Guardian Insurance & Annuity Company, a subsidiary of Guardian Life Insurance Company of America, said that its group retirement products Guardian Choice and Guardian Advantage are available as funding vehicles for cash balance plans.
The company has said that the cash balance plans offer the tax deduction and benefit of pension plans. They provide participants with benefit and guaranteed accumulations while allowing the plan sponsor to control employee costs and match the plan design to their business goals.
According to Guardian, the options under Guardian Choice and Guardian Advantage products can be used by clients to construct an investment portfolio to meet the funding obligations for their cash balance plan. These options include a fixed rate option, variable investment options across the risk/reward spectrum and a strategically managed option advised by Stadion Money Management.
Scott Dolfi, executive vice president of Guardian Retirement Solutions, said: The recent economic downturn decimated many retirement portfolios. Our clients, particularly those reaching retirement age, are looking for ways to quickly rebuild their retirement nest eggs while reaping substantial tax savings.
“Cash balance plans address both needs and provide yet another retirement option for our clients. GIAC is committed to providing large company services of quality, flexibility and choice to smaller, growing companies.