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.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
