NEW YORK, April 21, 2011 /PRNewswire/ -- AXA Equitable Life
Insurance Company announced today that it has teamed with Wilshire
Associates Incorporated ("Wilshire®"), an independent, third-party
adviser, to provide advanced support to help plan sponsors meet
their fiduciary obligations in screening, selecting and monitoring
investment options. These services are available as part of the
company's new Retirement GatewaySM (Gateway) group variable annuity
designed to fund retirement plans for the small- to mid-size
market.
Wilshire has been offering investment analytics, research and
advisory services to the large plan institutional market since
1972. Through its relationship with AXA Equitable, Wilshire now
brings this experience to the small- and mid-size market with
comprehensive manager due diligence, investment manager
recommendations, investment policy guidance, and investment
monitoring and reporting.
"One of the biggest concerns of business owners is meeting
fiduciary obligations under ERISA, and research shows that plan
sponsors in the smaller market are not fully aware of what is
expected of them as a plan fiduciary," said Mark Scalercio, senior vice president and head
of AXA Equitable's Employer Sponsored division. "Sponsor
obligations are the same regardless of plan size, and Wilshire
helps us bring large plan fiduciary services to smaller plans,
giving owners the support to manage their obligations, protect
themselves and their participants, and focus on running their
businesses."
Wilshire offers two levels of support to Gateway clients
providing sponsors with choice and flexibility. The 3(21) Series
designed for those who wish to retain primary responsibility for
investment selection. The 3(38) Series designed for those who
prefer Wilshire to have discretion over investment selection
decisions.
"We are excited that our relationship with AXA Equitable will
allow us to efficiently offer smaller businesses the independent
investment advisory solutions and services we have been providing
to institutional plans for decades," said Jamie Ohl, president of Wilshire Funds
Management. "With the Department of Labor poised to provide new
plan fiduciary regulations later this year, now is the time for us
to begin supporting a broader range of plan sponsors."
Scalercio added, "We believe sponsor and participant needs are
the same, whatever the plan size or type. Some providers have
offered 3(21) services for the smaller market for some time. But
we're one of the first providers to offer 3(38) to this market,
making this a unique piece of the Gateway platform."
The 3(21) option comes standard with the Gateway plan. With this
service, Wilshire is responsible for selecting investment options
for each asset category and recommends specific investment options
for various model lineups. These model lineups provide plan
sponsors choice and flexibility by allowing them to choose between
pre-set menus or the option of creating a more customized lineup
from a broader list of options. If sponsors follow Wilshire's
guideline recommendations and meet ERISA's diversification
requirements, Wilshire agrees to act as co-fiduciary as defined
under section 3(21) of ERISA.
The 3(38) Series is an optional benefit, available at an
additional cost. This service, which provides even greater relief
from fiduciary responsibility, gives Wilshire the authority to
select and de-select investment options for a sponsor's plan in
accordance with its judgment of the performance of the investment
managers. Under Section 3(38), Wilshire agrees, in writing, that it
is the investment fiduciary for the plan with responsibility for
investment selection and monitoring.
Additional Information
Retirement GatewaySM is a group variable annuity contract issued by
AXA Equitable Life Insurance Company (NY, NY) and co-distributed by
affiliates AXA Advisors, LLC and AXA Distributors, LLC. AXA
Equitable, AXA Advisors and AXA Distributors do not provide legal
or tax advice.
Retirement GatewaySM is a service mark of AXA Equitable Life
Insurance Company. Wilshire® is a registered service mark of
Wilshire Associates Incorporated, Santa
Monica, California. All other trade names, trademarks,
and/or service marks are the property of their respective
holders.
About Wilshire Associates
Wilshire Associates, a leading global, independent investment
consulting and services firm, provides consulting services,
investment analytics and customized investment solutions to plan
sponsors, investment managers and financial intermediaries. The
firm was founded in 1972, revolutionizing the industry by
developing the application of investment analytics and research to
investment management for the institutional marketplace. Based in
Santa Monica, California, Wilshire
provides services to clients in more than 20 countries representing
approximately 600 organizations.
Wilshire Funds Management, the global investment management
business unit of Wilshire Associates ("Wilshire®"), leverages
Wilshire's institutional expertise to help financial institutions
design and implement individual investor solutions.
About AXA Equitable
In business since 1859, AXA Equitable Life Insurance Company
(NY, NY) is a leading financial protection company and one of the
nation's premier providers of life insurance, annuity, and
financial products and services. The company's products and
services are distributed to individuals and business owners through
its retail distribution channel, AXA Advisors, LLC (member FINRA,
SIPC) and to the financial services market through its wholesale
distribution channel, AXA Distributors, LLC.
AXA Equitable's Employer Sponsored division is dedicated to
providing the retirement savings products and personalized
financial education to meet the retirement needs of plan sponsors
and participants in small- to mid-size businesses, as well as those
who build and serve our communities – educators and staff in public
schools, colleges, and universities; hospital and municipal
workers; and non-profit employees.
Find AXA Equitable on Facebook and Twitter or visit the
company's multi-media newsroom The Source @ AXA Equitable.
AXA Equitable, a subsidiary of AXA Financial Inc., is part of
the global AXA Group, a worldwide leader in financial protection
strategies and wealth management. "AXA Group" refers to AXA, a
French holding company for an international group of insurance and
financial services companies together with its direct and indirect
consolidated subsidiaries. For more information, visit
www.axa-equitable.com.
GE 62307 (04/11)
SOURCE AXA Equitable