AllianceBernstein, the investment management firm whosedefined contribution unit claims to be the first 401(k) provider to offerannuitized lifetime income options asa qualified default investment, has announced the formation of afiduciary service that will assume the responsibility for vettinginsurance companies when offering lifetime income options to planparticipants.
Under the service, AB will serve as a 3(38) fiduciary tosponsors. In that capacity, sponsors and plan fiduciaries will befully relieved of fiduciary obligations relative to the selectionand monitoring of lifetime income options.
AB, as a 3(38), will carry full fiduciary responsibility inselecting and monitoring income options.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
