New Fixed Annuity From Security Benefit Life Insurance Company Brings Flexibility to 403(b) Marketplace
October 27, 2011 by N/A
press release
Oct. 26, 2011, 11:03 a.m. EDT
“Total Interest Annuity” Features Ability to Accept Continuing Contributions
TOPEKA, KS, Oct 26, 2011 (MARKETWIRE via COMTEX) — Security Benefit
Corporation, a Guggenheim Partners Company, today announced the launch of the
Total Interest Annuity issued by its subsidiary Security Benefit Life Insurance
Company (SBL), SBL’s first fixed annuity product designed to accept ongoing
contributions for clients’ retirement savings.
Built specifically for the 403(b) market, the Total Interest Annuity can be
funded with contributions up to $16,500 annually or with IRA contributions or
rollovers. The initial guaranteed crediting rate, which Security Benefit expects
to be highly competitive, will be reset after 12 months and every year
thereafter.
SBL hopes to incentivize clients for early saving through an attractive
initial guaranteed crediting rate, boosted by a 2% bonus on all contributions or
transfers in the first contract year.
“The Total Interest Annuity offers plan advisors a solution to help them with
their clients’ concerns about market risk and volatility,” says Jim Mullery,
President of Security Distributors, Inc., Security Benefit’s distribution
company. “More importantly, launching this new-flow fixed product shows our
commitment to the 403(b) space.”
Security Benefit has $38 billion in total assets under management* and
partners with 27,000 licensed and appointed financial planners and
representatives through a network of 700 broker/dealers. The Kansas-based firm
is a leading provider of retirement plan services for more than 200,000 accounts
throughout the nation, primarily in the K-12 education marketplace.
Last year, Security Benefit was purchased by a group of investors led by
Guggenheim Partners, a privately held global financial services firm with more
than $125 billion in assets under supervision. According to Mr. Mullery, the new
Total Interest Annuity will benefit from Guggenheim’s well-regarded general
account management capabilities.
“Beyond the ability to take ongoing cash flows, I think the real story of the
Total Interest Annuity will be its competitive rates and safety,” says Mr.
Mullery. “In an environment marked by historically low returns and high
volatility, Guggenheim’s superior fixed income capabilities will offer a way for
us to be out in front of the crowd. It’s an attractive solution for conservative
investors looking to avoid market risk.”
According to the company, the Total Interest Annuity may be well suited for
participants in the education arena who are conservative, have assets in
retirement vehicles with significant market volatility, or are near retirement.
Financial advisors can contact Security Benefit or a Security Benefit Regional
Vice President for all related product materials, including a copy of the rates.
*As of 12/31/2010
About Security Benefit Security Benefit, a Guggenheim Partners Company, is a
leading provider of retirement plan services throughout the nation, primarily in
the education marketplace, and offers a variety of compelling and customized
fixed and variable annuity products. The firm’s se2 division is an award-winning
and nationally recognized provider of administrative services for the insurance
and financial services industry. To learn more, go to www.securitybenefit.com .
About Guggenheim Partners Guggenheim Partners, LLC is a privately held global
financial services firm. The firm provides investment management, investment
banking and capital markets services as well as insurance and investment
advisory solutions for institutions, corporations, governments and agencies,
investment advisors, family offices and individuals. Guggenheim Partners is
headquartered in New York and Chicago and serves clients from more than 25
offices in nine countries.
The Total Interest Annuity, form 5100 (2-11), is a flexible purchase payment
deferred annuity issued by Security Benefit Life Insurance Company. Product
features, limitations and availability may vary by state. Guarantees provided by
annuities are subject to the financial strength of the issuing insurance
company. Not a deposit. Not FDIC or NCUA/NCUSIF insured. Not insured by any
federal government agency.
Laura Parsons
CSG-PR
303-887-2911
Email Contact
