AllianceBernstein, the investment management firm whose defined contribution unit claims to be the first 401(k) provider to offer annuitized lifetime income options as a qualified default investment, has announced the formation of a fiduciary service that will assume the responsibility for vetting insurance companies when offering lifetime income options to plan participants.
Under the service, AB will serve as a 3(38) fiduciary to sponsors. In that capacity, sponsors and plan fiduciaries will be fully relieved of fiduciary obligations relative to the selection and monitoring of lifetime income options.
AB, as a 3(38), will carry full fiduciary responsibility in selecting 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.
