Empowering participants to buy lifetime
income at group pricing to create a "personal pension"
BOSTON, Oct. 24,
2024 /PRNewswire/ -- As companies have shifted
from traditional defined benefit pension plans to defined
contribution (DC) plans, primarily 401(k)s, a pressing need has
emerged: participants require predictable lifetime income to
protect against the risk of outliving their retirement savings,
while employers need cost-effective solutions that mitigate
fiduciary risk. Agilis Partners LLC, a leading investment,
actuarial and risk management group, is proud to unveil Agilis
PensionBuilder™, an innovative, patent pending solution designed to
provide lifetime retirement income for employees and retirees.
In collaboration with Alight Solutions (NYSE: ALIT), a leading
cloud-based human capital technology and services provider, Agilis
PensionBuilder offers comprehensive support services, includes call
center assistance, website management, and operational support.
"With the decline in traditional pensions and growth in DC
plans, we are approaching a new paradigm in the US retirement
system: a significant portion of monthly expenses must be covered
by DC account balances rather than a monthly pension check" said
Tom Cassara, CEO of Agilis. "Our
mission at Agilis is to bring innovative and sustainable retirement
solutions to the market. PensionBuilder allows plan sponsors to
provide their employees with the peace of mind that comes from
knowing they will have a guaranteed income stream throughout their
retirement."
By leveraging their expertise in the pension risk transfer
market, Agilis enables eligible employees and retirees to convert
their defined contribution plan savings into lifetime income.
Participants are given a time-limited window to select the amount
they wish to convert and the form of annuity payment that suits
their needs. Agilis then secures competitive bids from leading
insurance companies, converting a portion of the participants'
retirement savings into annuities based on prevailing market rates
and group pricing. This process ensures participants receive the
best value and a secure income stream for life. Additionally,
because the annuity purchase is made outside the plan via
Individual Retirement Accounts (IRAs), PensionBuilder is not
subject to the restrictions that apply to in-plan annuity
options.
"PensionBuilder combines the best aspects of a traditional
pension--a predictable monthly payment for life--without the cost
volatility that led many employers to abandon DB plans," said
Michael Clark, Chief Commercial
Officer at Agilis. "Our solution is easy to implement, simple to
communicate, and flexible in payout options--all at no cost to the
company and with Agilis acting as a fiduciary in selecting the
insurer. As retirement planning becomes more complex, having a
solution like PensionBuilder is essential to ensuring financial
security."
"PensionBuilder is a modern solution that merges the benefits of
lifetime income with flexibility for both employers and employees,"
added Greg Long, Head of Public
Policy at Alight. "Whether for current employees or retirees,
PensionBuilder gives plan sponsors the tools to enhance retirement
outcomes in an era of uncertainty."
About Agilis
Agilis provides actuarial and investment consulting using a
strategic approach to create innovative solutions for our clients,
leading them on the journey through implementation. Focused on
solutions entailing outsourced CIO (OCIO), actuarial and investment
consulting, derivatives management, specialty investment management
strategies, pension administration services, annuity buyouts and
plan terminations, and pooled employer 401(k) consulting, we find
dynamic solutions that create financial momentum for our clients
and create breakthrough strategies to seize growth opportunities.
For more information, please visit https://agilis.llc/.
About Alight Solutions
Alight is a leading cloud-based human capital technology and
services provider for many of the world's largest organizations and
over 35 million people and dependents. Through the administration
of employee benefits, Alight helps clients gain a benefits
advantage while building a healthy and financially secure workforce
by unifying the benefits ecosystem across health, wealth,
wellbeing, absence management and navigation. Our Alight
Worklife® platform empowers employers to gain a deeper
understanding of their workforce and engage them throughout life's
most important moments with personalized benefits management and
data-driven insights, leading to increased employee wellbeing,
engagement and productivity. Learn more about the Alight Benefits
Advantage™ at alight.com.
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SOURCE Agilis