To offer managed portfolio options and access to funds for schools and nonprofit organizations
Symetra Life Insurance Company has launched Retirement Passport Group Variable Annuity for the 403(b)/457 savings plans. The plan has been conceived for schools and nonprofit firms. The tax-deferred solution offers managed portfolio options from business houses such as American Funds, Fidelity and Vanguard. It also gives participants access to funds that invest in socially and environmentally responsible companies.
The company said that Passport’s initial fund lineup includes 60 portfolio options from 13 well-known money managers. It will be available to individuals through their employer, such as a school district, university, hospital or other nonprofit organization. The product features include 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.
Richard Lindsay, senior vice president of life and annuities at Symetra, said: Symetra has provided options for 403(b) and 457 retirement plans for many years. Passport enhances our product portfolio to address the changing needs of this specialized market.
“With a team fully dedicated to the 403(b) business – including experts to offer plan design and compliance coaching, experienced service personnel to answer customer and distributor questions, and Spark file reporting capability – Symetra is positioned to be a go to resource for advisors and third-party administrators serving the education retirement market.”