefit of helping to maximize results for the participant to and through retirement.” – Don Dady, Co-Founder of Annexus, the parent company of Annexus Retirement Solutions.